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Registration number: 10738356

Moorlake Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Moorlake Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Moorlake Ltd

Company Information

Directors

E C Sylvester

J M T Flintham

Registered office

41 Shepherds Way
Rickmansworth
Hertfordshire
WD3 7NN

Accountants

Sable & Argent Limited
2 Elvetham Crescent
Fleet
Hampshire
GU51 1BU

 

Moorlake Ltd

(Registration number: 10738356)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

177,764

162,775

Current assets

 

Stocks

5

1,949,269

1,775,497

Debtors

6

127,841

310,997

Cash at bank and in hand

 

98,028

47,171

 

2,175,138

2,133,665

Creditors: Amounts falling due within one year

7

(1,460,994)

(1,431,338)

Net current assets

 

714,144

702,327

Total assets less current liabilities

 

891,908

865,102

Creditors: Amounts falling due after more than one year

7

(2,219)

(208,570)

Provisions for liabilities

(9,704)

(5,107)

Net assets

 

879,985

651,425

Capital and reserves

 

Called up share capital

10

18

18

Retained earnings

879,967

651,407

Shareholders' funds

 

879,985

651,425

For the financial year ending 30 April 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.

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 19 August 2024 and signed on its behalf by:
 

E C Sylvester
Director

J M T Flintham
Director

 
     
 

Moorlake Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
41 Shepherds Way
Rickmansworth
Hertfordshire
WD3 7NN

These financial statements were authorised for issue by the Board on 19 August 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 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 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 during the period. Turnover is shown net of value added tax.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Moorlake Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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

Plant and machinery

10% 17% or 25% p.a. straight line on cost

Office equipment

10% or 25% p.a. straight line on cost

Land and buildings

3% p.a. straight line on cost

Motor vehicles

20% p.a. straight line on cost

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 at the transaction price 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less sale costs.

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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Moorlake Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons (including directors) employed by the company in the year, was 3 (2023: 3).

 

Moorlake Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

142,129

10,514

4,000

40,361

197,004

Additions

7,498

2,042

-

23,585

33,125

At 30 April 2024

149,627

12,556

4,000

63,946

230,129

Depreciation

At 1 May 2023

6,232

5,596

1,600

20,801

34,229

Charge for the year

4,446

1,812

800

11,078

18,136

At 30 April 2024

10,678

7,408

2,400

31,879

52,365

Carrying amount

At 30 April 2024

138,949

5,148

1,600

32,067

177,764

At 30 April 2023

135,897

4,918

2,400

19,560

162,775

Included within the net book value of land and buildings above is £138,949 (2023: £135,897) in respect of freehold land and buildings.
 

 

Moorlake Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,949,269

1,775,497

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

4,000

-

Amounts owed by related parties

118,423

283,728

Other debtors

 

5,418

27,269

   

127,841

310,997

Details of non-current trade and other debtors

£118,423 (2023:£283,728) of Amounts owed by related parties is classified as non current.

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

1,187,464

1,288,496

Taxation and social security

 

252,846

73,200

Accruals and deferred income

 

1,685

1,160

Other creditors

 

18,999

68,482

 

1,460,994

1,431,338

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

2,219

208,570

 

Moorlake Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

175,749

Other borrowings

2,219

32,821

2,219

208,570

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

3,361

Other borrowings

1,187,464

1,285,135

1,187,464

1,288,496

Bank borrowings

Bank borrowings comprised a bank mortgage which was denominated in sterling and had a nominal interest rate of 8%. The final instalment was due on 30 September 2044. The carrying amount at year end was £Nil (2023: £179,110). During the year the mortgage was repaid and a new mortgage was taken out by a company under common control which owns the land on which the mortgage is secured. Moorlake Limited remains guarantor for the loan and, as a loan to the related company, makes the repayments due on the loan amounting to £57,824 p.a. The balance due at the year end was £574,955 [2023: £nil]..

Other borrowings

Other borrowings comprise short term asset purchase loan facilities, finance leases and parent company loans denominated in sterling and with nominal interest rates of 0% (parent company loans) or between 8% and 13% (finance leases and asset purchase loan facilities). The parent company loans are repayable on demand. The final instalments of the finance leases are due on various dates through to April 2029. The asset purchase loan facilities are repayable on the sale of the underlying assets. The carrying amount at year end is £1,192,441 (2023: £1,317,955).

 

Moorlake Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Provisions for liabilities

Deferred tax
£

Total
£

At 1 May 2023

5,107

5,107

Increase (decrease) in existing provisions

4,597

4,597

At 30 April 2024

9,704

9,704

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

18

18

18

18