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Registered number: 12128727
MORGANITE PROPERTIES LIMITED
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Statement of Changes in Equity 4
Notes to the Financial Statements 5—7
Page 1
Accountants' Report
Report of the Accountant to the director of MORGANITE PROPERTIES LIMITED
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 July 2024.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
ZA Ltd
25/04/2025
Page 1
Page 2
Balance Sheet
Registered number: 12128727
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 23,949 25,146
Tangible Assets 5 35,145 10,146
Investment Properties 6 510,000 510,000
569,094 545,292
CURRENT ASSETS
Debtors 7 191,897 5,000
Cash at bank and in hand 1,161 177,969
193,058 182,969
Creditors: Amounts Falling Due Within One Year 8 (9,791 ) (4,210 )
NET CURRENT ASSETS (LIABILITIES) 183,267 178,759
TOTAL ASSETS LESS CURRENT LIABILITIES 752,361 724,051
Creditors: Amounts Falling Due After More Than One Year 9 (717,846 ) (717,471 )
NET ASSETS 34,515 6,580
CAPITAL AND RESERVES
Called up share capital 10 90 90
Profit and Loss Account 34,425 6,490
SHAREHOLDERS' FUNDS 34,515 6,580
Page 2
Page 3
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Emaad Altae
Director
25/04/2025
The notes on pages 5 to 7 form part of these financial statements.
Page 3
Page 4
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 August 2022 90 9,952 10,042
Loss for the year and total comprehensive income - (3,462 ) (3,462)
As at 31 July 2023 and 1 August 2023 90 6,490 6,580
Profit for the year and total comprehensive income - 27,935 27,935
As at 31 July 2024 90 34,425 34,515
Page 4
Page 5
Notes to the Financial Statements
1. General Information
MORGANITE PROPERTIES LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 12128727 . The registered office is 432 High Road, Wembley, HA9 6AH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% on reducing balance method
2.5. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
1 1
Page 5
Page 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 29,934
As at 31 July 2024 29,934
Amortisation
As at 1 August 2023 4,788
Provided during the period 1,197
As at 31 July 2024 5,985
Net Book Value
As at 31 July 2024 23,949
As at 1 August 2023 25,146
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 August 2023 15,852
Additions 33,785
As at 31 July 2024 49,637
Depreciation
As at 1 August 2023 5,706
Provided during the period 8,786
As at 31 July 2024 14,492
Net Book Value
As at 31 July 2024 35,145
As at 1 August 2023 10,146
6. Investment Property
2024
£
Fair Value
As at 1 August 2023 and 31 July 2024 510,000
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 5,000 5,000
Due after more than one year
Amounts owed by other participating interests 186,897 -
191,897 5,000
Page 6
Page 7
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 1,356 1,356
Other creditors 5,885 1,154
Accruals 2,550 1,700
9,791 4,210
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 561,121 565,293
Other creditors 156,725 152,178
717,846 717,471
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 90 90
Page 7