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Company No: 05300424 (England and Wales)

MOORHAVEN LIMITED

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

MOORHAVEN LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MOORHAVEN LIMITED

BALANCE SHEET

As at 31 March 2024
MOORHAVEN LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 1,458
Investment property 4 150,000 150,000
Investments 5 2 2
150,002 151,460
Current assets
Stocks 40,670 20,000
Debtors 6 160,173 239,654
Cash at bank and in hand 18,952 4,906
219,795 264,560
Creditors: amounts falling due within one year 7 ( 161,388) ( 208,930)
Net current assets 58,407 55,630
Total assets less current liabilities 208,409 207,090
Creditors: amounts falling due after more than one year 8 ( 127,008) ( 132,464)
Net assets 81,401 74,626
Capital and reserves
Called-up share capital 9 1,000 1,000
Profit and loss account 80,401 73,626
Total shareholder's funds 81,401 74,626

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 Limited (registered number: 05300424) 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 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MOORHAVEN 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 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 £.

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.

Interest income

Interest income is recognised over time based on the amount outstanding and the effective interest rate.

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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line

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.

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

Stocks

Stocks and WIP are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

2. Employees

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

3. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 April 2023 7,170 1,260 16,640 25,070
Disposals ( 1,150) ( 1,260) ( 16,640) ( 19,050)
At 31 March 2024 6,020 0 0 6,020
Accumulated depreciation
At 01 April 2023 7,006 732 15,874 23,612
Charge for the financial year 143 0 0 143
Disposals ( 1,129) ( 732) ( 15,874) ( 17,735)
At 31 March 2024 6,020 0 0 6,020
Net book value
At 31 March 2024 0 0 0 0
At 31 March 2023 164 528 766 1,458

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 150,000
As at 31 March 2024 150,000

Investment property are 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.

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

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 2
At 31 March 2024 2
Carrying value at 31 March 2024 2
Carrying value at 31 March 2023 2

6. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 159,294 239,560
Other debtors 879 94
160,173 239,654

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,520 5,556
Trade creditors 268 19
Amounts owed to Group undertakings 39,579 39,559
Amounts owed to Parent undertakings 63,804 9,432
Amounts owed to own subsidiaries 26,969 33,909
Amounts owed to joint ventures 20,948 75,454
Other taxation and social security 0 39,416
Other creditors 4,300 5,585
161,388 208,930

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

2024 2023
£ £
Bank loans (secured £ 98,269) 127,008 132,464

Contained within bank loans is a mortgage totalling £98,269 which is secured against the property to which it relates. This property is held as an investment property in the financial statements.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

10. Related party transactions

Transactions with the entity's directors

Guarantees

A Director has provided personal guarantees to the bank, in respect of various loans.

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.