IRIS Accounts Production v24.2.0.383 03538466 director 1.12.22 30.11.23 30.11.23 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035384662022-11-30035384662023-11-30035384662022-12-012023-11-30035384662021-11-30035384662021-12-012022-11-30035384662022-11-3003538466ns15:EnglandWales2022-12-012023-11-3003538466ns14:PoundSterling2022-12-012023-11-3003538466ns10:Director12022-12-012023-11-3003538466ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3003538466ns10:SmallEntities2022-12-012023-11-3003538466ns10:AuditExempt-NoAccountantsReport2022-12-012023-11-3003538466ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-3003538466ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-3003538466ns10:FullAccounts2022-12-012023-11-3003538466ns10:CompanySecretary12022-12-012023-11-3003538466ns10:RegisteredOffice2022-12-012023-11-3003538466ns5:CurrentFinancialInstruments2023-11-3003538466ns5:CurrentFinancialInstruments2022-11-3003538466ns5:Non-currentFinancialInstruments2023-11-3003538466ns5:Non-currentFinancialInstruments2022-11-3003538466ns5:ShareCapital2023-11-3003538466ns5:ShareCapital2022-11-3003538466ns5:RevaluationReserve2023-11-3003538466ns5:RevaluationReserve2022-11-3003538466ns5:RetainedEarningsAccumulatedLosses2023-11-3003538466ns5:RetainedEarningsAccumulatedLosses2022-11-3003538466ns5:PlantMachinery2022-11-3003538466ns5:PlantMachinery2022-12-012023-11-3003538466ns5:PlantMachinery2023-11-3003538466ns5:PlantMachinery2022-11-3003538466ns5:CurrentFinancialInstruments2022-12-012023-11-30
REGISTERED NUMBER: 03538466 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

MORRIS INVESTMENTS LIMITED

MORRIS INVESTMENTS LIMITED (REGISTERED NUMBER: 03538466)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MORRIS INVESTMENTS LIMITED

COMPANY INFORMATION
for the Year Ended 30 November 2023







DIRECTOR: R G Morris





SECRETARY: R G Morris





REGISTERED OFFICE: Langley House
Park Road
London
N2 8EY





REGISTERED NUMBER: 03538466 (England and Wales)





ACCOUNTANTS: Accura Accountants Ltd
Langley House
Park Road
East Finchley
London
N2 8EY

MORRIS INVESTMENTS LIMITED (REGISTERED NUMBER: 03538466)

STATEMENT OF FINANCIAL POSITION
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,995 12,578
Investment property 5 431,000 431,000
440,995 443,578

CURRENT ASSETS
Cash at bank 1,642 1,828

CREDITORS
Amounts falling due within one year 6 49,834 45,583
NET CURRENT LIABILITIES (48,192 ) (43,755 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

392,803

399,823

CREDITORS
Amounts falling due after more than one
year

7

(288,510

)

(297,304

)

PROVISIONS FOR LIABILITIES (26,823 ) (26,823 )
NET ASSETS 77,470 75,696

CAPITAL AND RESERVES
Called up share capital 4 4
Revaluation reserve 9 134,094 134,094
Retained earnings (56,628 ) (58,402 )
77,470 75,696

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MORRIS INVESTMENTS LIMITED (REGISTERED NUMBER: 03538466)

STATEMENT OF FINANCIAL POSITION - continued
30 November 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 August 2024 and were signed by:





R G Morris - Director


MORRIS INVESTMENTS LIMITED (REGISTERED NUMBER: 03538466)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Morris Investments Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 33% reducing balance
Motor vehicles - 20% reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

This is a departure from the Companies Act which requires assets to be depreciated. However, in the opinion of the directors, property is held primarily for their investment potential and so fair value is of more significance as a measure of consumption. They therefore have applied a true and fair override with respect to investment properties.

The directors have made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

Financial instruments
The company only enters into basic financial instruments 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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.


MORRIS INVESTMENTS LIMITED (REGISTERED NUMBER: 03538466)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairment
A review of 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 reversals at each reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022
and 30 November 2023 48,803
DEPRECIATION
At 1 December 2022 36,225
Charge for year 2,583
At 30 November 2023 38,808
NET BOOK VALUE
At 30 November 2023 9,995
At 30 November 2022 12,578

MORRIS INVESTMENTS LIMITED (REGISTERED NUMBER: 03538466)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 431,000
NET BOOK VALUE
At 30 November 2023 431,000
At 30 November 2022 431,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2018 120,292
Valuation in 2019 56,000
Cost 254,708
431,000

Investment property was valued on a fair value basis on 30 November 2019 by the directors .

In the opinion of the director, there are no material movements between current market value of the property and the valuation carried out in 2019.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 5,514 5,514
Hire purchase contracts 3 1
Trade creditors 4,020 4,020
Taxation and social security 200 200
Other creditors 40,097 35,848
49,834 45,583

The other creditors balance is inclusive of accrued expenses of £1,500 (2022: £1,500).

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans 288,510 297,304

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after 5 years 269,155 275,248

MORRIS INVESTMENTS LIMITED (REGISTERED NUMBER: 03538466)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loan 260,651 260,651

The above loans related to two mortgages taken out have been secured by way of a floating charge on the assets of the company

9. RESERVES

Within the reserves is an amount of £134,094 (2022: £134,094). This represents the fair value adjustment of the investment properties and the deferred tax. FRS 102 section 1A requires that the changes in fair value be recognised in the profit and loss, but the fair value gains cannot be distributed to the shareholders as a dividend.

Deferred tax of £26,823 (2022: £26,823) has been provided on the investment property in accordance with the requirements of FRS 102 section 1A based on the potential capital gains tax payable if the properties were to be disposed of at a fair value.