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Registered number: 06268628
















MURRAY ENTERPRISES LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


































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MURRAY ENTERPRISES LIMITED
REGISTERED NUMBER:06268628

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,875,000
1,925,000

  
1,875,000
1,925,000

Current assets
  

Debtors: amounts falling due within one year
 5 
39,199
39,199

Cash at bank and in hand
 6 
1,867
3,606

  
41,066
42,805

Creditors: amounts falling due within one year
 7 
(963,912)
(1,085,404)

Net current liabilities
  
 
 
(922,846)
 
 
(1,042,599)

Total assets less current liabilities
  
952,154
882,401

Provisions for liabilities
  

Deferred tax
 8 
-
(1,594)

  
 
 
-
 
 
(1,594)

Net assets
  
952,154
880,807


Capital and reserves
  

Called up share capital 
 9 
75,000
75,000

Profit and loss account
  
877,154
805,807

  
952,154
880,807


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr K Murray
Director

Date: 8 July 2024

The notes on pages 3 to 9 form part of these financial statements.
Page 1


MURRAY ENTERPRISES LIMITED
REGISTERED NUMBER:06268628
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 2


MURRAY ENTERPRISES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Murray Enterprises Limited is a private company, limited by shares, incorporated in England, United Kingdom. The address of its registered office is 44 Millbay Road, Plymouth, Devon, PL1 3FQ.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention 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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Murray Holdings (SW) Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
2.3

GOING CONCERN

At the balance sheet date the Company was in a net current liability position due to the intercompany debt which is repayable on demand. The Company has received a letter of support from its fellow subsidiary confirming that this balance is not expected to be repaid within 12 months.
The director has considered the current levels of working capital, particularly cash and is confident that the Company has sufficient resources to continue to operate for the foreseeable future. In light of this, the director considers it appropriate for the financial statements to be prepared on a going concern basis.

Page 3


MURRAY ENTERPRISES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental Income
•        the amount of revenue can be measured reliably;
•        it is probable that the Company will receive the consideration due under the transaction;
•        the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

OPERATING LEASES: LESSOR

Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.

 
2.6

FINANCE COSTS

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4


MURRAY ENTERPRISES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)


2.8
TANGIBLE FIXED ASSETS (CONTINUED)

The estimated useful lives range as follows:

Freehold property
-
Not depreciated
Fixtures and fittings
-
10% straight line

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. 
No depreciation is provided on freehold properties. Freehold property is leased to other group companies and the director considers that the stringent building quality requirements of the vehicle manufacturers, which necessitate significant investment in maintenance and refurbishment, means that the lives of these assets and residual values are such that their depreciation is insignificant. The director reviews the value of assets on an annual basis for impairment and where the value of the asset is considered to be below the carrying value, the carrying value will be impaired.

 
2.9

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2022:1).

Page 5


MURRAY ENTERPRISES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


TANGIBLE FIXED ASSETS





Freehold property
Fixtures and fittings
Total

£
£
£



COST OR VALUATION


At 1 January 2023
1,925,000
50,000
1,975,000


Impairment
(50,000)
-
(50,000)



At 31 December 2023

1,875,000
50,000
1,925,000



DEPRECIATION


At 1 January 2023
-
50,000
50,000



At 31 December 2023

-
50,000
50,000



NET BOOK VALUE



At 31 December 2023
1,875,000
-
1,875,000



At 31 December 2022
1,925,000
-
1,925,000

Page 6


MURRAY ENTERPRISES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


DEBTORS

2023
2022
£
£


Amounts owed by group undertakings
39,199
39,199

39,199
39,199



6.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
1,867
3,606

1,867
3,606



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Amounts owed to group undertakings
921,868
1,058,731

Corporation tax
37,229
21,858

Other taxation and social security
2,265
2,265

Other creditors
2,550
2,550

963,912
1,085,404


There is a fixed charge held over the fixed assets of the Company.

Page 7


MURRAY ENTERPRISES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


DEFERRED TAXATION




2023


£






At beginning of year
(1,594)


Charged to the profit or loss
1,594



AT END OF YEAR
-

2023
2022
£
£


Accelerated capital allowances
-
(1,594)

-
(1,594)


9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



75,000 (2022: 75,000) Ordinary shares of £1.00 each
75,000
75,000



10.


OPERATING LEASES: LESSOR

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
170,000
170,000

Later than 1 year and not later than 5 years
212,500
382,500

382,500
552,500

The above leases are in respect of property leased to group entities.


11.


RELATED PARTY TRANSACTIONS

During the previous financial year the company purchased the remaining 25% of the freehold property and paid £481,250 to the SIPP of the director in respect of this. There was no amounts owing at year end in relation to this. At the year end the property was wholly owned by the company.

Page 8


MURRAY ENTERPRISES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


CONTROLLING PARTY

The company is a 100% owned subsidiary of Murray Holdings (SW) Limited, a company incorporated in England and the ultimate controlling party is Mr K Murray.


13.


AUDITORS' INFORMATION

The financial statements have been audited by Bishop Fleming LLP, Chartered Accountants and Statutory Auditors, with an unqualified audit opnion being issued. The audit report was signed on 09/07/2024 by Fleur Lewis FCA  as senior statutory auditor.
In accordance with the provisions applicable to companies subject to the small companies' regime and s444 of the Companies Act 2006, this audit report has not been filed.

 
Page 9