REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MORETONS INVESTMENTS LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Fair value reserve | 10 | 305,191 | 846,052 |
Retained earnings |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Revaluations |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Amounts owed by associates |
Other debtors |
Tax |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 231,829 | 81,191 |
Tax |
Social security and other taxes |
VAT | - | 35,761 |
Other creditors |
Accrued expenses |
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 |
Bank loans - 2-5 years |
Bank loans more 5 yr |
Amounts owed to associates | 2,645,029 | 2,547,536 |
Directors' loan accounts | 3,892,330 | 1,479,037 |
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 | 846,052 |
SWAP contract | - | (540,861 | ) | (540,861 | ) |
Revaluation reserve | 5,643,718 | - | 5,643,718 |
At 31 December 2023 | 305,191 |
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 |
This was by virtue of his 100% holding of the issued share capital. |