0 false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,470,000 1,470,000 1,470,000 9,978,889 452,284 9,526,605 9,526,605 xbrli:pure xbrli:shares iso4217:GBP 1209203 2022-07-01 2023-06-30 1209203 2023-06-30 1209203 2022-06-30 1209203 bus:Director2 2022-07-01 2023-06-30 1209203 core:WithinOneYear 2023-06-30 1209203 core:WithinOneYear 2022-06-30 1209203 core:AfterOneYear 2023-06-30 1209203 core:AfterOneYear 2022-06-30 1209203 core:ShareCapital 2023-06-30 1209203 core:ShareCapital 2022-06-30 1209203 core:RetainedEarningsAccumulatedLosses 2023-06-30 1209203 core:RetainedEarningsAccumulatedLosses 2022-06-30 1209203 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 1209203 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-06-30 1209203 core:Non-currentFinancialInstruments 2023-06-30 1209203 core:Non-currentFinancialInstruments 2022-06-30 1209203 core:LandBuildings 2023-06-30 1209203 core:LandBuildings 2022-06-30 1209203 bus:SmallEntities 2022-07-01 2023-06-30 1209203 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 1209203 bus:FullAccounts 2022-07-01 2023-06-30 1209203 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 1209203 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 1209203 bus:Director1 2023-06-30 1209203 core:OtherRelatedParties 2023-06-30 1209203 core:OtherRelatedParties 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 1209203
Morntane Limited
Filleted Unaudited Financial Statements
30 June 2023
Morntane Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
1,470,000
1,470,000
Investments
5
9,526,605
9,526,605
---------------
---------------
10,996,605
10,996,605
Current assets
Debtors
6
12,441,292
5,003,882
Cash at bank and in hand
112,659
388,202
---------------
-------------
12,553,951
5,392,084
Creditors: amounts falling due within one year
7
( 19,976,488)
( 13,096,155)
---------------
---------------
Net current liabilities
( 7,422,537)
( 7,704,071)
---------------
---------------
Total assets less current liabilities
3,574,068
3,292,534
Creditors: amounts falling due after more than one year
8
( 487,438)
( 539,922)
-------------
-------------
Net assets
3,086,630
2,752,612
-------------
-------------
Capital and reserves
Called up share capital
1,851,898
1,851,898
Profit and loss account
1,234,732
900,714
-------------
-------------
Shareholders funds
3,086,630
2,752,612
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Morntane Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 16 February 2024 , and are signed on behalf of the board by:
S Brittan
Director
Company registration number: 1209203
Morntane Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/o Ymu Business Management Limited, 180 Great Portland Street, London, W1W 5QZ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the balance sheet date the company had net assets of £3,086,630 (2022: net assets of £2,752,612). In the opinion of the directors the going concern basis is appropriate to the company as the other group entities will ensure that adequate finance will continue to be available for a minimum of 12 months from the date of the approval of the accounts.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents the amount of royalties and management charges receivable, interest receivable and sales of stock investments accounted for on an earning basis in respect of the year and rental income, all are stated net of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment property at valuation
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contract actual arrangement, as either financial assets, financial liabilities or equity instruments of the company after deducting all of its liabilities.
4. Tangible assets
Investment property
£
Cost
At 1 July 2022 and 30 June 2023
1,470,000
-------------
Depreciation
At 1 July 2022 and 30 June 2023
-------------
Carrying amount
At 30 June 2023
1,470,000
-------------
At 30 June 2022
1,470,000
-------------
A valuation of the property was carried out in August 2020 by Trend and Thomas, a firm of Chartered Surveyors. The property was valued at £1,470,000 and based on this valuation the directors consider that the market value of the property at 30 June 2023 is £1,470,000.
5. Investments
Other investments other than loans
£
Cost
At 1 July 2022 and 30 June 2023
9,978,889
-------------
Impairment
At 1 July 2022 and 30 June 2023
452,284
-------------
Carrying amount
At 30 June 2023
9,526,605
-------------
At 30 June 2022
9,526,605
-------------
6. Debtors
2023
2022
£
£
Trade debtors
12,300
89,500
Amounts owed by group undertakings and undertakings in which the company has a participating interest
11,016,261
3,632,502
Other debtors
1,412,731
1,281,880
---------------
-------------
12,441,292
5,003,882
---------------
-------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
57,954
64,179
Trade creditors
1,264
23,728
Amounts owed to group undertakings and undertakings in which the company has a participating interest
19,864,586
12,856,104
Social security and other taxes
5,734
2,094
Other creditors
46,950
150,050
---------------
---------------
19,976,488
13,096,155
---------------
---------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
487,438
539,922
----------
----------
On 1 March 2013 a legal charge was issued in favour of Barclays Bank PLC for the amount of £840,000.
On 21 May 2013 a legal mortgage was secured over the leasehold interest and freehold interest on part of the land at Coopers Yard London N1 1RX in favour of Barclays Bank PLC.
On 7 August 2012 a fixed and floating charge and cross guarantee between Morntane Limited and Nick Mason Music Limited was granted over the present and future assets of the company in favour of Barclays Bank PLC.
9. Reserves
Included within total reserves of £1,234,732 is £39,664 of a revaluation charge in respect of the investment property.
10. Directors' advances, credits and guarantees
As at the 30 June 2023 the company owed a director £38,600 (2022: £141,700) in the form of a director's loan account of which is unsecured, interest free and repayable on demand.
11. Related party transactions
The company has taken advantage of the exemption available not to disclose transactions with other group companies which are 100% owned within the group. Transactions with related companies Morntane Limited owns a participating interest in a company. During the year Morntane paid £ 21,000 (2022: £nil) to this company to cover running costs. At the year end Morntane Limited was owed £192,027 (2022: £171,027). Morntane Limited owns a participating interest in a company. During the year Morntane received £ 88,000 (2022: received £nil) from this company to cover running costs. At the year end Morntane Limited was owed £ 1,498,631 (2022: £1,410,631).