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REGISTERED NUMBER: 10031613 (England and Wales)















Unaudited Financial Statements

for the Year Ended 28 February 2023

for

MORG Property Ltd

MORG Property Ltd (Registered number: 10031613)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MORG Property Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTOR: G D L Morgan



REGISTERED OFFICE: 7 Barnwood Road
Gloucester
Gloucestershire
GL2 0RZ



REGISTERED NUMBER: 10031613 (England and Wales)



ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS



BANKERS: National Westminster Bank Plc
PO Box 4115
Hornchurch
Essex
RM12 4DF

MORG Property Ltd (Registered number: 10031613)

Statement of Financial Position
28 February 2023

28/2/23 28/2/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,163 2,703
Investment property 5 421,000 421,000
423,163 423,703

CURRENT ASSETS
Cash at bank - 1,445

CREDITORS
Amounts falling due within one year 6 99,883 93,954
NET CURRENT LIABILITIES (99,883 ) (92,509 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

323,280

331,194

CREDITORS
Amounts falling due after more than one
year

7

(241,626

)

(245,351

)

PROVISIONS FOR LIABILITIES (14,831 ) (13,197 )
NET ASSETS 66,823 72,646

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 98,280 103,094
Retained earnings (31,557 ) (30,548 )
SHAREHOLDERS' FUNDS 66,823 72,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MORG Property Ltd (Registered number: 10031613)

Statement of Financial Position - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2023 and were signed by:





G D L Morgan - Director


MORG Property Ltd (Registered number: 10031613)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. STATUTORY INFORMATION

MORG Property Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents rental income due for the accounting period from the investment properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in the fair value is recognised in the Income Statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
Despite net current liabilities at 28 February 2023 of £99,883 (2022 - £92,509), the accounts have been prepared on a going concern basis. The director has reviewed the future cashflows of the business and has expressed his willingness to financially support the company for the foreseeable future, deeming the going concern method of preparation to be appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

MORG Property Ltd (Registered number: 10031613)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
Cost
At 1 March 2022
and 28 February 2023 7,575
Depreciation
At 1 March 2022 4,872
Charge for year 540
At 28 February 2023 5,412
Net book value
At 28 February 2023 2,163
At 28 February 2022 2,703

5. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 March 2022
and 28 February 2023 421,000
Net book value
At 28 February 2023 421,000
At 28 February 2022 421,000

If investment property had not been revalued it would have been included at the historical cost of £297,583 (2022 - £297,583)

The director G D L Morgan having reviewed the local property market has valued the investment property at 28 February 2023 as materially unchanged from the previous year.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Bank loans and overdrafts 4,051 4,000
Trade creditors 20,676 17,575
Other creditors 75,156 72,379
99,883 93,954

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28/2/23 28/2/22
£    £   
Bank loans 241,626 245,351

MORG Property Ltd (Registered number: 10031613)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
28/2/23 28/2/22
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 230,720 230,720

8. SECURED DEBTS

The following secured debts are included within creditors:

28/2/23 28/2/22
£    £   
Bank loans 230,720 230,720

The bank loans are secured by fixed charges over the company's investment properties.

9. RELATED PARTY DISCLOSURES

G D L Morgan
Director

The director has loaned funds to the company. At 28 February 2023, the company owed the Director G D L Morgan £74,556 (2022 - £71,766). The loan is interest free with no fixed repayment terms.

G D M Property Services Ltd
A company under common control

During the year, the company was charged £2,500 by G D M Property Services Ltd for property management and maintenance services provided.

At 28 February 2023, the company owed G D M Property Services Ltd £20,076 (2022 - £17,576).

10. POST BALANCE SHEET EVENTS

Following the year end one of the investment properties was sold and the associated loan discharged.