REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 27 February 2024 |
for |
Moorcroft Residential Homes Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 27 February 2024 |
for |
Moorcroft Residential Homes Limited |
Moorcroft Residential Homes Limited (Registered number: 05108002) |
Contents of the Financial Statements |
for the year ended 27 February 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Moorcroft Residential Homes Limited |
Company Information |
for the year ended 27 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Datum House |
Electra Way |
Crewe |
Cheshire |
CW1 6ZF |
Moorcroft Residential Homes Limited (Registered number: 05108002) |
Statement of Financial Position |
27 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Moorcroft Residential Homes Limited (Registered number: 05108002) |
Statement of Financial Position - continued |
27 February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Moorcroft Residential Homes Limited (Registered number: 05108002) |
Notes to the Financial Statements |
for the year ended 27 February 2024 |
1. | STATUTORY INFORMATION |
Moorcroft Residential Homes Limited ('The Company') is primarily engaged in management company. |
The company is a private company limited by shares and is incorporated in England and Wales. The address of the registered office and principal place of business is 38 Brompton Avenue, Rhos On Sea, Conwy, LL28 4TF. The registered number can be found on the Company Information page. |
The functional and presentational currency of the financial statements is the Pound Sterling (£).Monetary amounts in these financial statements are rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
Theses financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the companies Act 2006. |
3. | ACCOUNTING POLICIES |
Summary of significant accounting policies |
The principle accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented, unless otherwise stated. |
Basis of preparation |
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006. |
Going concern |
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. |
On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. |
Revenue recognition |
Revenue represents the leasing rentals receivable in the year on assets held for rental, excluding value added tax and the property rentals received in the year from the investment property. Rentals are recognised on a straight line basis over the period of the lease or to the date of the next rent review. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates so as to write off their cost less residual amounts over their estimated useful economic lives. Assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount. |
Motor vehicles | - 15% on reducing balance |
The residual values and useful lives of assets are reviewed and adjusted if appropriate at each statement of financial position date. |
Moorcroft Residential Homes Limited (Registered number: 05108002) |
Notes to the Financial Statements - continued |
for the year ended 27 February 2024 |
3. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans. |
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the discounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Impairment of assets |
Assets not measured at fair value are reviewed for any indications that the asset maybe impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading. |
Moorcroft Residential Homes Limited (Registered number: 05108002) |
Notes to the Financial Statements - continued |
for the year ended 27 February 2024 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Motor |
vehicles |
£ |
COST |
At 28 February 2023 |
and 27 February 2024 |
DEPRECIATION |
At 28 February 2023 |
Charge for year |
At 27 February 2024 |
NET BOOK VALUE |
At 27 February 2024 |
At 27 February 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 28 February 2023 |
Revaluations | 161,797 |
At 27 February 2024 |
NET BOOK VALUE |
At 27 February 2024 |
At 27 February 2023 |
Fair value at 27 February 2024 is represented by: |
£ |
Valuation in 2024 | 161,797 |
Cost | 188,203 |
350,000 |
Moorcroft Residential Homes Limited (Registered number: 05108002) |
Notes to the Financial Statements - continued |
for the year ended 27 February 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 30,741 | - |
Deferred |
tax |
£ |
Provided during year |
Balance at 27 February 2024 |
10. | RESERVES |
Revaluation |
reserve |
£ |
Property revaluation | 161,797 |
At 27 February 2024 |
Moorcroft Residential Homes Limited (Registered number: 05108002) |
Notes to the Financial Statements - continued |
for the year ended 27 February 2024 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 27 February 2024 and 27 February 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |