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Registration number: 07613260

Tim Morris Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Tim Morris Holdings Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Tim Morris Holdings Limited

(Registration number: 07613260)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

10,810

14,414

Investments

5

53

53

 

10,863

14,467

Current assets

 

Debtors

6

1,312,490

734,552

Cash at bank and in hand

 

4,111,676

4,436,678

 

5,424,166

5,171,230

Creditors: Amounts falling due within one year

7

(744,759)

(685,137)

Net current assets

 

4,679,407

4,486,093

Net assets

 

4,690,270

4,500,560

Capital and reserves

 

Called up share capital

100

100

Retained earnings

4,690,170

4,500,460

Shareholders' funds

 

4,690,270

4,500,560

For the financial year ending 30 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 January 2025
 

R T Morris
Director

   
     
 

Tim Morris Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Motivo House
Alvington
Yeovil
Somerset
BA20 2FG

These financial statements were authorised for issue by the director on 15 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Tim Morris Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Tim Morris Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2023 - 1).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

25,626

25,626

At 30 April 2024

25,626

25,626

Depreciation

At 1 May 2023

11,212

11,212

Charge for the year

3,604

3,604

At 30 April 2024

14,816

14,816

Carrying amount

At 30 April 2024

10,810

10,810

At 30 April 2023

14,414

14,414

 

Tim Morris Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

53

53

Subsidiaries

£

Cost or valuation

At 1 May 2023

53

Provision

Carrying amount

At 30 April 2024

53

At 30 April 2023

53

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

First 4 Finance Limited

28 Craneswater Park, Southsea, Hampshire, PO4 0NT

Ordinary shares

50%

50%

OMPD Limited

Motivo House, Alvington, Yeovil, Somerset BA20 2FG

Ordinary shares

46%

46%

Tim Morris Holdings Limited holds 46% of the share capital of OMPD Limited but has 51% of the voting rights in OMPD Limited.

Subsidiary undertakings

First 4 Finance Limited

The principal activity of First 4 Finance Limited is Finance provider.

OMPD Limited

The principal activity of OMPD Limited is Property rentals and property development.

 

Tim Morris Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

8

1,213,893

729,049

Other debtors

 

18,710

1,002

Accrued income

 

79,887

4,501

 

1,312,490

734,552

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Trade creditors

 

930

474

Amounts due to related parties

8

690,411

666,161

Accruals

 

2,214

2,171

Corporation tax

51,204

16,331

 

744,759

685,137

 

Tim Morris Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Related party transactions

Summary of transactions with other related parties

Oliver Morris Limited
(A company that is jointly owned and controlled by R T Morris and J E B Oliver)
During the year Oliver Morris Limited made a loan to the company. No interest is charged on this loan. At the balance sheet date the amount due to Oliver Morris Limited was £485,750 (2023 - £377,500). Oliver Morris Limited entered liquidation following the balance sheet date.

OMPD Limited
(Subsidiary of the company)
During the year the company received dividends from OMPD Limited of £51,600 (2023 - £1,420,000). During the year OMPD Limited received a loan from the company. Interest is charged on this loan at a commercial rate and is repayable on demand. At the balance sheet date the amount due from OMPD Limited was £486,944 (2023 - £nil).

First 4 Finance Limited
(Subsidiary of the company)
During the year the company made a loan to First 4 Finance Limited. No interest is charged on this loan. At the balance sheet date the amount due from First 4 Finance Limited was £726,949 (2023 - £729,049).

 

Loans from related parties

2024

Key management
£

Total
£

At start of period

288,661

288,661

Repaid

(84,000)

(84,000)

At end of period

204,661

204,661

2023

Key management
£

Total
£

At start of period

1,451,295

1,451,295

Repaid

(1,162,634)

(1,162,634)

At end of period

288,661

288,661

No interest has been charged on the above loan and the loan is repayable on demand.