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Company No: 12357706 (England and Wales)

MOORHAVEN RURAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MOORHAVEN RURAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MOORHAVEN RURAL LIMITED

BALANCE SHEET

As at 31 March 2024
MOORHAVEN RURAL LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Investment property 4 340,000 300,000
340,000 300,000
Current assets
Debtors 5 18,750 18,217
Cash at bank and in hand 30,608 48,824
49,358 67,041
Creditors: amounts falling due within one year 6 ( 288,965) ( 198,371)
Net current liabilities (239,607) (131,330)
Total assets less current liabilities 100,393 168,670
Creditors: amounts falling due after more than one year 7 ( 28,727) ( 34,259)
Provision for liabilities ( 36,125) ( 28,336)
Net assets 35,541 106,075
Capital and reserves
Called-up share capital 8 1 1
Fair value reserve 78,758 75,701
Profit and loss account ( 43,218 ) 30,373
Total shareholder's funds 35,541 106,075

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 financial statements of Moorhaven Rural Limited (registered number: 12357706) were approved and authorised for issue by the Board of Directors on 28 October 2024. They were signed on its behalf by:

Mrs A J Peacock
Director
MOORHAVEN RURAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MOORHAVEN RURAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Moorhaven Rural Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Pottery, Moorhaven Village, Ivybridge, Devon, PL21 0HB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year error

During the year it was noted that the fair value reserve was not presented in the financial statements separately and included within retained earnings. The financial statements have been amended to reflect this.

Turnover

Revenue from rental income is recognised in the period to which occupancy occurred. Revenue from land and property development is recognised on exchange of contracts.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, and reducing balance basis over its expected useful life.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

During the year it was noted that the fair value reserve was not presented in the financial statements separately and included within retained earnings. The financial statements have been amended to reflect this.

As previously reported Adjustment As restated
Year ended 31 March 2023 £ £ £
Profit and loss account 106,074 (75,701) 30,373
Fair value reserve 0 75,701 75,701

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 300,000
Additions 32,055
Fair value movement 7,945
As at 31 March 2024 340,000

Valuation

The fair value has been determined by the directors, on an open market value for existing use basis.

5. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 750 750
VAT recoverable 18,000 17,467
18,750 18,217

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,532 5,556
Trade creditors 19 34
Amounts owed to Group undertakings 123,845 107,845
Amounts owed to Parent undertakings 155,151 79,986
Accruals 2,332 3,200
Other creditors 2,086 1,750
288,965 198,371

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 28,727 34,259

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 6,505 12,037

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

As the Company is a wholly owned subsidiary of Moorhaven Holdings Limited, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and not disclosed transactions or balances with wholly owned subsidiaries which form part of the group.