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REGISTERED NUMBER: 10031613 (England and Wales)















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

MORG Property Ltd

MORG Property Ltd (Registered number: 10031613)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MORG Property Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTOR: G D L Morgan



REGISTERED OFFICE: 7 Barnwood Road
Gloucester
Gloucestershire
GL2 0RZ



REGISTERED NUMBER: 10031613 (England and Wales)



ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS



BANKERS: National Westminster Bank Plc
PO Box 4115
Hornchurch
Essex
RM12 4DF

MORG Property Ltd (Registered number: 10031613)

Statement of Financial Position
29 February 2024

29/2/24 28/2/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,730 2,163
Investment property 5 243,000 421,000
244,730 423,163

CURRENT ASSETS
Cash at bank 14,644 -

CREDITORS
Amounts falling due within one year 6 48,968 99,883
NET CURRENT LIABILITIES (34,324 ) (99,883 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

210,406

323,280

CREDITORS
Amounts falling due after more than one
year

7

(125,421

)

(241,626

)

PROVISIONS FOR LIABILITIES (14,043 ) (14,831 )
NET ASSETS 70,942 66,823

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 71,473 98,280
Retained earnings (631 ) (31,557 )
SHAREHOLDERS' FUNDS 70,942 66,823

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

MORG Property Ltd (Registered number: 10031613)

Statement of Financial Position - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





G D L Morgan - Director


MORG Property Ltd (Registered number: 10031613)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. STATUTORY INFORMATION

MORG Property Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents rental income due for the accounting period from the investment properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in the fair value is recognised in the Income Statement.

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.

Going concern
Despite net current liabilities at 29 February 2024 of £34,324 (2023 - £99,883), the accounts have been prepared on a going concern basis. The director has reviewed the future cashflows of the business and has expressed his willingness to financially support the company for the foreseeable future, deeming the going concern method of preparation to be appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

MORG Property Ltd (Registered number: 10031613)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
Cost
At 1 March 2023
and 29 February 2024 7,575
Depreciation
At 1 March 2023 5,412
Charge for year 433
At 29 February 2024 5,845
Net book value
At 29 February 2024 1,730
At 28 February 2023 2,163

5. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 March 2023 421,000
Disposals (178,000 )
At 29 February 2024 243,000
Net book value
At 29 February 2024 243,000
At 28 February 2023 421,000

If investment property had not been revalued it would have been included at the historical cost of £154,583 (2023 - £297,583)

The director G D L Morgan having reviewed the local property market has valued the investment property at 28 February 2024 as materially unchanged from the previous year.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Bank loans and overdrafts 4,009 4,051
Trade creditors - 20,676
Other creditors 44,959 75,156
48,968 99,883

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29/2/24 28/2/23
£    £   
Bank loans 125,421 241,626

MORG Property Ltd (Registered number: 10031613)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
29/2/24 28/2/23
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 118,525 230,720

8. SECURED DEBTS

The following secured debts are included within creditors:

29/2/24 28/2/23
£    £   
Bank loans 118,525 230,720

The bank loan is secured by way of fixed charges over the company's investment property.

9. RELATED PARTY DISCLOSURES

G D L Morgan
Director

The director has loaned funds to the company. At 29 February 2024, the company owed the Director G D L Morgan £44,329 (2023 - £74,556). The loan is interest free with no fixed repayment terms.

G D M Property Services Ltd
A company under common control

During the year, the company was charged £Nil (2023 - £2,500) by G D M Property Services Ltd for property management and maintenance services provided.

At 29 February 2024, the company owed G D M Property Services Ltd £Nil (2023 - £20,076).