Tim Morris Holdings Limited 07613260 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is that of a holding company Digita Accounts Production Advanced 6.30.9574.0 true false true false true 07613260 2022-05-01 2023-04-30 07613260 2023-04-30 07613260 core:RetainedEarningsAccumulatedLosses 2023-04-30 07613260 core:ShareCapital 2023-04-30 07613260 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 07613260 core:AdditionsToInvestments 2023-04-30 07613260 core:CostValuation 2023-04-30 07613260 core:MotorVehicles 2023-04-30 07613260 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-30 07613260 bus:SmallEntities 2022-05-01 2023-04-30 07613260 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 07613260 bus:FullAccounts 2022-05-01 2023-04-30 07613260 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 07613260 bus:RegisteredOffice 2022-05-01 2023-04-30 07613260 bus:Director1 2022-05-01 2023-04-30 07613260 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 07613260 core:MotorVehicles 2022-05-01 2023-04-30 07613260 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-01 2023-04-30 07613260 core:OtherRelatedParties 2022-05-01 2023-04-30 07613260 core:Subsidiary1 2022-05-01 2023-04-30 07613260 core:Subsidiary1 1 2022-05-01 2023-04-30 07613260 core:Subsidiary2 2022-05-01 2023-04-30 07613260 core:Subsidiary2 1 2022-05-01 2023-04-30 07613260 countries:EnglandWales 2022-05-01 2023-04-30 07613260 2022-04-30 07613260 core:CostValuation 2022-04-30 07613260 core:MotorVehicles 2022-04-30 07613260 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-30 07613260 2021-05-01 2022-04-30 07613260 2022-04-30 07613260 core:RetainedEarningsAccumulatedLosses 2022-04-30 07613260 core:ShareCapital 2022-04-30 07613260 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 07613260 core:MotorVehicles 2022-04-30 07613260 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-30 07613260 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-05-01 2022-04-30 07613260 core:Subsidiary1 1 2021-05-01 2022-04-30 07613260 core:Subsidiary2 1 2021-05-01 2022-04-30 07613260 2021-04-30 07613260 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-04-30 iso4217:GBP xbrli:pure

Registration number: 07613260

Tim Morris Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Tim Morris Holdings Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Tim Morris Holdings Limited

(Registration number: 07613260)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

14,414

19,219

Investments

5

53

52

 

14,467

19,271

Current assets

 

Debtors

6

734,552

4,567,997

Cash at bank and in hand

 

4,436,678

275,519

 

5,171,230

4,843,516

Creditors: Amounts falling due within one year

7

(685,137)

(1,808,651)

Net current assets

 

4,486,093

3,034,865

Net assets

 

4,500,560

3,054,136

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

4,500,460

3,054,036

Total equity

 

4,500,560

3,054,136

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 October 2023
 

R T Morris
Director

   
     
 

Tim Morris Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Motivo House
Alvington
Yeovil
Somerset
BA20 2FG

These financial statements were authorised for issue by the director on 2 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Tim Morris Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Tim Morris Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2022 - 1).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

25,626

25,626

At 30 April 2023

25,626

25,626

Depreciation

At 1 May 2022

6,407

6,407

Charge for the year

4,805

4,805

At 30 April 2023

11,212

11,212

Carrying amount

At 30 April 2023

14,414

14,414

At 30 April 2022

19,219

19,219

 

Tim Morris Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

53

52

Subsidiaries

£

Cost or valuation

At 1 May 2022

52

Additions

1

At 30 April 2023

53

Provision

Carrying amount

At 30 April 2023

53

At 30 April 2022

52

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

First 4 Finance Limited

28 Craneswater Park, Southsea, Hampshire, PO4 0NT

Ordinary shares

50%

50%

OMPD Limited

Motivo House, Alvington, Yeovil, Somerset BA20 2FG

Ordinary shares

51%

51%

Subsidiary undertakings

First 4 Finance Limited

The principal activity of First 4 Finance Limited is Buying and selling of own real estate.

OMPD Limited

The principal activity of OMPD Limited is Property rentals and property development.

 

Tim Morris Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

8

729,049

4,567,713

Other debtors

 

1,002

284

Accrued income

 

4,501

-

 

734,552

4,567,997

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

474

1,553

Amounts due to related parties

8

666,161

1,778,795

Other creditors

 

-

3,073

Accruals

 

2,171

1,572

Corporation tax

16,331

23,658

 

685,137

1,808,651

 

Tim Morris Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Related party transactions

Summary of transactions with other related parties

Oliver Morris Limited
(A company that is jointly owned and controlled by R T Morris and J E B Oliver)
During the year Oliver Morris Limited made a loan to the company. No interest is charged on this loan. At the balance sheet date the amount due to Oliver Morris Limited was £377,500 (2022 - £327,500).

OMPD Limited
(Subsidiary of the company)
During the year the company received dividends from OMPD Limited of £1,420,000 (2022 - £nil). During the year OMPD Limited received a loan from the company. Interest is charged on this loan at a commercial rate and is repayable on demand. At the balance sheet date the amount due from OMPD Limited was £nil (2022 - £3,800,664).

First 4 Finance Limited
(Subsidiary of the company)
During the year the company made a loan to First 4 Finance Limited. No interest is charged on this loan. At the balance sheet date the amount due from First 4 Finance Limited was £729,049 (2022 - £767,049).

 

Loans from related parties

2023

Key management
£

Total
£

At start of period

1,451,295

1,451,295

Repaid

(1,162,634)

(1,162,634)

At end of period

288,661

288,661

2022

Key management
£

Total
£

At start of period

(30,000)

(30,000)

Advanced

1,481,295

1,481,295

At end of period

1,451,295

1,451,295

No interest has been charged on the above loan and the loan is repayable on demand.