Company Registration No. 11613160 (England and Wales)
Morganlets Ltd
Unaudited accounts
for the year ended 31 October 2024
Morganlets Ltd
Unaudited accounts
Contents
Morganlets Ltd
Company Information
for the year ended 31 October 2024
Directors
S Morgan
Mrs S Morgan
Company Number
11613160 (England and Wales)
Accountants
Vertical Consulting Ltd
18 Wellington Park
Clifton
Bristol
Bristol
BS8 2UT
Morganlets Ltd
Statement of financial position
as at 31 October 2024
Tangible assets
2,971
3,963
Investment property
545,000
545,000
Cash at bank and in hand
8,395
4,129
Creditors: amounts falling due within one year
(477,889)
(435,605)
Net current liabilities
(466,379)
(428,361)
Total assets less current liabilities
81,592
120,602
Creditors: amounts falling due after more than one year
-
(50,050)
Provisions for liabilities
Deferred tax
(5,000)
(5,000)
Called up share capital
20
10
Fair value reserve
15,000
15,000
Profit and loss account
61,572
50,542
Shareholders' funds
76,592
65,552
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by
S Morgan
Director
Company Registration No. 11613160
Morganlets Ltd
Notes to the Accounts
for the year ended 31 October 2024
Morganlets Ltd is a private company, limited by shares, registered in England and Wales, registration number 11613160.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes in respect of its sole activity of Investment Property Rental.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on the reducing balance basis
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Morganlets Ltd
Notes to the Accounts
for the year ended 31 October 2024
4
Tangible fixed assets
Plant & machinery
Fair value at 1 November 2023
545,000
At 31 October 2024
545,000
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
3,313
3,517
Other creditors
3,115
3,114
Loans from directors
471,461
428,974
8
Creditors: amounts falling due after more than one year
2024
2023
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).
Morganlets Ltd
Notes to the Accounts
for the year ended 31 October 2024
10
Reconciliations on adoption of FRS 102
The accounts have been prepared under FRS102 1A having previously been prepared under FRS105
The Balance Sheet as at 31 October 2023 has been restated to incorporate a Deferred Tax provision of £5,000 on the Investment Property upward revaluation of £20,000 which was included in that years accounts originally..
The Profit and Loss Account for the year ended 31 October 2023 has been restated to include the £5,000 deferred tax charge referred to above.
A Fair Value Reserve of £15,000 has been created as at 31 October 2023 representing the net of deferred tax unrealised uplift in value of the Investment Property.