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Registration number: 01659446

Morcroft Property Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Morcroft Property Developments Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Morcroft Property Developments Limited

(Registration number: 01659446)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

372,222

373,578

Current assets

 

Stocks

5

900,000

903,737

Debtors

6

2,288

1,730

Cash at bank and in hand

 

1,385,573

1,391,630

 

2,287,861

2,297,097

Creditors: Amounts falling due within one year

7

(15,419)

(27,166)

Net current assets

 

2,272,442

2,269,931

Net assets

 

2,644,664

2,643,509

Capital and reserves

 

Called up share capital

8

100,000

100,000

Retained earnings

2,544,664

2,543,509

Shareholders' funds

 

2,644,664

2,643,509

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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 June 2023 and signed on its behalf by:
 

.........................................
Mrs A C Alliband BA (Hons) MRICS
Company secretary and director

 

Morcroft Property Developments 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.

The address of its registered office is:
Fair Oak
Church Lane
Dormston
WORCESTER
WR7 4JU

These financial statements were authorised for issue by the Board on 26 June 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.

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.

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:

 

Morcroft Property Developments Limited

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

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance basis

Computer equipment

25% straight line basis

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.

Trade 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.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

Morcroft Property Developments Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

361,416

35,330

396,746

Additions

-

624

624

At 30 April 2023

361,416

35,954

397,370

Depreciation

At 1 May 2022

-

23,168

23,168

Charge for the year

-

1,980

1,980

At 30 April 2023

-

25,148

25,148

Carrying amount

At 30 April 2023

361,416

10,806

372,222

At 30 April 2022

361,416

12,162

373,578

Included within the net book value of land and buildings above is £361,416 (2022 - £361,416) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

900,000

903,737

 

Morcroft Property Developments Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,818

307

Prepayments

470

470

Other debtors

-

953

 

2,288

1,730

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

3,129

517

Accruals and deferred income

2,775

5,495

Other creditors

9,515

21,154

15,419

27,166

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100,000

100,000

100,000

100,000

         

9

Related party transactions

 

Morcroft Property Developments Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

35,950

39,400

Contributions paid to money purchase schemes

892

995

36,842

40,395