Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31property rental company112023-06-01falsefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13427054 2023-06-01 2024-05-31 13427054 2022-06-01 2023-05-31 13427054 2024-05-31 13427054 2023-05-31 13427054 c:Director1 2023-06-01 2024-05-31 13427054 d:LeaseholdInvestmentProperty 2024-05-31 13427054 d:LeaseholdInvestmentProperty 2023-05-31 13427054 d:LeaseholdInvestmentProperty 2 2023-06-01 2024-05-31 13427054 d:CurrentFinancialInstruments 2024-05-31 13427054 d:CurrentFinancialInstruments 2023-05-31 13427054 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 13427054 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 13427054 d:ShareCapital 2024-05-31 13427054 d:ShareCapital 2023-05-31 13427054 d:RetainedEarningsAccumulatedLosses 2024-05-31 13427054 d:RetainedEarningsAccumulatedLosses 2023-05-31 13427054 d:OtherDeferredTax 2024-05-31 13427054 d:OtherDeferredTax 2023-05-31 13427054 c:OrdinaryShareClass1 2023-06-01 2024-05-31 13427054 c:OrdinaryShareClass1 2024-05-31 13427054 c:OrdinaryShareClass1 2023-05-31 13427054 c:FRS102 2023-06-01 2024-05-31 13427054 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 13427054 c:FullAccounts 2023-06-01 2024-05-31 13427054 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 13427054 6 2023-06-01 2024-05-31 13427054 f:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 13427054














MORPHEUS ASSETS LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

 
MORPHEUS ASSETS LTD
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 7


 
MORPHEUS ASSETS LTD
REGISTERED NUMBER:13427054

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
-
50,000

Investment property
 5 
3,950,000
2,350,000

  
3,950,000
2,400,000

Current assets
  

Debtors: amounts falling due within one year
 6 
17,614
2,024

Creditors: amounts falling due within one year
 7 
(2,334,670)
(2,335,424)

Net current liabilities
  
 
 
(2,317,056)
 
 
(2,333,400)

Provisions for liabilities
  

Deferred tax
 8 
(400,000)
-

Net assets
  
1,232,944
66,600


Capital and reserves
  

Called up share capital 
 9 
50,000
50,000

Profit and loss account
  
1,182,944
16,600

  
1,232,944
66,600


Page 1

 
MORPHEUS ASSETS LTD
REGISTERED NUMBER:13427054
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M M Satrap
Director

Date: 28 January 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MORPHEUS ASSETS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Morpheus Assets Ltd is a limited liability company incorporated in England and Wales with its registered office at 5 Elstree Gate,  Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. 

The principal activity of the company during the period was that of a property rental.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Turnover

Rental income is recognised in respect of rent of the property occupied during the period, exclusive of VAT.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
MORPHEUS ASSETS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income. 

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Page 4

 
MORPHEUS ASSETS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 June 2023
50,000


Amounts written off
(50,000)



At 31 May 2024
-




Page 5

 
MORPHEUS ASSETS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 June 2023
2,350,000


Surplus on revaluation
1,600,000



At 31 May 2024
3,950,000

The 2024 valuations were made by the director, on an open market value for existing use basis.







6.


Debtors

2024
2023
£
£


Prepayments and accrued income
17,614
2,024



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,195,000
-

Taxation and social security
10,598
5,425

Director's loan account
1,096,865
2,300,642

Accruals and deferred income
32,207
29,357

2,334,670
2,335,424


Raw Mortgage Company Two Limited holds a fixed charge against company's property in respect of the bank loan.

Page 6

 
MORPHEUS ASSETS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Deferred taxation




2024


£






Charged to profit or loss
(400,000)



At end of year
(400,000)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fair value movements
(400,000)
-

(400,000)
-


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £1 each
50,000
50,000


 
Page 7