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REGISTERED NUMBER: 01939359 (England and Wales)










MORGAN SINCLAIR (PROPERTIES) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






MORGAN SINCLAIR (PROPERTIES) LIMITED (REGISTERED NUMBER: 01939359)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 7

MORGAN SINCLAIR (PROPERTIES) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: A S Nanji



REGISTERED OFFICE: Pear Tree Drive
Newton Road
Birmingham
West Midlands
B43 6HS



REGISTERED NUMBER: 01939359 (England and Wales)



ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA



BANKERS: Natwest Bank
Swansea City Centre Branch
14/16a Oxford Street
Swansea
SA1 3AG



SOLICITORS: JCP Solicitors
Venture Court
Waterside Business Park
Valley Way
SA6 8AH

MORGAN SINCLAIR (PROPERTIES) LIMITED (REGISTERED NUMBER: 01939359)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 13,949

CURRENT ASSETS
Stocks 9,006 9,006
Debtors 5 29,100 61,923
Cash at bank and in hand 4,896 22,455
43,002 93,384
CREDITORS
Amounts falling due within one year 6 148,515 135,004
NET CURRENT LIABILITIES (105,513 ) (41,620 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(105,513

)

(27,671

)

CREDITORS
Amounts falling due after more than one year 7 (11,250 ) (20,250 )

PROVISIONS FOR LIABILITIES (2,266 ) -
NET LIABILITIES (119,029 ) (47,921 )

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings (129,029 ) (57,921 )
SHAREHOLDERS' FUNDS (119,029 ) (47,921 )

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.

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 28 November 2024 and were signed by:





A S Nanji - Director


MORGAN SINCLAIR (PROPERTIES) LIMITED (REGISTERED NUMBER: 01939359)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Morgan Sinclair (Properties) Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets have been revalued in the year as a going concern with the revaluation adjustments included within the revaluation reserve. The cost of replacing hotel equipment, such as crockery, linen, glass and utensils, is charged to the profit and loss account as incurred.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property-2% on valuation
Short leasehold-Over the term of the lease
Improvements to property-10% on cost
Fixtures and fittings-15% on cost
Computer equipment-20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

MORGAN SINCLAIR (PROPERTIES) LIMITED (REGISTERED NUMBER: 01939359)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Operating lease commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Investments
Shares in subsidiary undertakings in which the company has a controlling interest are stated at cost less any provisions for impairment.

Cash at bank and cash in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Functional and Presentation Currency
The company's functional and presentation currency is pounds sterling.

Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Assets held under finance leases
Assets held under leasing arrangements that transfer substantially all the risks and rewards of ownership to the company are classified as finance leases and are included in tangible fixed assets and depreciated accordingly.

Going concern
The company has been loss making for a number of years which has been supported by group and connected companies, Due to the continued loss making position of the company, the Director is assessing their options to the take the company forward.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

MORGAN SINCLAIR (PROPERTIES) LIMITED (REGISTERED NUMBER: 01939359)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 107,650 20,731 2,674 131,055
DEPRECIATION
At 1 March 2023 107,650 7,918 1,538 117,106
Charge for year - 1,922 535 2,457
Impairments - 10,891 601 11,492
At 29 February 2024 107,650 20,731 2,674 131,055
NET BOOK VALUE
At 29 February 2024 - - - -
At 28 February 2023 - 12,813 1,136 13,949

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 18,540 48,432
VAT - 2,872
Prepayments 10,560 10,619
29,100 61,923

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 9,000 9,000
Trade creditors 36,531 28,024
Amounts owed to group companies 61,982 24,000
Amounts owed to connected companies 327 -
Social security and other taxes 12,572 39,725
VAT 6,259 -
Directors' loan accounts - 12,000
Accrued expenses 21,844 22,255
148,515 135,004

A connected company is that under the common ownership of the director.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other loans - 1-2 years 11,250 18,000
Other loans - 2-5 years - 2,250
11,250 20,250

MORGAN SINCLAIR (PROPERTIES) LIMITED (REGISTERED NUMBER: 01939359)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
A S Nanji
Balance outstanding at start of year (12,000 ) 79,974
Amounts advanced 12,000 -
Amounts repaid - (91,974 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (12,000 )

9. RELATED PARTY DISCLOSURES

As at the balance sheet date the following balances due to/(from) connected companies were included in these financial statements:-

Connected Company 2024 2023
Ronceray Care Home Limited - -
Cherry Gardens Properties Limited (327 ) -
Dolphin Hotel Whitewalls Limited - -


10. ULTIMATE CONTROLLING PARTY

The controlling party is A S Nanji.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MORGAN SINCLAIR (PROPERTIES) LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Morgan Sinclair (Properties) Limited for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Morgan Sinclair (Properties) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Morgan Sinclair (Properties) Limited and state those matters that we have agreed to state to the director of Morgan Sinclair (Properties) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Morgan Sinclair (Properties) Limited and its director for our work or for this report.

It is your duty to ensure that Morgan Sinclair (Properties) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Morgan Sinclair (Properties) Limited. You consider that Morgan Sinclair (Properties) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Morgan Sinclair (Properties) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


28 November 2024