Silverfin false false 29/02/2024 01/03/2023 29/02/2024 J M Edwards 27/04/2016 Dr P J Edwards 27/04/2016 11 October 2024 The principal activity of the Company during the financial year was as holding company and letting of real estate. 10149125 2024-02-29 10149125 bus:Director1 2024-02-29 10149125 bus:Director2 2024-02-29 10149125 2023-02-28 10149125 core:CurrentFinancialInstruments 2024-02-29 10149125 core:CurrentFinancialInstruments 2023-02-28 10149125 core:Non-currentFinancialInstruments 2024-02-29 10149125 core:Non-currentFinancialInstruments 2023-02-28 10149125 core:ShareCapital 2024-02-29 10149125 core:ShareCapital 2023-02-28 10149125 core:FurtherSpecificReserve1ComponentTotalEquity 2024-02-29 10149125 core:FurtherSpecificReserve1ComponentTotalEquity 2023-02-28 10149125 core:RetainedEarningsAccumulatedLosses 2024-02-29 10149125 core:RetainedEarningsAccumulatedLosses 2023-02-28 10149125 core:CostValuation 2023-02-28 10149125 core:CostValuation 2024-02-29 10149125 core:CurrentFinancialInstruments core:Secured 2024-02-29 10149125 2023-03-01 2024-02-29 10149125 bus:FilletedAccounts 2023-03-01 2024-02-29 10149125 bus:SmallEntities 2023-03-01 2024-02-29 10149125 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 10149125 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10149125 bus:Director1 2023-03-01 2024-02-29 10149125 bus:Director2 2023-03-01 2024-02-29 10149125 2022-03-01 2023-02-28 10149125 core:CurrentFinancialInstruments 2023-03-01 2024-02-29 10149125 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Company No: 10149125 (England and Wales)

MORTARBUY LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

MORTARBUY LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

MORTARBUY LIMITED

BALANCE SHEET

As at 29 February 2024
MORTARBUY LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 550,000 550,000
Investments 4 1,288,934 1,288,934
1,838,934 1,838,934
Current assets
Debtors 5 69,707 71,657
Cash at bank and in hand 31,983 298,623
101,690 370,280
Creditors: amounts falling due within one year 6 ( 194,641) ( 130,457)
Net current (liabilities)/assets (92,951) 239,823
Total assets less current liabilities 1,745,983 2,078,757
Creditors: amounts falling due after more than one year 7 ( 1,658,868) ( 1,865,961)
Provision for liabilities 8 ( 15,037) ( 15,037)
Net assets 72,078 197,759
Capital and reserves
Called-up share capital 2 2
Fair value reserve 60,613 60,613
Profit and loss account 11,463 137,144
Total shareholders' funds 72,078 197,759

For the financial year ending 29 February 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 Mortarbuy Limited (registered number: 10149125) were approved and authorised for issue by the Board of Directors on 11 October 2024. They were signed on its behalf by:

Dr P J Edwards
Director
J M Edwards
Director
MORTARBUY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
MORTARBUY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 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

Mortarbuy 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 Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is Compton View Residential Care Home, 267 St Michaels Avenue, Yeovil, Somerset, BA21 4NB, England.

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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Other operating income is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Other operating income is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established, provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably.

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. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

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 external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 March 2023 550,000
As at 29 February 2024 550,000

Valuation

The investment property was revalued at 7 November 2019 by independent valuers Andrew Forbes Limited. The valuation was conducted at open market value.

The fair value of the investment property has not materially changed since this date.

The deferred tax attributable to the investment property has been considered, and, due to indexation, £15,037 (2022 - £11,428) has been provided for in the financial statements.

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 March 2023 1,288,934
At 29 February 2024 1,288,934
Carrying value at 29 February 2024 1,288,934
Carrying value at 28 February 2023 1,288,934

At the balance sheet date the company had 2 wholly owned subsidiaries, brought forward from the prior period.

5. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 19,294 55,716
Amounts owed by directors 50,000 0
Other debtors 413 15,941
69,707 71,657

Amounts owed by Group undertakings are repayable on demand and do not bear interest.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 46,881 43,526
Amounts owed to Group undertakings 144,284 75,326
Accruals 3,476 11,605
194,641 130,457

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

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

2024 2023
£ £
Bank loans (secured) 1,658,868 1,709,590
Other loans 0 156,371
1,658,868 1,865,961

The bank borrowings are secured by a fixed and floating charge over all the assets and undertakings of the company and its subsidiaries.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 15,037 15,037

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The company has taken advantage of the exemptions provided from disclosing transactions with its wholly owned subsidiaries.

Transactions with the entity's directors

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

J M Edwards:
At 1 March 2023, the balance owed by the director was £nil. During the year, £50,000 was advanced to the director, and £nil was repaid by the director. At 29 February, the balance owed by the director was £50,000.