Silverfin false false 31/12/2023 01/01/2023 31/12/2023 E Morris 18/11/2014 J Morris 18/11/2014 L Morris 17/02/2023 M Morris 18/11/2014 12 April 2024 The principal activity of the Company during the financial year was property letting. SC108199 2023-12-31 SC108199 bus:Director1 2023-12-31 SC108199 bus:Director2 2023-12-31 SC108199 bus:Director3 2023-12-31 SC108199 bus:Director4 2023-12-31 SC108199 2022-12-31 SC108199 core:CurrentFinancialInstruments 2023-12-31 SC108199 core:CurrentFinancialInstruments 2022-12-31 SC108199 core:ShareCapital 2023-12-31 SC108199 core:ShareCapital 2022-12-31 SC108199 core:RevaluationReserve 2023-12-31 SC108199 core:RevaluationReserve 2022-12-31 SC108199 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC108199 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC108199 bus:OrdinaryShareClass1 2023-12-31 SC108199 2023-01-01 2023-12-31 SC108199 bus:FilletedAccounts 2023-01-01 2023-12-31 SC108199 bus:SmallEntities 2023-01-01 2023-12-31 SC108199 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC108199 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC108199 bus:Director1 2023-01-01 2023-12-31 SC108199 bus:Director2 2023-01-01 2023-12-31 SC108199 bus:Director3 2023-01-01 2023-12-31 SC108199 bus:Director4 2023-01-01 2023-12-31 SC108199 2022-01-01 2022-12-31 SC108199 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC108199 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC108199 (Scotland)

MORRIS PROPERTIES (GLASGOW) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

MORRIS PROPERTIES (GLASGOW) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

MORRIS PROPERTIES (GLASGOW) LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
MORRIS PROPERTIES (GLASGOW) LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 775,000 775,000
775,000 775,000
Current assets
Debtors 4 89,744 142,363
89,744 142,363
Creditors: amounts falling due within one year 5 ( 11,129) ( 9,120)
Net current assets 78,615 133,243
Total assets less current liabilities 853,615 908,243
Net assets 853,615 908,243
Capital and reserves
Called-up share capital 6 1,000 1,000
Revaluation reserve 420,346 420,346
Profit and loss account 432,269 486,897
Total shareholder's funds 853,615 908,243

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Morris Properties (Glasgow) Limited (registered number: SC108199) were approved and authorised for issue by the Board of Directors on 12 April 2024. They were signed on its behalf by:

E Morris
Director
MORRIS PROPERTIES (GLASGOW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
MORRIS PROPERTIES (GLASGOW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Morris Properties (Glasgow) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 180 West Regent Street, Glasgow, G2 4RW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for property letting provided in the normal course of business.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 3

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 775,000
As at 31 December 2023 775,000

Valuation

The valuation of the investment properties was made by the directors on an open market basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 354,654 354,654

4. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 89,744 142,363

5. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 11,129 9,120

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

7. Financial commitments

The company is party to cross guarantees with all group companies in respect of bank facilities. At 31 December 2023 the potential liability was £832,434 (2022: £885,636).

8. Ultimate controlling party

Parent Company:

The company's ultimate parent company is Morris Amusements (Holdings) Limited, who are registered at 180 West Regent Street, Glasgow.