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REGISTERED NUMBER: 08329983 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MORETONS INVESTMENTS LIMITED

MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MORETONS INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M Blencowe
Mrs S Blencowe





REGISTERED OFFICE: 30-31 North Street
Brighton
East Sussex
BN1 1EB





REGISTERED NUMBER: 08329983 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,430,721 2,412,891
Investments 5 124,675,467 104,811,967
127,106,188 107,224,858

CURRENT ASSETS
Debtors 6 2,806,156 1,446,106
Cash at bank and in hand 732,153 1,802,833
3,538,309 3,248,939
CREDITORS
Amounts falling due within one year 7 6,421,877 2,905,794
NET CURRENT (LIABILITIES)/ASSETS (2,883,568 ) 343,145
TOTAL ASSETS LESS CURRENT
LIABILITIES

124,222,620

107,568,003

CREDITORS
Amounts falling due after more than one
year

8

(74,046,990

)

(64,607,512

)

PROVISIONS FOR LIABILITIES (8,792,905 ) (7,035,725 )
NET ASSETS 41,382,725 35,924,766

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 10 31,846,269 26,202,551
Fair value reserve 10 305,191 846,052
Retained earnings 9,231,165 8,876,063
41,382,725 35,924,766

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

BALANCE SHEET - continued
31 DECEMBER 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 Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:





M Blencowe - Director


MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Moretons Investments Limited 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 as modified by the revaluation of certain assets.

The directors have carefully considered the company's financial position, liquidity and future performance. As set out in the strategic report, the company has continued to trade strongly the directors believe that it is experiencing good levels of sales growth and profitability. Therefore, the directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Sources of estimation uncertainty

Valuation of land and buildings
As described in note 6 to the financial statements, land and buildings are stated at fair value based on the valuation performed by an independent professional valuers, who are all Chartered Surveyors with recent experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset.

Turnover
Turnover represents the following types of income:
- Rental income
- Income from the sale of properties

All income is recognised on a receivable basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 2,333,333 77,216 42,300 37,663 2,490,512
Additions - 9,461 - 3,868 13,329
Revaluations 37,500 - - - 37,500
At 31 December 2023 2,370,833 86,677 42,300 41,531 2,541,341
DEPRECIATION
At 1 January 2023 - 53,286 12,106 12,229 77,621
Charge for year - 11,652 10,576 10,771 32,999
At 31 December 2023 - 64,938 22,682 23,000 110,620
NET BOOK VALUE
At 31 December 2023 2,370,833 21,739 19,618 18,531 2,430,721
At 31 December 2022 2,333,333 23,930 30,194 25,434 2,412,891

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2023 37,500 - - - 37,500
Cost 2,333,333 86,677 42,300 41,531 2,503,841
2,370,833 86,677 42,300 41,531 2,541,341

MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. FIXED ASSET INVESTMENTS

Total
£
VALUATION
At 1 January 2023 104,811,967
Additions 12,831,877
Disposals (369,275 )
Revaluation 7,400,898
At 31 December 2023 124,675,467
NET BOOK VALUE
At 31 December 2023 124,675,467
At 31 December 2022 104,811,967

The latest revaluation took place at 30 December 2023. The Company valuation of fixed assets of £124,675,467 (2022: £104,811,967) comprises of freehold properties and land with a value of £123,022,167 and Artwork of £1,653,300.

The Company's total investment property portfolio was valued by the Company directors' on the basis of open market value, by reference to recent market evidence of transactions for similar properties, in accordance with the Appraisal and Valuation Standards, sixth edition, published by The Royal Institution of Chartered Surveyors.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 218,980 233,833
Amounts owed by associates 1,864,579 257,085
Other debtors 395,667 847,341
Tax 28 -
VAT 51,889 -
Prepayments 275,013 107,847
2,806,156 1,446,106

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 3,696,502 669,247
Trade creditors 335,945 212,451
Amounts owed to associates 231,829 81,191
Tax - 94,000
Social security and other taxes 11,638 8,860
VAT - 35,761
Other creditors 1,594,983 1,492,548
Accrued expenses 550,980 311,736
6,421,877 2,905,794

MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Bank loans - 1-2 years 1,196,502 669,247
Bank loans - 2-5 years 1,722,359 2,007,740
Bank loans more 5 yr 64,590,770 57,903,952
Amounts owed to associates 2,645,029 2,547,536
Directors' loan accounts 3,892,330 1,479,037
74,046,990 64,607,512

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr 64,590,770 57,903,952

9. FINANCIAL INSTRUMENTS

2023
£
Carrying amount of financial assets

Instruments measured at fair value through profit or loss 305,191


The company has entered into two interest rate swaps. The first is a 5 year swap. The nominal amount of £8,569,000 was loaned by Santander from 15 October 2021 and repayments are expected to be made on a quarterly basis. The fixed rate for the 5 year interest swap is 1.258% with a floating rate of 1.6457%. As at the year-end, the market value of the interest swap was £586,735.This balance is in the company's favour.

The second is a 3 year interest rate swap.The nominal amount of £9,878,625 was loaned by Santander from 23 November 2023 and repayments are expected to be made on a quarterly basis. The fixed rate for the 3 year interest swap is 4.709%. As at the year-end, the market value of the interest swap was £281,544.08 in the banks favour.

10. RESERVES
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1 January 2023 26,202,551 846,052 27,048,603
SWAP contract - (540,861 ) (540,861 )
Revaluation reserve 5,643,718 - 5,643,718

At 31 December 2023 31,846,269 305,191 32,151,460

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, M Blencowe & Mrs S Blencowe increased their loan to the company. As at 31 December 2023, the company owed them £3,892,330 (2022: £1,479,037). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable over one year.

MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. RELATED PARTY DISCLOSURES

During the year, several related parties were identified.

At the year-end, Syon Estates Ltd was owed £91,829 (2022: £81,191).

In addition, West Acre UK Investments were owed £2,645,029 (2022: £2,547,536) from the company.

Newlands Commercial Limited was owed £140,000.

Burnt Orange Bars Limited also owed the company £100,000 (2022; £257,085).

Finally, a new loan was issued to Moretons Racing Limited for £1,764,579.

All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M Blencowe.

This was by virtue of his 100% holding of the issued share capital.