Company registration number 14249163 (England and Wales)
MOORFIELDS ADVISORY NORTH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
MOORFIELDS ADVISORY NORTH LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
MOORFIELDS ADVISORY NORTH LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
Notes
£
£
Current assets
Debtors
3
12,451
Creditors: amounts falling due within one year
4
(312,409)
Net current liabilities
(299,958)
Capital and reserves
Called up share capital
5
1
Profit and loss reserves
(299,959)
Total equity
(299,958)

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 period ended 31 August 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 period 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 17 October 2024 and are signed on its behalf by:
Mr A J Pear
Director
Company registration number 14249163 (England and Wales)
MOORFIELDS ADVISORY NORTH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 21 July 2022
-
0
-
0
-
Period ended 31 August 2023:
Loss for the peirod
-
(299,959)
(299,959)
Issue of share capital
5
1
-
1
Balance at 31 August 2023
1
(299,959)
(299,958)
MOORFIELDS ADVISORY NORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Moorfields Advisory North Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

1.1
Reporting period

The financial statements for the period ended 31 August 2023 are the first financial statements of Moorfields Advisory North Limited. The company was incorporated on 21 July 2022 and extended its accounting reference date from 31 July 2023 to 31 August 2023. As a result of this change, the current period accounts are prepared for more than 12 months.

1.2
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 under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

As at the balance sheet date, the financial statements show that the company has liabilities in excess of assets of true£299,958 as a result of losses made to date. The financial statements have been prepared on a going concern basis as the directors have confirmed that they will continue to support the company for the foreseeable future and meet the excess liabilities if the company is unable to do so.

 

1.4
Turnover

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

 

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

MOORFIELDS ADVISORY NORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors 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. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

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

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

MOORFIELDS ADVISORY NORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
- 5 -
2
Employees

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

2023
Number
Total
3
3
Debtors
2023
Amounts falling due within one year:
£
Other debtors
12,451
4
Creditors: amounts falling due within one year
2023
£
Trade creditors
3,142
Amounts owed to group undertakings
298,408
Taxation and social security
8,102
Other creditors
2,757
312,409
5
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1

 

On 21 July 2022, 1 Ordinary share of £1 each was issued at par.

6
Related party transactions

At the balance sheet date, Moorfields Advisory Limited, a parent company, was owed £278,579 from the company.

 

At the balance sheet date, Beavis Morgan LLP, a group undertaking, was owed £19,829 from the company.

 

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