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MORANSMART HOMES LIMITED

Registered Number
09814993
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

MORANSMART HOMES LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

MORAN, David John
MORAN, Ross Peter David
SMART, William James Kaye

Registered Address

236 West End Lane
Horsforth
Leeds
LS18 5RU

Registered Number

09814993 (England and Wales)
MORANSMART HOMES LIMITED
Statement of Financial Position
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3321-
321-
Current assets
Stocks42,529,3301,941,222
Debtors56,59514,203
Cash at bank and on hand37,63024,504
2,573,5551,979,929
Creditors amounts falling due within one year6(2,402,826)(1,850,036)
Net current assets (liabilities)170,729129,893
Total assets less current liabilities171,050129,893
Net assets171,050129,893
Capital and reserves
Called up share capital100100
Profit and loss account170,950129,793
Shareholders' funds171,050129,893
The financial statements were approved and authorised for issue by the Board of Directors on 16 April 2024, and are signed on its behalf by:
MORAN, David John
Director
Registered Company No. 09814993
MORANSMART HOMES LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Turnover policy
Turnover is determined by reference to the stage of completion of property development projects. Turnover is calculated as the value of development costs incurred in the year plus the estimated profit on the developments. Profits on development projects are only recognised to the extent that they can be reliably estimated.
Current taxation
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
Stocks and work in progress
Stocks represent the value of work in progress on property development projects. Stocks represent the cost of land purchased for development. Work in progress represents the revenue recognised on residential property development projects in progress. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks and work in progress over the estimated consideration receivable on the sale of the residential property developments is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method . Financial assets classified as receivable within one year are not amortised. Basic financial liabilities, including creditors, are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method. Financial liabilities classified as payable within one year are not amortised.
2.Average number of employees

20232022
Average number of employees during the year33
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions445445
At 31 October 23445445
Depreciation and impairment
Charge for year124124
At 31 October 23124124
Net book value
At 31 October 23321321
At 31 October 22--
4.Stocks

2023

2022

££
Raw materials and consumables1,614,5151,614,515
Work in progress914,815326,707
Total2,529,3301,941,222
5.Debtors: amounts due within one year

2023

2022

££
Other debtors6,59514,203
Total6,59514,203
6.Creditors: amounts due within one year

2023

2022

££
Taxation and social security9,5931,117
Other creditors2,393,2331,848,919
Total2,402,8261,850,036