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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

MORRISH BUILDERS (POOLE) LIMITED

MORRISH BUILDERS (POOLE) LIMITED (REGISTERED NUMBER: 01633484)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


MORRISH BUILDERS (POOLE) LIMITED

COMPANY INFORMATION
For The Year Ended 30 September 2023







DIRECTORS: D Morrish
E J C Rapson
P M Kneafsey
S O Clarke





SECRETARY: S O Clarke





REGISTERED OFFICE: Unit 5
Upton Industrial Estate
Upton
Poole
Dorset
BH16 5SL





REGISTERED NUMBER: 01633484 (England and Wales)





AUDITORS: Schofields
Chartered Accountants and Statutory Auditors
5th Floor
Waverley House
115 - 119 Holdenhurst Road
Bournemouth
Dorset
BH8 8DY

MORRISH BUILDERS (POOLE) LIMITED (REGISTERED NUMBER: 01633484)

STRATEGIC REPORT
For The Year Ended 30 September 2023

The directors present their strategic report for the year ended 30 September 2023.

REVIEW OF BUSINESS
The results for the year are set out on page 7.

The group experienced a slight reduction in turnover during the year which was predominantly driven by market conditions that were affected by both the rising cost of living and increases in mortgage rates. The gross profit margin was maintained due to the sales mix achieved on multiple sites during the year. We continue to pursue development opportunities throughout our region to secure long-term future supply.

PRINCIPAL RISKS AND UNCERTAINTIES
The group is a homebuilder and developer and as such is reliant on the availability of mortgage products to fund its purchasers, funding lines to support its activities, and a ready supply of land supported by a fluent planning process.

The group requires a pipeline of land and future projects to enable its business and consequently funding lines are required to support this. The relationship with, and the support of the group's funders is strong and sufficient facilities are in place to support its current and future development programme.

The group seeks to maintain a spread of development sites, to enable it to offer a range of products to the market. The planning process remains cumbersome which, coupled with the nutrient issues imposed on the industry in our operating region, impacts the group's ability to bring current and future developments to the market in an orderly fashion.

ON BEHALF OF THE BOARD:





E J C Rapson - Director


23 February 2024

MORRISH BUILDERS (POOLE) LIMITED (REGISTERED NUMBER: 01633484)

REPORT OF THE DIRECTORS
For The Year Ended 30 September 2023

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The company is a holding company and conducts no trading activities of its own.

DIVIDENDS
An interim dividend of £1,500,000 was paid during the year. The directors recommend a final dividend of £869,728.

FUTURE DEVELOPMENTS
The group continues to develop its land bank but inevitably planning delays have restricted the delivery of homes to the market. The group in addition to its consortia commitments continues to actively pursue the extension of its existing land stocks through acquisition and the securing of longer term options.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

D Morrish
E J C Rapson
P M Kneafsey
S O Clarke

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise bank loans and overdrafts, trade creditors, other loans and finance lease agreements. The main purpose of these instruments is to provide funds for the group's working capital requirements and to finance group operations.

Funding for current and future development sites are financed via a long-term bank facility, which ensures continuity of funding. The day to day fluctuations in working capital requirements are funded via an overdraft.

The directors continue to closely monitor the group's required financing via its banking facilities. The group is a lessee in respect of finance lease assets. The liquidity risk in respect of these is managed in the same way as bank overdrafts and the loans above. Trade creditors liquidity risk is managed by ensuring there are sufficient funds available to the group to meet these amounts as they fall due.

HEALTH AND SAFETY
The group continues to pursue a vigorous monitoring of its health and safety obligations.

ENVIRONMENTAL ISSUES
The group's policy on environmental issues is to assess their impact and whenever practical and cost effective to incorporate those within new sustainable developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MORRISH BUILDERS (POOLE) LIMITED (REGISTERED NUMBER: 01633484)

REPORT OF THE DIRECTORS
For The Year Ended 30 September 2023


AUDITORS
The auditors, Schofields, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





E J C Rapson - Director


23 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MORRISH BUILDERS (POOLE) LIMITED

Opinion
We have audited the financial statements of Morrish Builders (Poole) Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MORRISH BUILDERS (POOLE) LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

An understanding of the legal and regulatory framework the company operates in was obtained through discussions with directors and other management in addition to our general industry and sector experience. The most significant laws and regulations identified, being those that have a direct effect on material amounts and disclosures in the financial statements, are FRS 102, Companies Act 2006 and HM Revenue & Customs (HMRC) Tax Legislation.

We also considered other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate, or to avoid material penalty. These included the requirements of the various Health and Safety Regulations.

Audit procedures were performed to obtain sufficient evidence regarding compliance. These procedures include making enquiries to directors and other management in addition to the inspection of applicable regulatory and legal correspondence. Financial statement disclosures were reviewed and tested to supporting documentation.

Enquiries were also made to the directors and other management to assess the company's internal control environment and their policies and procedures on fraud risk. The company's systems and controls were documented, and audit procedures were designed to test these controls. Further, the risk of management override of controls was addressed through testing journal entries and other adjustments for appropriateness. The judgements made in making accounting estimates were assessed for any indication of potential bias, and the business rationale of significant transactions outside the normal course of the business was evaluated.

We have properly planned and performed the audit in accordance with auditing standards and all members of the engagement team have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. However, the inherent nature of the audit, and the limited procedures performed, means there is an unavoidable risk that some irregularities may have gone undetected. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr P J Schofield FCA (Senior Statutory Auditor)
for and on behalf of Schofields
Chartered Accountants and Statutory Auditors
5th Floor
Waverley House
115 - 119 Holdenhurst Road
Bournemouth
Dorset
BH8 8DY

23 February 2024

MORRISH BUILDERS (POOLE) LIMITED (REGISTERED NUMBER: 01633484)

STATEMENT OF COMPREHENSIVE INCOME
For The Year Ended 30 September 2023

2023 2022
Notes £    £   

TURNOVER - -
OPERATING PROFIT - -

Income from shares in group undertakings 2,369,728 1,928,935
PROFIT BEFORE TAXATION 2,369,728 1,928,935

Tax on profit 4 - -
PROFIT FOR THE FINANCIAL YEAR 2,369,728 1,928,935

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,369,728

1,928,935

MORRISH BUILDERS (POOLE) LIMITED (REGISTERED NUMBER: 01633484)

BALANCE SHEET
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 6 2,014,798 2,014,798

CURRENT ASSETS
Debtors 7 2 2
NET CURRENT ASSETS 2 2
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,014,800

2,014,800

CAPITAL AND RESERVES
Called up share capital 8 2,014,800 2,014,800
SHAREHOLDERS' FUNDS 2,014,800 2,014,800

The financial statements were approved by the Board of Directors and authorised for issue on 23 February 2024 and were signed on its behalf by:




D Morrish - Director



E J C Rapson - Director


MORRISH BUILDERS (POOLE) LIMITED (REGISTERED NUMBER: 01633484)

STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 September 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 2,014,800 - 2,014,800

Changes in equity
Dividends - (1,928,935 ) (1,928,935 )
Total comprehensive income - 1,928,935 1,928,935
Balance at 30 September 2022 2,014,800 - 2,014,800

Changes in equity
Dividends - (2,369,728 ) (2,369,728 )
Total comprehensive income - 2,369,728 2,369,728
Balance at 30 September 2023 2,014,800 - 2,014,800

MORRISH BUILDERS (POOLE) LIMITED (REGISTERED NUMBER: 01633484)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023

1. STATUTORY INFORMATION

Morrish Builders (Poole) 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Morrish Builders (Poole) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Morrish Group Limited, Unit 5, Upton Industrial Estate, Upton, Poole, Dorset BH16 5SL.

The consolidated financial statements of Morrish Group Limited are available from Companies House.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 September 2023 nor for the year ended 30 September 2022.

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

2023 2022
£    £   
Directors' remuneration - -

The aggregate amount of remuneration paid to the directors through the subsidiary undertaking amounted to £471,920 (2022 - 524,373).

4. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 September 2023 nor for the year ended 30 September 2022.

MORRISH BUILDERS (POOLE) LIMITED (REGISTERED NUMBER: 01633484)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023

5. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 869,728 1,928,935
Interim 1,500,000 -
2,369,728 1,928,935

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2022
and 30 September 2023 2,014,798
NET BOOK VALUE
At 30 September 2023 2,014,798
At 30 September 2022 2,014,798

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Morrish Homes
Registered office: Unit 5, Upton Industrial Estate, Upton, Poole, Dorset BH16 5SL
Nature of business:
%
Class of shares: holding
Ordinary 100.00

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Called up share capital not paid 2 2

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,014,800 Ordinary £1 2,014,800 2,014,800

9. RESERVES
Retained
earnings
£   

Profit for the year 2,369,728
Dividends (2,369,728 )
At 30 September 2023 -

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

10. ULTIMATE PARENT COMPANY

The parent company, and ultimate parent company, is Morrish Group Limited.