Registered number: 03728938
Moregold Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 30 June 2024
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Moregold Limited
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Moregold Limited for the Year Ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Moregold Limited for the year ended 30 June 2024 which comprise the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of Moregold Limited, as a body, in accordance with the terms of our engagement letter dated 16 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Moregold Limited and state those matters that we have agreed to state to the Board of Directors of Moregold Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Moregold Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Moregold Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Moregold Limited. You consider that Moregold Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Moregold Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL
24 March 2025
Page 1
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Moregold Limited
Registered number: 03728938
Balance Sheet
As at 30 June 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Page 2
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Moregold Limited
Registered number: 03728938
Balance Sheet (continued)
As at 30 June 2024
The directors consider 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 directors acknowledge their 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:
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J Stean
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The notes on pages 5 to 9 form part of these financial statements.
Page 3
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Moregold Limited
Statement of Changes in Equity
For the Year Ended 30 June 2024
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Dividends: Equity capital
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Statement of Changes in Equity
For the Year Ended 30 June 2023
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Total comprehensive income for the year
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Dividends: Equity capital
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Page 4
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Moregold Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
The company is a private company limited by share capital incorporated in England and Wales. The principal activity of the company is the investment and management of property.
The address of its registered office is:
Plux X Innovation Hub
Lewes Road
Brighton
United Kingdom
BN2 4GL
2.Accounting policies
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Basis of preparation of financial statements
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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.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
The estimated useful lives range as follows:
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Furniture, fittings and equipment
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 5
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Moregold Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually by the directors with any change recognised in the profit and loss account.
Short term debtors are measured at transaction price.
Short term creditors are measured at the transaction price.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income is recognised in profit or loss using the effective interest method.
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Current and deferred taxation
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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 balance sheet 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 balance sheet 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 balance sheet date.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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Page 6
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Moregold Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
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Furniture, fittings and equipment
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Charge for the year on owned assets
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Freehold investment property
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The 2024 valuations were made by the directors, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Page 7
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Moregold Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
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Debtors: Amounts falling due within one year
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Page 8
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Moregold Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
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The provision for deferred taxation is made up as follows:
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Future tax payable in relation to investment property
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Related party transactions
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J Stean
(Director)
During the year the company provided the director with an interest free loan that is repayable on demand. At the balance sheet date the amount due from the director was £229 (2023: £6,888).
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J Stean remains the ultimate controlling party by virtue of her 100% shareholding in Moregold Holdings Limited.
Page 9
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