Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr W S Daniels 23/08/2017 Mr W M Daniels 04/03/2024 Miss R A Daniels 04/03/2024 22 October 2024 The principal activity of the Company during the financial year was the rental of commercial property. 10929675 2024-03-31 10929675 bus:Director1 2024-03-31 10929675 bus:Director2 2024-03-31 10929675 bus:Director3 2024-03-31 10929675 2023-03-31 10929675 core:CurrentFinancialInstruments 2024-03-31 10929675 core:CurrentFinancialInstruments 2023-03-31 10929675 core:Non-currentFinancialInstruments 2024-03-31 10929675 core:Non-currentFinancialInstruments 2023-03-31 10929675 core:ShareCapital 2024-03-31 10929675 core:ShareCapital 2023-03-31 10929675 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 10929675 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 10929675 core:RetainedEarningsAccumulatedLosses 2024-03-31 10929675 core:RetainedEarningsAccumulatedLosses 2023-03-31 10929675 core:PlantMachinery 2023-03-31 10929675 core:PlantMachinery 2024-03-31 10929675 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:Non-currentFinancialInstruments 2024-03-31 10929675 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:Non-currentFinancialInstruments 2023-03-31 10929675 bus:OrdinaryShareClass1 2024-03-31 10929675 2023-04-01 2024-03-31 10929675 bus:FilletedAccounts 2023-04-01 2024-03-31 10929675 bus:SmallEntities 2023-04-01 2024-03-31 10929675 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10929675 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10929675 bus:Director1 2023-04-01 2024-03-31 10929675 bus:Director2 2023-04-01 2024-03-31 10929675 bus:Director3 2023-04-01 2024-03-31 10929675 core:PlantMachinery 2023-04-01 2024-03-31 10929675 2022-04-01 2023-03-31 10929675 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 10929675 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 10929675 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10929675 (England and Wales)

MORLEY COURT LIMITED

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

MORLEY COURT LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MORLEY COURT LIMITED

BALANCE SHEET

As at 31 March 2024
MORLEY COURT LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 11,063 13,829
Investment property 4 750,000 750,000
761,063 763,829
Current assets
Debtors 5 12,342 0
Cash at bank and in hand 14,970 26,706
27,312 26,706
Creditors: amounts falling due within one year 6 ( 57,299) ( 9,203)
Net current (liabilities)/assets (29,987) 17,503
Total assets less current liabilities 731,076 781,332
Creditors: amounts falling due after more than one year 7 ( 434,799) ( 434,799)
Provision for liabilities ( 76,562) ( 77,254)
Net assets 219,715 269,279
Capital and reserves
Called-up share capital 8 3 3
Fair value reserve 235,918 235,918
Profit and loss account ( 16,206 ) 33,358
Total shareholder's funds 219,715 269,279

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 Morley Court Limited (registered number: 10929675) were approved and authorised for issue by the Board of Directors on 22 October 2024. They were signed on its behalf by:

Mr W M Daniels
Director
MORLEY COURT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MORLEY COURT 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

Morley Court 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 C/O W Daniels Plant Hire Ltd Unit L, Wallsend Industrial Estate, Plymouth, PL4 0RW, England, 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

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from rental income and services is recognised in the period to which the occupancy relates.

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

Plant and machinery 20 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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. 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 Total
£ £
Cost
At 01 April 2023 33,909 33,909
At 31 March 2024 33,909 33,909
Accumulated depreciation
At 01 April 2023 20,080 20,080
Charge for the financial year 2,766 2,766
At 31 March 2024 22,846 22,846
Net book value
At 31 March 2024 11,063 11,063
At 31 March 2023 13,829 13,829

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 750,000
As at 31 March 2024 750,000

Valuation

The directors reviewed the previous valuations of the investment properties during the year, against the market values of comparable real estate and determined that no fair value movements were required.

5. Debtors

2024 2023
£ £
Trade debtors 4,200 0
VAT recoverable 8,142 0
12,342 0

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 48,971 64
Taxation and social security 0 3,539
Obligations under finance leases and hire purchase contracts 0 4,100
Other creditors 8,328 1,500
57,299 9,203

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

2024 2023
£ £
Amounts owed to connected companies 417,661 417,661
Amounts owed to directors 17,138 17,138
434,799 434,799

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

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
3 Ordinary shares of £ 1.00 each 3 3