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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
06994153
2023-01-01
2023-12-31
06994153
2023-12-31
06994153
2022-12-31
06994153
2022-01-01
2022-12-31
06994153
2022-12-31
06994153
2021-12-31
06994153
core:PlantMachinery
2023-01-01
2023-12-31
06994153
bus:Director1
2023-01-01
2023-12-31
06994153
core:WithinOneYear
2023-12-31
06994153
core:WithinOneYear
2022-12-31
06994153
core:LandBuildings
2023-12-31
06994153
core:PlantMachinery
2023-12-31
06994153
core:DeferredTaxation
2023-01-01
2023-12-31
06994153
core:LandBuildings
core:LongLeaseholdAssets
2023-12-31
06994153
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
06994153
core:UKTax
2023-01-01
2023-12-31
06994153
core:ShareCapital
2023-12-31
06994153
core:ShareCapital
2022-12-31
06994153
core:OtherReservesSubtotal
2023-12-31
06994153
core:OtherReservesSubtotal
2022-12-31
06994153
core:RetainedEarningsAccumulatedLosses
2023-12-31
06994153
core:RetainedEarningsAccumulatedLosses
2022-12-31
06994153
core:AcceleratedTaxDepreciationDeferredTax
2023-12-31
06994153
core:AcceleratedTaxDepreciationDeferredTax
2022-12-31
06994153
core:LandBuildings
2022-12-31
06994153
core:DeferredTaxation
2022-12-31
06994153
core:DeferredTaxation
2023-12-31
06994153
bus:SmallEntities
2023-01-01
2023-12-31
06994153
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
06994153
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
06994153
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
06994153
bus:FullAccounts
2023-01-01
2023-12-31
06994153
core:AmortisationDeferredTax
2023-12-31
06994153
core:AmortisationDeferredTax
2022-12-31
COMPANY REGISTRATION NUMBER:
06994153
MORDEN PROPERTIES LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
MORDEN PROPERTIES LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2023
Fixed assets
Tangible assets |
6 |
|
3,169,601 |
3,169,601 |
|
|
|
|
|
Current assets
Debtors |
7 |
1,333,483 |
|
1,333,274 |
Cash at bank and in hand |
129,554 |
|
50 |
|
------------- |
|
------------- |
|
1,463,037 |
|
1,333,324 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
426,981 |
|
364,591 |
|
------------- |
|
------------- |
Net current assets |
|
1,036,056 |
968,733 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
4,205,657 |
4,138,334 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
9 |
617,481 |
|
620,179 |
Other provisions |
9 |
1,218,700 |
|
1,218,700 |
|
------------- |
|
------------- |
|
|
1,836,181 |
1,838,879 |
|
|
------------- |
------------- |
Net assets |
|
2,369,476 |
2,299,455 |
|
|
------------- |
------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Other reserves |
11 |
|
2,010,583 |
2,010,583 |
Profit and loss account |
11 |
|
358,793 |
288,772 |
|
|
------------- |
------------- |
Shareholders funds |
|
2,369,476 |
2,299,455 |
|
|
------------- |
------------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
MORDEN PROPERTIES LIMITED |
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
15 July 2024
, and are signed on behalf of the board by:
Company registration number:
06994153
MORDEN PROPERTIES LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Diamond House, 179-181 Lower Richmond Road, Richmond, England, TW9 4LN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Property valuations. Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.
Revenue recognition
Turnover represents amounts receivable from gross rents charged to tenants and the invoiced value of other goods and services supplied, net of value added tax. Rents received prior to the period to which they relate are accounted for as deferred income and released to the profit & loss account in the period to which the rent relates. Income is recognised as space is provided to tenants.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. The company does not depreciate its freehold or leasehold properties, except where the unexpired term is less than 20 years, and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of of this which might otherwise have been shown cannot be separately identified or quantified.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
10% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
9,848 |
– |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
(
2,698) |
139 |
|
------- |
---- |
Tax on profit |
7,150 |
139 |
|
------- |
---- |
|
|
|
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £Nil
(2022: £
151,654
).
6.
Tangible assets
|
Land and buildings |
Plant and machinery |
Total |
|
£ |
£ |
£ |
Cost or revaluation |
|
|
|
At 1 January 2023 and 31 December 2023 |
3,169,601 |
238,680 |
3,408,281 |
|
------------- |
---------- |
------------- |
Depreciation |
|
|
|
At 1 January 2023 and 31 December 2023 |
– |
238,680 |
238,680 |
|
------------- |
---------- |
------------- |
Carrying amount |
|
|
|
At 31 December 2023 |
3,169,601 |
– |
3,169,601 |
|
------------- |
---------- |
------------- |
At 31 December 2022 |
3,169,601 |
– |
3,169,601 |
|
------------- |
---------- |
------------- |
|
|
|
|
Land & buildings represents a long leasehold property. In the opinion of the directors, the carrying value of the property as at 31 December 2023, which is based on the directors' valuation, is not significantly different from the open market fair value of the property.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Long leasehold property |
|
£ |
At 31 December 2023 |
|
Aggregate cost |
527,128 |
Aggregate depreciation |
– |
|
---------- |
Carrying value |
527,128 |
|
---------- |
|
|
At 31 December 2022 |
|
Aggregate cost |
527,128 |
Aggregate depreciation |
– |
|
---------- |
Carrying value |
527,128 |
|
---------- |
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
8,116 |
4,603 |
Amount owed by related parties |
1,325,000 |
1,325,000 |
Other debtors |
367 |
3,671 |
|
------------- |
------------- |
|
1,333,483 |
1,333,274 |
|
------------- |
------------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
– |
14,487 |
Trade creditors |
5,015 |
48,631 |
Accruals and deferred income |
160,825 |
1,200 |
Corporation tax |
9,848 |
– |
Social security and other taxes |
20,940 |
14,698 |
Other creditors |
126,666 |
87,888 |
Amounts owed to related parties |
103,687
|
197,687
|
|
---------- |
---------- |
|
426,981 |
364,591 |
|
---------- |
---------- |
|
|
|
9.
Provisions
|
Deferred tax (note 10) |
Property dilapidation |
Total |
|
£ |
£ |
£ |
At 1 January 2023 |
620,179 |
|
1,838,879 |
Additions |
(
2,698) |
– |
(
2,698) |
|
---------- |
------------- |
------------- |
At 31 December 2023 |
617,481 |
|
1,836,181 |
|
---------- |
------------- |
------------- |
|
|
|
|
10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2023 |
2022 |
|
£ |
£ |
Included in provisions (note 9) |
617,481 |
620,179 |
|
---------- |
---------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2023 |
2022 |
|
£ |
£ |
Accelerated capital allowances |
(
14,409) |
(
11,711) |
Deferred tax on revaluation of property |
631,890 |
631,890 |
|
---------- |
---------- |
|
617,481 |
620,179 |
|
---------- |
---------- |
|
|
|
11.
Reserves
Other reserves (non-distributable) - This reserve is used to record changes in the fair value of properties, net of deferred tax. Profit and loss account - This reserve records retained earnings and accumulated losses.
12.
Related party transactions
At 31 December 2023, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £103,687 (2022: £197,687), in respect of loans from shareholders with participating interests in the company. The loans are interest free, unsecured and repayable on demand. At 31 December 2023, debtors included amounts due from related parties amounting to £1,325,000 (2022: £1,325,000) in respect of loans. The companies are related parties by virtue of the significant common influence exerted by the directors and shareholders. The loans are interest free, unsecured and repayable on demand. During the year, the company had services rendered to it to the value of £70,000 (2022: £nil), by a fellow group company.
13.
Controlling party
The company is a 78% subsidiary of Dowgate Ltd, a company registered in England & Wales. The registered office address of Dowgate Limited is Diamond House, 179-181 Lower Richmond Road, Richmond, England, TW9 4LN.