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REGISTERED NUMBER: 03864525 (England and Wales)

















Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Morspan Holdings Limited

Morspan Holdings Limited (Registered number: 03864525)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Morspan Holdings Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: H M Morgan





SECRETARY: H M Morgan





REGISTERED OFFICE: 21 Gold Tops
Newport
South Wales
NP20 4PG





REGISTERED NUMBER: 03864525 (England and Wales)





ACCOUNTANTS: Guilfoyle Sage LLP
Chartered Accountants
21 Gold Tops
Newport
South Wales
NP20 4PG

Morspan Holdings Limited (Registered number: 03864525)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 45,956 52,581
Investments 6 203 203
Investment property 7 9,264,725 9,300,584
9,310,884 9,353,368

CURRENT ASSETS
Stocks 2,451 2,672
Debtors 8 1,001,048 986,325
Investments 9 41 41
Cash at bank and in hand 229,909 292,417
1,233,449 1,281,455
CREDITORS
Amounts falling due within one year 10 1,862,952 1,956,438
NET CURRENT LIABILITIES (629,503 ) (674,983 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,681,381

8,678,385

CREDITORS
Amounts falling due after more than one
year

11

-

(141,802

)

PROVISIONS FOR LIABILITIES (132,219 ) (142,479 )
NET ASSETS 8,549,162 8,394,104

Morspan Holdings Limited (Registered number: 03864525)

Balance Sheet - continued
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 13 3 3
Retained earnings 8,549,159 8,394,101
SHAREHOLDERS' FUNDS 8,549,162 8,394,104

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 7 February 2025 and were signed by:





H M Morgan - Director


Morspan Holdings Limited (Registered number: 03864525)

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

1. STATUTORY INFORMATION

Morspan Holdings Limited is a private company, limited by shares and is incorporated in England and Wales. The company's registered number is 03864525 and the address of its registered office is 21 Gold Tops, Newport, South Wales, NP20 4PG.

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

These financial statements are the company's separate financial statements, covering the year to 30 April 2024 and are presented in Sterling (£), the company's functional currency, rounded to the nearest pound.

2. STATEMENT OF COMPLIANCE

The individual financial statements of Morspan Holdings Limited have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern basis as the directors believe that the company has the continued support of its bankers and creditors and will be able to obtain sufficient funding to secure the continued financing of the company's activities for the foreseeable future.

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 represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Property improvements - 2% on cost
Plant and machinery - 10% on cost

Morspan Holdings Limited (Registered number: 03864525)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is carried at fair value determined by external valuers 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 profit and loss account.

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Income
Income is stated in the profit and loss account in the year in which it is receivable.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

Morspan Holdings Limited (Registered number: 03864525)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 865,356
Additions 3,964
At 30 April 2024 869,320
DEPRECIATION
At 1 May 2023 812,775
Charge for year 10,589
At 30 April 2024 823,364
NET BOOK VALUE
At 30 April 2024 45,956
At 30 April 2023 52,581

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 May 2023
and 30 April 2024 203
NET BOOK VALUE
At 30 April 2024 203
At 30 April 2023 203

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 9,300,584
Impairments (35,859 )
At 30 April 2024 9,264,725
NET BOOK VALUE
At 30 April 2024 9,264,725
At 30 April 2023 9,300,584

Morspan Holdings Limited (Registered number: 03864525)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. INVESTMENT PROPERTY - continued

The director valued the investment property on a fair value basis as at 30 April 2024.

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2017 5,090,071
Valuation in 2023 35,859
Valuation in 2024 35,859
Cost 4,102,936
9,264,725

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 268,933 267,947
Amounts owed by group undertakings 333,064 333,064
Other debtors 399,051 385,314
1,001,048 986,325

9. CURRENT ASSET INVESTMENTS
30.4.24 30.4.23
£    £   
Unlisted investments 41 41

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts - 65,592
Trade creditors 50,643 74,237
Taxation and social security 96,736 107,332
Other creditors 1,715,573 1,709,277
1,862,952 1,956,438

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans - 141,802

12. SECURED DEBTS

There is a legal charge secured over a freehold property owned by the company in connection with the related SSAS (Small Self-Administered Pension Scheme) of which the director is a trustee.

Morspan Holdings Limited (Registered number: 03864525)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
3 Ordinary £1 3 3

14. RELATED PARTY DISCLOSURES

During the year, transactions were entered into with key management personnel as follows:

Dividends were paid of £100,000 (2023:£100,000).
Expenditure includes rent of £1,000 (2023:£1,000).

At the year end, included in creditors is the sum of £443,349 (2023: £412,079) owed to key management personnel. There is no fixed repayment date on these loans and no interest has been charged.

During the year, transactions were entered into with entities under the common control of key management personnel as follows:

Expenditure includes costs of £14,500 (2023: £14,500).

At the year end, included in creditors is the sum of £4,465 (2023: £4,465) owed to entities under the common control of key management personnel. There is no fixed repayment date on these loans and no interest has been charged.

During the year, transactions were entered into with related parties as follows:

Sales includes £6,409 (2023: £19,491).

At the year end, included in debtors is £325,983 (2023: £326,441) and included in creditors is the sum of
£1,140,429 (2023: £1,165,265) owed to related parties. There is no fixed repayment date on these loans and no interest has been charged.


15. ULTIMATE CONTROLLING PARTY

From 27 September 2023, the company came under the control of MH Investments 2022 Limited, Llanellen Properties Limited and Llancayo Properties Limited.