Company registration number 10459922 (England and Wales)
MORGAN HARTNELL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MORGAN HARTNELL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MORGAN HARTNELL LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
1,490,870
1,468,690
Current assets
Debtors
3
39,612
13,572
Cash at bank and in hand
24,600
48,953
64,212
62,525
Creditors: amounts falling due within one year
5
(1,047,503)
(1,045,703)
Net current liabilities
(983,291)
(983,178)
Net assets
507,579
485,512
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
507,479
485,412
Total equity
507,579
485,512

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr M W H Morgan
Director
Company Registration No. 10459922
MORGAN HARTNELL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Morgan Hartnell Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared to include under the historical cost convention modified to include investments at fair value. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

1.3
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

1.4
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MORGAN HARTNELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,112
1,072
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
37,500
12,500
Total debtors
39,612
13,572
4
Fixed asset investments
2023
2022
£
£
Investments
1,490,870
1,468,690
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 December 2022
1,468,690
Additions
9,011
Valuation changes
37,564
Disposals
(24,395)
At 30 November 2023
1,490,870
Carrying amount
At 30 November 2023
1,490,870
At 30 November 2022
1,468,690
MORGAN HARTNELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,047,503
1,045,703
6
Deferred taxation

No deferred tax liability arises this year as losses cover the potential capital gains in full. No deferred tax asset has been recognised as it does not currently meet the requirements for recognition.

7
Non-distributable profits reserve

The profit and loss account reserve includes undistributable reserves of £64,540 (2022: £13,062).

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