Moorgate Homes Limited 9247761 false 2021-10-31 2022-10-30 2022-10-30 The principal activity of the company is the construction of residential property. Digita Accounts Production Advanced 6.30.9574.0 true true 9247761 2021-10-31 2022-10-30 9247761 2022-10-30 9247761 core:CurrentFinancialInstruments 2022-10-30 9247761 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-30 9247761 bus:SmallEntities 2021-10-31 2022-10-30 9247761 bus:AuditExemptWithAccountantsReport 2021-10-31 2022-10-30 9247761 bus:FullAccounts 2021-10-31 2022-10-30 9247761 bus:SmallCompaniesRegimeForAccounts 2021-10-31 2022-10-30 9247761 bus:RegisteredOffice 2021-10-31 2022-10-30 9247761 bus:Director2 2021-10-31 2022-10-30 9247761 bus:PrivateLimitedCompanyLtd 2021-10-31 2022-10-30 9247761 countries:EnglandWales 2021-10-31 2022-10-30 9247761 2020-10-31 2021-10-30 9247761 2021-10-30 9247761 core:CurrentFinancialInstruments 2021-10-30 9247761 core:CurrentFinancialInstruments core:WithinOneYear 2021-10-30 iso4217:GBP xbrli:pure

Moorgate Homes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 October 2022

Registration number: 9247761

 

Moorgate Homes Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 4

 

Moorgate Homes Limited

(Registration number: 9247761)
Statement of financial position as at 30 October 2022

Note

2022
£

2021
£

Current assets

 

Stocks

4

-

2,127,602

Debtors

5

-

5,632

Cash at bank and in hand

 

460

167

 

460

2,133,401

Creditors: Amounts falling due within one year

6

(740,202)

(2,860,834)

Net liabilities

 

(739,742)

(727,433)

Capital and reserves

 

Called up share capital

4

4

Retained earnings

(739,746)

(727,437)

Shareholders' deficit

 

(739,742)

(727,433)

For the financial year ending 30 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

.........................................
Mr I Poulsum
Director

 

Moorgate Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 October 2022

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:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 16 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 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.

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.

 

Moorgate Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 October 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4

Stocks

2022
£

2021
£

Stocks

-

2,127,602

5

Debtors

Current

2022
£

2021
£

Other debtors

-

5,632

 

Moorgate Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 October 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans

7

730,225

2,856,083

Accruals and deferred income

 

9,977

4,750

Other creditors

 

-

1

 

740,202

2,860,834

7

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

-

1,224,000

Other borrowings

730,225

1,632,083

730,225

2,856,083