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REGISTERED NUMBER: 08991510 (England and Wales)










MORGANSTONE (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Consolidated Income Statement 12

Consolidated Other Comprehensive Income 13

Consolidated Balance Sheet 14

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 21


MORGANSTONE (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mrs T A Morgan
I W Morgan



REGISTERED OFFICE: Unit 3 Llys Aur Llanelli Gate
Dafen
Llanelli
Carmarthenshire
SA14 8LQ



REGISTERED NUMBER: 08991510 (England and Wales)



SENIOR STATUTORY AUDITOR: Alison Vickers



AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
Morganstone, based in South Wales, has established itself as a prominent company in the construction industry since its founding in 2008. Specialising in delivering high-quality development solutions, the company serves a diverse clientele that includes housing associations, public sector entities, local authorities, and private developers. Over the years, Morganstone has earned recognition for its role in executing significant projects across various sectors, including education, leisure, waste recycling, commercial, retail, and residential.

In its ongoing effort to expand and diversify, Morganstone is actively broadening its client base and exploring new sectors to enhance its growing portfolio, all while carefully managing the risk profiles of new ventures. The company's forward order book for the upcoming year and beyond is the strongest it has ever been, positioning Morganstone to achieve its strategic growth objectives. By working closely with clients on larger projects, Morganstone has been able to invest in the necessary resources and training, ensuring a sustainable increase in both workload and workforce.

While Morganstone will continue to engage in competitive tendering, the recent market volatility has led the company to prioritise collaborative partnerships. By doing so, Morganstone aims to mitigate risks and optimise the delivery of key targets, ensuring a stable and successful future for the company and its clients.




MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


Financial Performance
Further to our previous financial year, we are pleased to report that the company has increased its turnover by 15%, reaching £34.8 million. This result slightly exceeds our projections and aligns with our continued growth strategy for the next five years.

We are also happy to announce that the company has returned to profitability, with a Profit Before Tax (PBT) of £506,961 for the year. The recent stabilisation of construction costs has played a crucial role in enabling our projects to meet and maintain their targets, thereby alleviating pressure on profitability.
Looking ahead, our future project portfolio is now less reliant on fixed-price contracts, as we have incorporated fluctuation clauses to manage any unexpected cost increases. This strategic adjustment provides us with greater flexibility and risk mitigation.

In addition, we have strengthened our team by introducing several key staff members, including a Group Finance Director. The new director has already implemented, and will continue to introduce, cost-saving and efficiency measures across the business, further bolstering our financial performance and operational efficiency.

Financially, the company remains robust, positioned to undertake larger contracts and pursue further diverse sector contracts if opportunities arise.

Key Performance Indicators:


Metric 2024 2023 Variance
Revenue £34,777,035 £30,307,491 14.75% inc
Gross Profit £1,215,166 £851,500 42.71% inc
Gross Profit % 3.49% 2.81% 0.68 inc
Net Profit before tax for the year £506,961 (£244,923) £751,884 inc
Operating Profit % 1.63% (0.3%) 1.93 inc

Environmental Responsibilities
The company acknowledges its environmental responsibilities and integrates concern for the environment and employees into its corporate business strategy. Monitoring environmental impact, the company implements policies to reduce damage caused by its activities, including safe waste disposal, minimising landfill-bound waste, reducing energy consumption, and utilising renewable resources where feasible.


MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The construction industry's largest challenge over the past year has been the uncontrolled price increases driven by global volatility. While this uncertainty appears to have lessened, predicting the global influences on the UK, and consequently the construction sector, remains difficult. To address these ongoing risks, we have implemented fluctuation clauses in our contracts, providing us with a necessary buffer against potential cost increases.

The creation of a new UK Labour Government seems to have brought some national stability, yet there remains a degree of uncertainty until the new Chancellor's Budget is announced. How these changes will impact UK businesses is still unclear. However, it is encouraging that the new government has expressed strong support for growth and has committed to backing the construction of housing. We anticipate that this will be echoed by the new Welsh Government administration.

This governmental focus aligns closely with Morganstone's strategic plan, which positions affordable housing as a key component of our workload. Our established strategic partnerships in housing delivery further reinforce our commitment to contributing to this sector's growth.

Financial Risk Management Objectives and Policies
The company employs risk management policies, including key financial controls and targets reviewed monthly by the board. These measures aim to minimize financial risk exposure and explore opportunities fully.

1. Liquidity and Cash Flow Risk:
The company produces detailed management accounts and forecasts to monitor and ensure sufficient liquidity and cash flow, minimising the risk of debt payment challenges.

2. Interest Rate Risk:
Active management of fixed-rate borrowings, considering acquisitions' financing options, and strengthening the balance sheet help mitigate interest rate risks.

3. Credit Risk:
Despite dealing with public sector bodies, the company conducts thorough credit reviews before agreeing to terms, and larger contracts require director authorisation to minimise credit risk.

4. Price Risk:
The company manages price risk by negotiating terms with suppliers before transactions with customers.


MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

FUTURE DEVELOPMENTS
Morganstone has firmly established itself as a leading force in the South Wales construction sector and is now strategically positioned to diversify into various industries while maintaining a dedicated focus on residential development. This expansion is driven by our objective to explore new opportunities, broaden our service portfolio, and strengthen market resilience. By branching into different sectors, we aim to leverage our well-earned reputation and adapt our expertise to meet the unique demands of diverse industries. This forward-thinking strategy underscores our commitment to innovation, adaptability, and the pursuit of fresh avenues for sustained, long-term success-all while ensuring the continued growth and retention of our residential sector clients.

The challenges of recent years, including the pandemic, global price increases stemming from the Ukraine war, and other global uncertainties, have prompted us to thoroughly review and implement enhanced risk measures. These improvements are designed to better equip Morganstone to navigate unpredictable market fluctuations.

Our strategic decision to deepen partnerships with both key and new clients, particularly for larger, planned projects, has significantly bolstered our profitability while mitigating risk and volatility. With our best year of turnover and profit forecasted for the upcoming year, and further growth expected over the next five years, Morganstone is in its strongest position yet to continue its trajectory of growth and success.

ON BEHALF OF THE BOARD:





I W Morgan - Director


12 September 2024

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mrs T A Morgan
I W Morgan

POLITICAL DONATIONS AND EXPENDITURE
During the year donations totalling £2,420 were made, these include individual donations of £1,150 to Blood Cancer UK and £500 to the Welsh Air Ambulance Services. No donations of a political nature were made.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





I W Morgan - Director


12 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MORGANSTONE (HOLDINGS) LIMITED

Opinion
We have audited the financial statements of Morganstone (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MORGANSTONE (HOLDINGS) LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MORGANSTONE (HOLDINGS) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- enquiring of management, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud;
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
- discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas;
- Assumptions used for valuing work in progress at the year end, and;
- Potential for deferring income already earned at the year end.
- obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

Audit response to risks identified
In addition to the above, our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
- enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MORGANSTONE (HOLDINGS) LIMITED

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alison Vickers (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

12 September 2024

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 3 34,777,035 30,307,491

Cost of sales (33,561,869 ) (29,455,991 )
GROSS PROFIT 1,215,166 851,500

Administrative expenses (1,671,664 ) (2,045,120 )
(456,498 ) (1,193,620 )

Other operating income 1,024,887 967,051
OPERATING PROFIT/(LOSS) 5 568,389 (226,569 )

Interest receivable and similar income - 31,073
568,389 (195,496 )

Interest payable and similar expenses 6 (61,428 ) (49,427 )
PROFIT/(LOSS) BEFORE TAXATION 506,961 (244,923 )

Tax on profit/(loss) 7 (131,880 ) 145,931
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

375,081

(98,992

)
Profit/(loss) attributable to:
Owners of the parent 375,081 (98,992 )

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 375,081 (98,992 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

375,081

(98,992

)

Total comprehensive income attributable to:
Owners of the parent 375,081 (98,992 )

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 214,734 261,407
Investments 10 - -
214,734 261,407

CURRENT ASSETS
Debtors 11 17,296,349 10,293,507
Cash at bank 306,163 1,260,267
17,602,512 11,553,774
CREDITORS
Amounts falling due within one year 12 15,892,591 9,899,457
NET CURRENT ASSETS 1,709,921 1,654,317
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,924,655

1,915,724

CREDITORS
Amounts falling due after more than one
year

13

383,075

749,225
NET ASSETS 1,541,580 1,166,499

CAPITAL AND RESERVES
Called up share capital 16 40 40
Retained earnings 17 1,541,540 1,166,459
SHAREHOLDERS' FUNDS 1,541,580 1,166,499

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





I W Morgan - Director


MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 3 3
3 3

CURRENT ASSETS
Debtors 11 3 3
NET CURRENT ASSETS 3 3
TOTAL ASSETS LESS CURRENT
LIABILITIES

6

6

CAPITAL AND RESERVES
Called up share capital 16 40 40
Retained earnings 17 (34 ) (34 )
SHAREHOLDERS' FUNDS 6 6

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





I W Morgan - Director


MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 40 1,265,451 1,265,491

Changes in equity
Total comprehensive income - (98,992 ) (98,992 )
Balance at 31 March 2023 40 1,166,459 1,166,499

Changes in equity
Total comprehensive income - 375,081 375,081
Balance at 31 March 2024 40 1,541,540 1,541,580

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 40 (34 ) 6

Changes in equity
Balance at 31 March 2023 40 (34 ) 6

Changes in equity
Balance at 31 March 2024 40 (34 ) 6

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (511,614 ) 571,897
Interest paid (57,395 ) (46,066 )
Interest element of hire purchase
payments paid

(4,033

)

(3,361

)
Net cash from operating activities (573,042 ) 522,470

Cash flows from investing activities
Purchase of tangible fixed assets (14,912 ) (249,127 )
Interest received - 31,073
Net cash from investing activities (14,912 ) (218,054 )

Cash flows from financing activities
Loan repayments in year (300,000 ) (300,000 )
New HP contracts in year - 267,961
Capital repayments in year (66,150 ) (102,586 )
Net cash from financing activities (366,150 ) (134,625 )

(Decrease)/increase in cash and cash equivalents (954,104 ) 169,791
Cash and cash equivalents at
beginning of year

2

1,260,267

1,090,476

Cash and cash equivalents at end of
year

2

306,163

1,260,267

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit/(loss) before taxation 506,961 (244,923 )
Depreciation charges 61,585 55,288
Finance costs 61,428 49,427
Finance income - (31,073 )
629,974 (171,281 )
Decrease in stocks - 105,000
Increase in trade and other debtors (6,548,579 ) (1,527,296 )
Increase in trade and other creditors 5,406,991 2,165,474
Cash generated from operations (511,614 ) 571,897

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 306,163 1,260,267
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,260,267 1,090,476


MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 1,260,267 (954,104 ) 306,163
1,260,267 (954,104 ) 306,163
Debt
Finance leases (165,375 ) 66,150 (99,225 )
Debts falling due within 1 year (300,000 ) - (300,000 )
Debts falling due after 1 year (650,000 ) 300,000 (350,000 )
(1,115,375 ) 366,150 (749,225 )
Total 144,892 (587,954 ) (443,062 )

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Morganstone (Holdings) 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.


Going Concern
The financial statements have been prepared on a going concern basis which assumes that the Group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely cashflows of the business and have considered the facilities that are in place at the date of signing the report.

The Group meets its day to day working capital requirements from its cash reserves and banking facilities. The directors have assessed the longstanding effects of Covid-19 as well as current and past effects of inflation on the operating capacity of the Group and are satisfied that the Group can continue to operate within its existing facilities.

The directors have analysed the cashflow requirements for various scenarios where disruption occurs to its customer base or supply chain. The directors have reasonable expectation that with the continued support of its bankers and funders in the form of facility levels which it has historically been provided with, in the scenarios reviewed the Group will be able to continue to operate within those facilities. However the extent of disruption to the sector caused by inflationary pressures and economic conditions are unclear and it is difficult to evaluate all potential implications on the Group's trade, customers, suppliers and the wider economy.

At the time of approving the financial statements, the directors have reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 33.7.

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Basis of consolidation
The consolidated financial statements incorporate those of Morganstone (Holdings) Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method (where applicable). Their results are incorporated from the date that control passes. All financial statements are made up to 31 March 2024.

All intra-group transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following have had the most significant effect on amounts recognised in the financial statements:

Amounts recoverable on contracts
During the year and at the balance sheet date, the company task in house experienced quantity surveyors with quantifying the amounts recoverable on each contract in progress at that date. Cost of work done to date, including materials, subcontractors and staff is taken into consideration, alongside expected level of final margin, before arriving at a valuation by reference to the stage of completion. The company include provisions in their valuations for unseen costs based on their risk and likelihood of them occurring.

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for construction services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is
recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and Machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other payables and bank loans that are classified as debt, are initially recognised transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and cash in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Contracting & development work 34,777,035 30,307,491
34,777,035 30,307,491

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 34,777,035 30,307,491
34,777,035 30,307,491

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,364,626 2,420,748
Social security costs 91,332 15,604
Other pension costs 11,079 85,293
2,467,037 2,521,645

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Employees 46 59
Directors 2 2
48 61

2024 2023
£    £   
Directors' remuneration 17,680 17,680

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 17,486 18,460
Depreciation - assets on hire purchase contracts 44,099 36,828
The auditing of accounts of any associate of the company 29,242 16,250
Other non- audit services 20,525 22,300

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 57,395 46,066
Hire purchase 4,033 3,361
61,428 49,427

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 131,880 (145,931 )
Tax on profit/(loss) 131,880 (145,931 )

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit/(loss) before tax 506,961 (244,923 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 19 %)

126,740

(46,535

)

Effects of:
Expenses not deductible for tax purposes 5,140 7,048
Adjustments to tax charge in respect of previous periods - (76,752 )
Superdeduction - (13,088 )
Effect of change in deferred tax rates - (16,604 )
Total tax charge/(credit) 131,880 (145,931 )

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor
Machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 226,765 221,959 46,685 495,409
Additions - 14,912 - 14,912
At 31 March 2024 226,765 236,871 46,685 510,321
DEPRECIATION
At 1 April 2023 42,879 191,123 - 234,002
Charge for year 44,177 17,408 - 61,585
At 31 March 2024 87,056 208,531 - 295,587
NET BOOK VALUE
At 31 March 2024 139,709 28,340 46,685 214,734
At 31 March 2023 183,886 30,836 46,685 261,407

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
Machinery
£   
COST
At 1 April 2023
and 31 March 2024 220,500
DEPRECIATION
At 1 April 2023 36,828
Charge for year 44,099
At 31 March 2024 80,927
NET BOOK VALUE
At 31 March 2024 139,573
At 31 March 2023 183,672

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 April 2023
and 31 March 2024 3
NET BOOK VALUE
At 31 March 2024 3
At 31 March 2023 3

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Morganstone Ltd
Registered office: Unit 3, Llys Aur, Llanelli Gate, Dafen, Llanelli, UK, SA14 8LQ
Nature of business: Building Contractor
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,505,574 1,166,496
Profit/(loss) for the year 339,081 (98,992 )


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,372,664 2,795,853 - -
Amounts owed by associates 2,953,420 1,936,808 - -
Amounts recoverable on contract 6,194,485 3,933,040 - -
Other debtors 91,003 26,003 3 3
Tax 284,700 416,580 - -
VAT 5,819 - - -
Prepayments and accrued income 4,394,258 1,185,223 - -
17,296,349 10,293,507 3 3

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 300,000 300,000
Hire purchase contracts (see note 15) 66,150 66,150
Trade creditors 5,753,469 2,460,608
Amounts owed to associates 8,334 124,820
Social security and other taxes 99,990 63,090
VAT - 420,533
Other creditors 1,837,755 1,679,231
Accruals and deferred income 7,826,893 4,785,025
15,892,591 9,899,457

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 14) 350,000 650,000
Hire purchase contracts (see note 15) 33,075 99,225
383,075 749,225

14. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 300,000 300,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 300,000 300,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 50,000 350,000

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 66,150 66,150
Between one and five years 33,075 99,225
99,225 165,375

MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
32 Ordinary £1 32 32 32
8 Ordinary 'A' £1 8 8 8
40 40

17. RESERVES

Group
Retained
earnings
£   

At 1 April 2023 1,166,459
Profit for the year 375,081
At 31 March 2024 1,541,540

Company
Retained
earnings
£   

At 1 April 2023 (34 )
Profit for the year -
At 31 March 2024 (34 )


MORGANSTONE (HOLDINGS) LIMITED (REGISTERED NUMBER: 08991510)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

18. RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with related parties all of which are companies under the common directorship and ownership of Mr I Morgan & Mrs T Morgan:


Sales Purchases Sales Purchases
2024 2024 2023 2023
£    £    £    £   
Other related parties 7,327,948 206,201 2,894,552 171,458



Management
charges
received


Management
charges
charged


Management
charges
received


Interest
charged on
loans
2024 2024 2023 2023
£    £    £    £   
Other related parties 1,024,887 - 967,051 174,552





Amounts due
from related
parties




Amounts due
to related
parties




Amounts due
from related
parties



Amounts
due to
related
parties
2024 2024 2023 2023
£    £    £    £   
Other related parties 8,742,618 148,822 3,815,706 187,197

Amounts owed from related parties are included within the balances shown for 'Amounts owed by associates', 'Amounts Recoverable on Contract' and 'Prepayments and accrued income' within Debtors and 'Trade Creditors' and 'Amounts owed to associates' within Creditors due within less than one year.

Although all amounts owed from related parties are deemed as repayable on demand, the expectation is that these balances will not be fully recovered within the next 12 months.

Amounts due from related parties include balances due from Kartay Ltd and Westacres Homes Ltd and include balances in relation to the following developments:

Princess Quarter: This landmark development in the city centre of Swansea required partial demolition and reconstruction of the former Smith Llewellyn building. Princess Quarter is a contemporary multi-purpose development offering 15,000sq ft of high-quality A-Grade office space in a prime city centre location, with high-end adaptable retail units to the ground floor.

The Willows: Located in the desirable village of Olchfa, Sketty. A luxury development of three, four and five-bedroom executive homes, offering homeowners the very best in contemporary and modern living.

19. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ian & Tonia Morgan.