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Registration number: 11608339

Moorlap Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Moorlap Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Moorlap Ltd

Company Information

Directors

Mrs L J Thomas

Mr O R Thomas

Registered office

48 Station Road
Llandaff North
Cardiff
CF14 2FF

Accountants

DRP + Co Accountants Limited
1st Floor 6 St Johns Court
Upper Fforest Way
Swansea
C & C of Swansea
SA6 8QQ

 

Moorlap Ltd

(Registration number: 11608339)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

743

1,486

Investment property

5

1,197,789

1,113,672

 

1,198,532

1,115,158

Current assets

 

Cash at bank and in hand

 

6,430

25,659

Creditors: Amounts falling due within one year

7

(414,509)

(305,433)

Net current liabilities

 

(408,079)

(279,774)

Total assets less current liabilities

 

790,453

835,384

Creditors: Amounts falling due after more than one year

7

(941,190)

(929,288)

Net liabilities

 

(150,737)

(93,904)

Capital and reserves

 

Called up share capital

8

20

20

Retained earnings

(150,757)

(93,924)

Shareholders' deficit

 

(150,737)

(93,904)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr O R Thomas
Director

 

Moorlap Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Wales & England.

The address of its registered office is:
48 Station Road
Llandaff North
Cardiff
CF14 2FF
United Kingdom

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Moorlap Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Asset class

Depreciation method and rate

Plant & Machinery

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Moorlap Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

2,971

2,971

At 31 October 2023

2,971

2,971

Depreciation

At 1 November 2022

1,485

1,485

Charge for the year

743

743

At 31 October 2023

2,228

2,228

Carrying amount

At 31 October 2023

743

743

At 31 October 2022

1,486

1,486

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

2,072

899

2,971

At 31 October 2023

2,072

899

2,971

Depreciation

At 1 November 2022

1,036

449

1,485

Charge for the year

518

225

743

At 31 October 2023

1,554

674

2,228

Carrying amount

At 31 October 2023

518

225

743

At 31 October 2022

1,036

450

1,486

5

Investment properties

2023
£

At 1 November

1,113,672

Additions

84,117

At 31 October

1,197,789

There has been no valuation of investment property by an independent valuer.

 

Moorlap Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

2023
£

2022
£

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

432

-

Taxation and social security

 

73

-

Accruals and deferred income

 

1,260

1,440

Other creditors

 

412,744

303,993

 

414,509

305,433

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

941,190

929,288

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

20

20

20

20

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

646,190

929,288

Other borrowings

295,000

-

941,190

929,288

 

Moorlap Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

432

-