REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2023 |
FOR |
MORGAN NORTHWEST HOLDINGS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2023 |
FOR |
MORGAN NORTHWEST HOLDINGS LIMITED |
MORGAN NORTHWEST HOLDINGS LIMITED (REGISTERED NUMBER: 10118693) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30th April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MORGAN NORTHWEST HOLDINGS LIMITED |
COMPANY INFORMATION |
for the Year Ended 30th April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
MORGAN NORTHWEST HOLDINGS LIMITED (REGISTERED NUMBER: 10118693) |
BALANCE SHEET |
30th April 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MORGAN NORTHWEST HOLDINGS LIMITED (REGISTERED NUMBER: 10118693) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30th April 2023 |
1. | STATUTORY INFORMATION |
Morgan Northwest Holdings Limited (previously Aasgard Limited) is a private company limited by share capital, incorporated in England and Wales, registration number 10118693. The address of the registered office is Xeinadin Manchester, 100 Barbirolli Square, Manchester, M2 3BD. The principal place of business is 11A The Circuit, Alderley Edge, Cheshire, SK9 7LS. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
At the reporting date, the company's liabilities exceed its assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of approval of these financial statements. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from services is recognised in accounting periods in which the services are rendered, by reference to completion of the specific transaction, assessed on the basis of the actual service provided as a proportion of the total services to be provided. |
Turnover from property sales are recognised in accounting periods in which the completion of sales has been done, by reference to completion documents. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise directly of property redevelopment, are based on the costs incurred at the time. Overheads directly attributable to property redevelopment have also been recognised in stocks rather than being expensed to profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank. |
MORGAN NORTHWEST HOLDINGS LIMITED (REGISTERED NUMBER: 10118693) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th April 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors | ( |
) |
Taxation and social security |
Other creditors |
6. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
7. | SECURED DEBTS |
Included within other creditors, is a bank loan amounting to £652,402 (£388,800 - 2022) which are secured with a fixed charge over the properties held by the company. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Nominal | 2023 | 2022 |
Number | Class | Value | £ | £ |
80 | A Ordinary | £1 | 80 | 80 |
5 | B Ordinary | £1 | 5 | 5 |
5 | C Ordinary | £1 | 5 | 5 |
5 | D Ordinary | £1 | 5 | 5 |
5 | E Ordinary | £1 | 5 | 5 |
100 | 100 |
9. | RELATED PARTY DISCLOSURES |
Included within other debtors is a loan due from the directors of £14,002 (2022: £1,853). This loan is interest free and repayable on demand. |