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Company No: 03526797 (England and Wales)

MORWELL ESTATES LIMITED

Unaudited Financial Statements
For the financial year ended 05 April 2024
Pages for filing with the registrar

MORWELL ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 05 April 2024

Contents

MORWELL ESTATES LIMITED

BALANCE SHEET

As at 05 April 2024
MORWELL ESTATES LIMITED

BALANCE SHEET (continued)

As at 05 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 517,736 276,415
Investments 4 499,770 496,025
1,017,506 772,440
Current assets
Debtors 5 8,826 9,583
Cash at bank and in hand 386,602 596,026
395,428 605,609
Creditors: amounts falling due within one year 6 ( 118,637) ( 102,425)
Net current assets 276,791 503,184
Total assets less current liabilities 1,294,297 1,275,624
Net assets 1,294,297 1,275,624
Capital and reserves
Called-up share capital 114,200 114,200
Share premium account 235,800 235,800
Profit and loss account 944,297 925,624
Total shareholders' funds 1,294,297 1,275,624

For the financial year ending 05 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 financial statements of Morwell Estates Limited (registered number: 03526797) were approved and authorised for issue by the Board of Directors on 05 November 2024. They were signed on its behalf by:

Peter Morrison-Wells
Director
MORWELL ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 2024
MORWELL ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 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

Morwell Estates 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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 £.

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.

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

Land and buildings not depreciated
Office equipment 3 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.

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.

2. Employees

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

3. Tangible assets

Land and buildings Office equipment Total
£ £ £
Cost
At 06 April 2023 276,307 2,338 278,645
Additions 241,383 0 241,383
At 05 April 2024 517,690 2,338 520,028
Accumulated depreciation
At 06 April 2023 0 2,230 2,230
Charge for the financial year 0 62 62
At 05 April 2024 0 2,292 2,292
Net book value
At 05 April 2024 517,690 46 517,736
At 05 April 2023 276,307 108 276,415

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 06 April 2023 496,025 496,025
Additions 3,745 3,745
At 05 April 2024 499,770 499,770
Carrying value at 05 April 2024 499,770 499,770
Carrying value at 05 April 2023 496,025 496,025

5. Debtors

2024 2023
£ £
Trade debtors 8,652 9,452
Other debtors 174 131
8,826 9,583

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 29,929 21,562
Other creditors 88,708 80,863
118,637 102,425