Morcote Property Investment Ltd 03894368 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true true 03894368 2023-04-01 2024-03-31 03894368 2024-03-31 03894368 bus:CompanySecretaryDirector2 1 2024-03-31 03894368 bus:Director2 1 2024-03-31 03894368 bus:OrdinaryShareClass1 2024-03-31 03894368 bus:OrdinaryShareClass2 2024-03-31 03894368 core:CurrentFinancialInstruments 2024-03-31 03894368 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03894368 core:FurnitureFittingsToolsEquipment 2024-03-31 03894368 bus:SmallEntities 2023-04-01 2024-03-31 03894368 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03894368 bus:FilletedAccounts 2023-04-01 2024-03-31 03894368 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03894368 bus:RegisteredOffice 2023-04-01 2024-03-31 03894368 bus:CompanySecretaryDirector2 2023-04-01 2024-03-31 03894368 bus:CompanySecretaryDirector2 1 2023-04-01 2024-03-31 03894368 bus:Director2 2023-04-01 2024-03-31 03894368 bus:Director2 1 2023-04-01 2024-03-31 03894368 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 03894368 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 03894368 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03894368 bus:Agent1 2023-04-01 2024-03-31 03894368 core:ComputerEquipment 2023-04-01 2024-03-31 03894368 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 03894368 countries:EnglandWales 2023-04-01 2024-03-31 03894368 2023-03-31 03894368 bus:CompanySecretaryDirector2 1 2023-03-31 03894368 bus:Director2 1 2023-03-31 03894368 core:FurnitureFittingsToolsEquipment 2023-03-31 03894368 2022-04-01 2023-03-31 03894368 2023-03-31 03894368 bus:CompanySecretaryDirector2 1 2023-03-31 03894368 bus:Director2 1 2023-03-31 03894368 bus:OrdinaryShareClass1 2023-03-31 03894368 bus:OrdinaryShareClass2 2023-03-31 03894368 core:CurrentFinancialInstruments 2023-03-31 03894368 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03894368 core:FurnitureFittingsToolsEquipment 2023-03-31 03894368 bus:CompanySecretaryDirector2 1 2022-04-01 2023-03-31 03894368 bus:Director2 1 2022-04-01 2023-03-31 03894368 bus:CompanySecretaryDirector2 1 2022-03-31 03894368 bus:Director2 1 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03894368

Morcote Property Investment Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Morcote Property Investment Ltd

Company Information

Directors

Mrs S E Ginsberg

Mr M Ginsberg

Company secretary

Mrs S E Ginsberg

Registered office

c/o Easterbrook Eaton Ltd
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

Accountants

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Morcote Property Investment Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Morcote Property Investment Ltd for the year ended 31 March 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Morcote Property Investment Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Morcote Property Investment Ltd and state those matters that we have agreed to state to the Board of Directors of Morcote Property Investment Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Morcote Property Investment Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Morcote Property Investment Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Morcote Property Investment Ltd. You consider that Morcote Property Investment Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Morcote Property Investment Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

3 September 2024

 

Morcote Property Investment Ltd

(Registration number: 03894368)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,739

2,199

Investment property

1,485,000

1,485,000

 

1,487,739

1,487,199

Current assets

 

Debtors

500

350

Cash at bank and in hand

 

73,143

65,438

 

73,643

65,788

Prepayments and accrued income

 

1,307

1,129

Creditors: Amounts falling due within one year

(1,137,622)

(1,151,894)

Net current liabilities

 

(1,062,672)

(1,084,977)

Total assets less current liabilities

 

425,067

402,222

Provisions for liabilities

(33,687)

(25,500)

Accruals and deferred income

 

(28,325)

(28,070)

Net assets

 

363,055

348,652

Capital and reserves

 

Called up share capital

5

60

60

Capital redemption reserve

40

40

Revaluation reserve

106,929

106,929

Retained earnings

256,026

241,623

Shareholders' funds

 

363,055

348,652

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Morcote Property Investment Ltd

(Registration number: 03894368)
Abridged Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 

.........................................
Mr M Ginsberg
Director

 

Morcote Property Investment Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o Easterbrook Eaton Ltd
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

These financial statements were authorised for issue by the Board on 3 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Morcote Property Investment Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Morcote Property Investment Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

3,741

3,741

Additions

1,453

1,453

At 31 March 2024

5,194

5,194

Depreciation

At 1 April 2023

1,542

1,542

Charge for the year

913

913

At 31 March 2024

2,455

2,455

Carrying amount

At 31 March 2024

2,739

2,739

At 31 March 2023

2,199

2,199

Investment properties

2024
£

At 1 April

1,485,000

The investment properties were valued by the director on a fair value basis as at the 31 March 2021.

The historic cost of the property was £1,352,991.

There has been no valuation of investment property by an independent valuer.

5

Share capital

Allotted, called up and fully paid shares

 

Morcote Property Investment Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

39

39

39

39

Ordianry B £1 of £1 each

21

21

21

21

60

60

60

60

6

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mrs S E Ginsberg

48,526

(10,000)

2,000

40,526

Mr M Ginsberg

1,098,286

(10,000)

2,699

1,090,985

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mrs S E Ginsberg

46,526

-

2,000

48,526

Mr M Ginsberg

1,098,127

(2,681)

2,840

1,098,286

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,200

21,300