Company registration number 02763119 (England and Wales)
MORETONS PROPERTY SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MORETONS PROPERTY SERVICES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
MORETONS PROPERTY SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
30 September 2024
31 March 2023
Notes
£
£
£
£
Current assets
Trade and other receivables
5
37,418
25,632
Cash and cash equivalents
17,850
1,232
55,268
26,864
Current liabilities
6
(275,036)
(169,545)
Net current liabilities
(219,768)
(142,681)
Equity
Called up share capital
7
49,998
49,998
Retained earnings
(269,766)
(192,679)
Total equity
(219,768)
(142,681)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
Mrs A J Parmar
Director
Company registration number 02763119 (England and Wales)
MORETONS PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Moretons Property Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 72 Rochester Row, London, SW1P 1JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have prepared the financial statements on the basis that the company is no longer a going concern, because the trueletting portfolio operated by the company was sold, the lease was surrendered and the company ceased trading in February 2025. It is the intention of the directors to wind up the company. Accordingly, the financial statements have not been prepared on the going concern basis. The directors consider that this has no impact on the carrying value of the company's assets and liabilities at the balance sheet date.
1.3
Reporting period
The current period of financial statements represent the 18 months from 1 April 2023 to 30 September 2024. The prior period of financial statements represent the 12 month period from 1 April 2022 to 31 March 2023. As such, the prior year figures are not entirely comparable.
1.4
Revenue
Turnover represents commissions receivable for services net of VAT. Commission is recognised on the exchange of the sales contracts of a property, or upon receipts of rent from the tenants of the properties owned by clients of the business.
Other income represents ground rents and lease premiums receivable on freehold interests owned. Other income is recognised when the company has earned the right to consideration under the lease arrangement.
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to leasehold
4 years straight line
Fixtures, fittings & equipment
4 years straight line
Computer equipment
4 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
MORETONS PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
MORETONS PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
5
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 30 September 2024
12,600
Amortisation and impairment
At 1 April 2023 and 30 September 2024
12,600
Carrying amount
At 30 September 2024
At 31 March 2023
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023 and 30 September 2024
8,827
16,031
24,858
Depreciation and impairment
At 1 April 2023 and 30 September 2024
8,827
16,031
24,858
Carrying amount
At 30 September 2024
At 31 March 2023
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
8,500
8,304
Other receivables
28,918
17,328
37,418
25,632
MORETONS PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 5 -
6
Current liabilities
2024
2023
£
£
Trade payables
101,621
48,991
Taxation and social security
122,703
80,542
Other payables
50,712
40,012
275,036
169,545
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
49,998
49,998
49,998
49,998
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
20,000
220,000
9
Events after the reporting date
In February 2025, the company sold it's lettings portfolio to a third party and ceased to trade.
10
Related party transactions
Other information
At the year end the directors were owed £38,738 (2023: £29,047) by the company. The loans are unsecured, interest free and repayable on demand.