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Company registration number: 00613967
Moorview Properties Limited
Unaudited filleted financial statements
05 April 2024
Moorview Properties Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Moorview Properties Limited
Directors and other information
Director Miss J C Moody
Company number 00613967
Registered office 309 Wingrove Road North
Fenham
Newcastle Upon Tyne
NE4 9ED
Business address 309 Wingrove Road North
Fenham
Newcastle Upon Tyne
NE4 9ED
Accountants McCowie & Co
2 Gosforth Park Avenue
Newcastle Upon Tyne
NE12 8EG
Bankers Lloyds Bank plc
102 Grey Street
Newcastle Upon Tyne
NE99 1SL
Moorview Properties Limited
Statement of financial position
5 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 3,065,216 3,065,866
_______ _______
3,065,216 3,065,866
Current assets
Debtors 5 6,500 4,502
Cash at bank and in hand 1,137,426 1,003,943
_______ _______
1,143,926 1,008,445
Creditors: amounts falling due
within one year 6 ( 288,739) ( 254,926)
_______ _______
Net current assets 855,187 753,519
_______ _______
Total assets less current liabilities 3,920,403 3,819,385
Provisions for liabilities ( 288,000) ( 286,000)
_______ _______
Net assets 3,632,403 3,533,385
_______ _______
Capital and reserves
Called up share capital 1,100 1,100
Profit and loss account 3,631,303 3,532,285
_______ _______
Shareholders funds 3,632,403 3,533,385
_______ _______
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 January 2025 , and are signed on behalf of the board by:
Miss J C Moody
Director
Company registration number: 00613967
Moorview Properties Limited
Notes to the financial statements
Year ended 5 April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 309 Wingrove Road North, Fenham, Newcastle Upon Tyne, NE4 9ED.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity, and are rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of consideration received or receivable for services rendered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Held for investment purposes not depreciated.
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is included at fair value. Gains or losses are recognised in the income statement. Deferred taxation is provided on gains at the rate expected to apply when the property is sold.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 6 April 2023 and 5 April 2024 3,062,176 46,804 3,108,980
_______ _______ _______
Depreciation
At 6 April 2023 - 43,114 43,114
Charge for the year - 650 650
_______ _______ _______
At 5 April 2024 - 43,764 43,764
_______ _______ _______
Carrying amount
At 5 April 2024 3,062,176 3,040 3,065,216
_______ _______ _______
At 5 April 2023 3,062,176 3,690 3,065,866
_______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 6 April 2023 and 5 April 2024 3,062,176
_______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 5 April 2024
Aggregate cost 1,091,417 1,091,417
Aggregate depreciation - -
_______ _______
Carrying amount 1,091,417 1,091,417
_______ _______
At 5 April 2023
Aggregate cost 1,091,417 1,091,417
Aggregate depreciation - -
_______ _______
Carrying amount 1,091,417 1,091,417
_______ _______
5. Debtors
2024 2023
£ £
Other debtors 6,500 4,502
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 186 -
Corporation tax 31,554 12,844
Other creditors 256,999 242,082
_______ _______
288,739 254,926
_______ _______
7. Controlling party
Miss J.C. Moody (Director) is the ultimate controlling party.