REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
MORG Property Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
48 Hucclecote Road |
Gloucester |
Gloucestershire |
GL3 3RS |
BANKERS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 were approved by the director and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income due for the accounting period from the investment properties. |
Tangible fixed assets |
Fixtures and fittings | - |
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 |
Depreciation |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 March 2023 |
Disposals | ( |
) |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
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 |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Bank loans |
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 |
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). |