Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3116682357815706503498898564816055falsefalseNo description of principal activity2023-01-0155falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02070965 2023-01-01 2023-12-31 02070965 2022-01-01 2022-12-31 02070965 2023-12-31 02070965 2022-12-31 02070965 2022-01-01 02070965 1 2023-01-01 2023-12-31 02070965 4 2023-01-01 2023-12-31 02070965 d:Director2 2023-01-01 2023-12-31 02070965 e:FreeholdInvestmentProperty 2023-01-01 2023-12-31 02070965 e:FreeholdInvestmentProperty 2023-12-31 02070965 e:FreeholdInvestmentProperty 2022-12-31 02070965 e:CurrentFinancialInstruments 2023-12-31 02070965 e:CurrentFinancialInstruments 2022-12-31 02070965 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 02070965 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 02070965 e:ShareCapital 2023-01-01 2023-12-31 02070965 e:ShareCapital 2023-12-31 02070965 e:ShareCapital 2022-01-01 2022-12-31 02070965 e:ShareCapital 2022-12-31 02070965 e:ShareCapital 2022-01-01 02070965 e:InvestmentPropertiesRevaluationReserve 2023-01-01 2023-12-31 02070965 e:InvestmentPropertiesRevaluationReserve 2023-12-31 02070965 e:InvestmentPropertiesRevaluationReserve 1 2023-01-01 2023-12-31 02070965 e:InvestmentPropertiesRevaluationReserve 4 2023-01-01 2023-12-31 02070965 e:InvestmentPropertiesRevaluationReserve 2022-01-01 2022-12-31 02070965 e:InvestmentPropertiesRevaluationReserve 2022-12-31 02070965 e:InvestmentPropertiesRevaluationReserve 2022-01-01 02070965 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02070965 e:RetainedEarningsAccumulatedLosses 2023-12-31 02070965 e:RetainedEarningsAccumulatedLosses 4 2023-01-01 2023-12-31 02070965 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02070965 e:RetainedEarningsAccumulatedLosses 2022-12-31 02070965 e:RetainedEarningsAccumulatedLosses 2022-01-01 02070965 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02070965 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02070965 e:OtherDeferredTax 2023-12-31 02070965 e:OtherDeferredTax 2022-12-31 02070965 d:OrdinaryShareClass1 2023-01-01 2023-12-31 02070965 d:OrdinaryShareClass1 2023-12-31 02070965 d:OrdinaryShareClass1 2022-12-31 02070965 d:FRS102 2023-01-01 2023-12-31 02070965 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02070965 d:FullAccounts 2023-01-01 2023-12-31 02070965 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02070965 e:Subsidiary1 2023-01-01 2023-12-31 02070965 e:Subsidiary1 1 2023-01-01 2023-12-31 02070965 e:Subsidiary2 2023-01-01 2023-12-31 02070965 e:Subsidiary2 1 2023-01-01 2023-12-31 02070965 2 2023-01-01 2023-12-31 02070965 4 2023-01-01 2023-12-31 02070965 6 2023-01-01 2023-12-31 02070965 e:Right-of-useInvestmentProperty 2023-01-01 2023-12-31 02070965 e:Right-of-useInvestmentProperty 2023-12-31 02070965 e:Right-of-useInvestmentProperty 2022-12-31 02070965 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02070965










MORGAN INDUSTRIAL PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MORGAN INDUSTRIAL PROPERTIES LIMITED
REGISTERED NUMBER: 02070965

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Fixed asset investments
  
478,478
478,478

Investment property
  
83,411,789
78,532,515

  
83,890,267
79,010,993

Current assets
  

Debtors: amounts falling due within one year
 7 
10,688,669
5,496,412

Cash at bank and in hand
 8 
535,054
485,438

  
11,223,723
5,981,850

Creditors: amounts falling due within one year
 9 
(18,392,988)
(13,237,576)

Net current liabilities
  
 
 
(7,169,265)
 
 
(7,255,726)

Total assets less current liabilities
  
76,721,002
71,755,267

Provisions for liabilities
  

Deferred tax
 10 
(3,814,301)
(3,778,841)

Net assets
  
72,906,701
67,976,426


Capital and reserves
  

Called up share capital 
 11 
100
100

Investment property reserve
  
12,109,280
12,330,560

Profit and loss account
  
60,797,321
55,645,766

  
72,906,701
67,976,426


Page 1

 
MORGAN INDUSTRIAL PROPERTIES LIMITED
REGISTERED NUMBER: 02070965

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 6 August 2024.




N J Morgan
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
MORGAN INDUSTRIAL PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
100
12,330,560
56,612,305
68,942,965


Comprehensive income for the year

Profit for the year
-
-
5,033,461
5,033,461


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(6,000,000)
(6,000,000)


Total transactions with owners
-
-
(6,000,000)
(6,000,000)



At 1 January 2023
100
12,330,560
55,645,766
67,976,426


Comprehensive income for the year

Profit for the year
-
-
9,651,555
9,651,555


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(4,500,000)
(4,500,000)

Transfer between other reserves
-
(295,040)
-
(295,040)

Deferred tax movements on investment properties
-
73,760
-
73,760


Total transactions with owners
-
(221,280)
(4,500,000)
(4,721,280)


At 31 December 2023
100
12,109,280
60,797,321
72,906,701


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
MORGAN INDUSTRIAL PROPERTIES LIMITED
 

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

1.


General information

Morgan Industrial Properties Limited is a company limited by shares incorporated in England & Wales.
The address of the registered office is Alfreton Road, Derby, DE21 4AP.
The Company's presentational and functional currency is sterling (£). The financial statements are
rounded to the nearest £.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The Company's cashflows remain healthy. The directors have not considered it necessary to prepare
formal forecasts for the Company given the overall strength of the cash position of the Company, which retains considerable levels of cash and no external debt. Although the Company has net current liabilities of £7,397,759 (2022: £7,255,726), £15,475,043 is due to directors and therefore no repayment will be sought unless the Company is in a position to repay these amounts without detriment to third party creditors. In addition, £829,450 relates to deferred income and so does not represent amounts payable.
The directors, therefore, consider that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, for a variety of potential scenarios. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
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:

Revenue comprises rental income which is recognised when payment becomes due and to the
period to which they relate.

Page 4

 
MORGAN INDUSTRIAL PROPERTIES LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessor

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

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss 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.

 
2.8

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 5

 
MORGAN INDUSTRIAL PROPERTIES LIMITED
 

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

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.13

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more then 24 hours.

 
2.15

Creditors

Short term creditors are measured at the transaction price.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Investment properties are carried at fair value which is determined annually. The estimation of fair value is
carried out by someone with adequate experience to make a reasonable assessment of fair value.


4.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


5.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 January 2023
378,477
100,001
478,478



At 31 December 2023
378,477
100,001
478,478




Page 6

 
MORGAN INDUSTRIAL PROPERTIES LIMITED
 

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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

MIP Developments Limited
Alfreton Road, Derby, DE21 4AP
Ordinary
100%
Eyrie Property Limited
Gibraltar
Dormant
100%


Participating interests


The Company holds a 20.5% interest in Pektron Group Limited, a company registered in England &
Wales, whose principal activity is the manufacture of electronic equipment. This company's registered
office is Alfreton Road, Derby DE21 4AP.


6.


Investment property


Freehold investment property
Property under construc-tion
Total

£
£
£



Valuation


At 1 January 2023
78,532,519
-
78,532,519


Additions at cost
7,650,699
-
7,650,699


Disposals
(2,771,429)
-
(2,771,429)



At 31 December 2023
83,411,789
-
83,411,789

The 2023 valuations were made by the Directors, , on an open market value for existing use basis.



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

2023
2022
£
£


Historic cost
72,971,820
67,797,509





 


7.


Debtors

2023
2022
£
£

Page 7

 
MORGAN INDUSTRIAL PROPERTIES LIMITED
 

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

7.Debtors (continued)


Trade debtors
536,852
631,391

Amounts owed by group undertakings
83,186
83,186

Other debtors
10,068,631
4,781,835

10,688,669
5,496,412



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
535,054
485,438



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
156,373
323,823

Corporation tax
1,334,084
488,670

Other taxation and social security
-
201,071

Other creditors
15,897,668
11,360,308

Accruals and deferred income
1,004,863
863,704

18,392,988
13,237,576



10.


Deferred taxation




2023


£






At beginning of year
(3,778,841)


Charged to profit or loss
(35,460)



At end of year
(3,814,301)

Page 8

 
MORGAN INDUSTRIAL PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,204,310)
(1,095,090)

Potential gain of sale of properties
(2,609,991)
(2,683,751)

(3,814,301)
(3,778,841)

The net reversal of deferred tax liabilities expected to occur in the following reporting period is not deemed to be significant.


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



12.


Related party transactions

During the year, the Company received rent of £1,696,200 (2022: £1,696,200) from an associated
company. The Company also paid a management charge of £33,000 (2022: £33,000) to this associated
company. At 31 December 2023 the Company was owed £9,806,670 by this company (2022: £4,732,869)
At 31 December 2023, there was an amount of £83,186 due from a subsidiary company (2022: £83,186).
The loan is unsecured, interest free and has no fixed repayment date.
At 31 December 2023 there was an amount of £15,475,043 (2022: £10,879,870) due from the Company to the directors of the Company. This amount is unsecured, has no fixed repayment date, and accrues
interest at a rate of 3% per annum. The interest charged in the year was £537,142 (2022: £180,284).


Page 9