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Registered number: 10084562
Moorhouse Properties & Lettings Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 10084562
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,630 -
Investment Properties 5 5,702,099 4,693,000
5,708,729 4,693,000
CURRENT ASSETS
Debtors 6 175,978 194,403
Cash at bank and in hand 91,367 109,860
267,345 304,263
Creditors: Amounts Falling Due Within One Year 7 (227,492 ) (227,440 )
NET CURRENT ASSETS (LIABILITIES) 39,853 76,823
TOTAL ASSETS LESS CURRENT LIABILITIES 5,748,582 4,769,823
Creditors: Amounts Falling Due After More Than One Year 8 (2,686,447 ) (2,718,687 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (431,092 ) (238,990 )
NET ASSETS 2,631,043 1,812,146
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Share premium account 789,498 789,498
Revaluation reserve 11 1,832,443 1,018,851
Profit and Loss Account 8,102 2,797
SHAREHOLDERS' FUNDS 2,631,043 1,812,146
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ian Moorhouse
Director
3 October 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Moorhouse Properties & Lettings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10084562 . The registered office is Charnwood House, 46-48 Garden Street, Thurmaston, Leicestershire, LE4 8DS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% straight line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.8. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.9. Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Plant & Machinery
£
Cost or Valuation
As at 1 April 2023 -
Additions 8,288
As at 31 March 2024 8,288
Depreciation
As at 1 April 2023 -
Provided during the period 1,658
As at 31 March 2024 1,658
Net Book Value
As at 31 March 2024 6,630
As at 1 April 2023 -
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 4,693,000
Additions 4,665
Revaluations 1,004,434
As at 31 March 2024 5,702,099
Investment properties were valued on a fair value basis on 31 March 2024 by the director.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 8,813 8,502
Prepayments and accrued income 36,608 33,721
Other debtors 130,557 152,180
175,978 194,403
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 45,031 54,669
Bank loans and overdrafts 104,322 94,307
Other taxes and social security 741 1,391
Other creditors 76,054 75,753
Accruals and deferred income 1,344 1,320
227,492 227,440
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2,686,447 2,718,687
9. Secured Creditors
The mortgages are secured against the properties.
2024 2023
£ £
Bank loans and overdrafts 2,790,769 2,812,994
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
11. Reserves
Revaluation Reserve
£
As at 1 April 2023 1,018,851
Net investment property revaluation reserve 813,592
As at 31 March 2024 1,832,443
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12. Related Party Transactions
Directors Loan Account - these loans are free of interest and repayable on demand. The amount is included within other creditors. 
Amount due to the related party: 2024: £76,016 (2023: £75,496) 
Moorhouse Construction Ltd 
A company in which the director is also director and shareholder. 
Loan account - The loan is free of interest and repayable on demand and is included within other debtors. 
Amount due from the related party: 2024: £1,611 (2023: £29,927)
Moorhouse Investment Properties LLP 
A company in which the director is also director and shareholder. 
Loan account - The loan is free of interest and repayable on demand and is included within other debtors. 
Amount due from the related party: 2024: £92,464 (2023: £100,544)
Moorhouse Projects Ltd 
A company in which the director is also director and shareholder. 
Loan account - The loan is free of interest and repayable on demand and is included within other debtors. 
Amount due from the related party: 2024: £16,751 (2023: £10,888)
Mr I J Moorhouse T/a Moorhouse Properties 
A property business in which the director is a sole proprietor. 
Loan account - The loan is free of interest and repayable on demand and is included within other debtors.
Amount due from the related party: 2024: £3,158 (2023: £8,248)
13. Ultimate Controlling Party
Mr I Moorhouse is the ultimate controlling party by virtue of his beneficial ownership of 80% of the ordinary share capital of the company.
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