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GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

MORRISH GROUP LIMITED

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


MORRISH GROUP LIMITED

COMPANY INFORMATION
For The Year Ended 30 September 2024







DIRECTORS: D Morrish
E J C Rapson
M A Newman
S O Clarke
D J Green
T P Bishop





SECRETARY: S O Clarke





REGISTERED OFFICE: Unit 5, Factory Road
Upton Industrial Estate
Upton
Poole
Dorset
BH16 5SL





REGISTERED NUMBER: 11492659 (England and Wales)





AUDITORS: Schofields
Chartered Accountants and Statutory Auditors
Unit 1, St Stephens Court
15-17 St Stephens Road
Bournemouth
Dorset
BH2 6LA

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

GROUP STRATEGIC REPORT
For The Year Ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
The results for the year are set out on page 7.

The key financial highlights of the business are as follows:

2024 2023 2022 2021
£ £ £ £

Turnover 34,414,277 26,632,726 31,449,080 36,980,684
Profit on ordinary activities before taxation 2,143,623 1,794,526 2,706,387 4,327,042

% % % %
Turnover growth 29.22 (15.31) (14.96) 15.28
Gross profit margin 19.46 20.88 20.98 14.46

The group experienced an increase in turnover during the year which was predominantly driven by an increase in market conditions. The gross profit margin was maintained due to the sales mix achieved on multiple sites during the year. We continue to pursue development opportunities throughout our region to secure long-term future supply.

PRINCIPAL RISKS AND UNCERTAINTIES
The group is a homebuilder and developer and as such is reliant on the availability of mortgage products to fund its purchasers, funding lines to support its activities, and a ready supply of land supported by a fluent planning process.

The group requires a pipeline of land and future projects to enable its business and consequently funding lines are required to support this. The relationship with, and the support of the group's funders is strong and sufficient facilities are in place to support its current and future development programme.

The group seeks to maintain a spread of development sites, to enable it to offer a range of products to the market. The planning process remains cumbersome which, coupled with the nutrient issues imposed on the industry in our operating region, impacts the group's ability to bring current and future developments to the market in an orderly fashion.

The group's investment in its wholly owned subsidiary, Projecte Taronja S.L. is carried in Euros so is subject to currency fluctuations. The group is not able to hedge against this risk, thus there remains an exposure to future adverse currency fluctuations mitigated by the continued strategic exit and liquidation of Spanish assets.

ON BEHALF OF THE BOARD:





E J C Rapson - Director


7 March 2025

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

REPORT OF THE DIRECTORS
For The Year Ended 30 September 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a property developer and homebuilder. The company is a property investment and holding company.

DIVIDENDS
Dividends totalling £302,220 were declared and paid during the year ended 30 September 2024.

FUTURE DEVELOPMENTS
The group continues to develop its land bank but inevitably planning delays have restricted the delivery of homes to the market. The group in addition to its consortia commitments continues to actively pursue the extension of its existing land stocks through acquisition and the securing of longer term options.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

D Morrish
E J C Rapson
M A Newman
S O Clarke
D J Green

Other changes in directors holding office are as follows:

P M Kneafsey - resigned 24 June 2024
T P Bishop - appointed 6 February 2024

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise bank loans and overdrafts, trade creditors, other loans and finance lease agreements. The main purpose of these instruments is to provide funds for the group's working capital requirements and to finance group operations.

Funding for current and future development sites are financed via a long-term bank facility, which ensures continuity of funding. The day to day fluctuations in working capital requirements are funded via an overdraft.

The directors continue to closely monitor the group's required financing via its banking facilities. The group is a lessee in respect of finance lease assets. The liquidity risk in respect of these is managed in the same way as bank overdrafts and the loans above. Trade creditors liquidity risk is managed by ensuring there are sufficient funds available to the group to meet these amounts as they fall due.

HEALTH AND SAFETY
The group continues to pursue a vigorous monitoring of its health and safety obligations.

ENVIRONMENTAL ISSUES
The group's policy on environmental issues is to access their impact and whenever practical and cost effective to incorporate those within new sustainable developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

REPORT OF THE DIRECTORS
For The Year Ended 30 September 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Schofields, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





E J C Rapson - Director


7 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MORRISH GROUP LIMITED

Opinion
We have audited the financial statements of Morrish Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MORRISH GROUP LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

An understanding of the legal and regulatory framework the group operates in was obtained through discussions with directors and other management in addition to our general industry and sector experience. The most significant laws and regulations identified, being those that have a direct effect on material amounts and disclosures in the financial statements, are FRS 102, Companies Act 2006 and HM Revenue & Customs (HMRC) Tax Legislation.

We also considered other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group's ability to operate, or to avoid material penalty. These included the requirements of the various Health and Safety Regulations and The Landlord and Tenant Act 1985.

Audit procedures were performed to obtain sufficient evidence regarding compliance. These procedures include making enquiries to directors and other management in addition to the inspection of applicable regulatory and legal correspondence. Financial statement disclosures were reviewed and tested to supporting documentation.

Enquiries were also made to the directors and other management to assess the group's internal control environment and their policies and procedures on fraud risk. The group's systems and controls were documented, and audit procedures were designed to test these controls. Further, the risk of management override of controls was addressed through testing journal entries and other adjustments for appropriateness. The judgements made in making accounting estimates were assessed for any indication of potential bias, and the business rationale of significant transactions outside the normal course of the business was evaluated.

We have properly planned and performed the audit in accordance with auditing standards and all members of the engagement team have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. However, the inherent nature of the audit, and the limited procedures performed, means there is an unavoidable risk that some irregularities may have gone undetected. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr P J Schofield FCA (Senior Statutory Auditor)
for and on behalf of Schofields
Chartered Accountants and Statutory Auditors
Unit 1, St Stephens Court
15-17 St Stephens Road
Bournemouth
Dorset
BH2 6LA

7 March 2025

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For The Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 3 34,414,277 26,632,726

Cost of sales (27,715,866 ) (21,072,986 )
GROSS PROFIT 6,698,411 5,559,740

Administrative expenses (3,500,505 ) (3,081,326 )
OPERATING PROFIT 5 3,197,906 2,478,414

Loss/(gain) on foreign exchange 6 249 (7,087 )
Gain on sale of investment property 6 - 388,769
3,198,155 2,860,096

Interest receivable and similar income - 3
3,198,155 2,860,099
Gain on revaluation of investment property 397,214 -
3,595,369 2,860,099

Interest payable and similar expenses 7 (1,451,746 ) (1,065,574 )
PROFIT BEFORE TAXATION 2,143,623 1,794,525

Tax on profit 8 (544,823 ) (279,252 )
PROFIT FOR THE FINANCIAL YEAR 1,598,800 1,515,273

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,598,800

1,515,273

Profit attributable to:
Owners of the parent 1,598,800 1,515,273

Total comprehensive income attributable to:
Owners of the parent 1,598,800 1,515,273

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

CONSOLIDATED BALANCE SHEET
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 11 110,076 164,496
Investments 12 - -
Investment property 13 11,462,994 10,327,024
11,573,070 10,491,520

CURRENT ASSETS
Stocks 14 41,974,603 47,227,727
Debtors 15 1,163,318 3,090,981
Cash at bank and in hand 304,239 952,025
43,442,160 51,270,733
CREDITORS
Amounts falling due within one year 16 17,119,197 24,992,025
NET CURRENT ASSETS 26,322,963 26,278,708
TOTAL ASSETS LESS CURRENT LIABILITIES 37,896,033 36,770,228

CREDITORS
Amounts falling due after more than one year 17 (1,697,425 ) (1,957,425 )

PROVISIONS FOR LIABILITIES 21 (617,764 ) (528,539 )
NET ASSETS 35,580,844 34,284,264

CAPITAL AND RESERVES
Called up share capital 22 2,014,800 2,014,800
Non-distributable revaluation reserve 23 4,320,731 4,022,821
Retained earnings 23 29,245,313 28,246,643
SHAREHOLDERS' FUNDS 35,580,844 34,284,264

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2025 and were signed on its behalf by:




D Morrish - Director



E J C Rapson - Director


MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

COMPANY BALANCE SHEET
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 11 - -
Investments 12 2,016,804 2,016,804
Investment property 13 10,183,743 9,789,899
12,200,547 11,806,703

CURRENT ASSETS
Debtors 15 25,359,562 24,144,687
Cash at bank 280,534 926,126
25,640,096 25,070,813
CREDITORS
Amounts falling due within one year 16 719,005 945,402
NET CURRENT ASSETS 24,921,091 24,125,411
TOTAL ASSETS LESS CURRENT LIABILITIES 37,121,638 35,932,114

CREDITORS
Amounts falling due after more than one year 17 (1,697,425 ) (1,957,425 )

PROVISIONS FOR LIABILITIES 21 (602,058 ) (503,596 )
NET ASSETS 34,822,155 33,471,093

CAPITAL AND RESERVES
Called up share capital 22 2,014,800 2,014,800
Non-distributable revaluation reserve 23 4,303,100 4,007,718
Retained earnings 23 28,504,255 27,448,575
SHAREHOLDERS' FUNDS 34,822,155 33,471,093

Company's profit for the financial year 1,653,282 2,931,181

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2025 and were signed on its behalf by:




D Morrish - Director



E J C Rapson - Director


MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 September 2024

Called up Non-distributable
share Retained revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 2,014,800 26,654,634 4,462,221 33,131,655

Changes in equity
Dividends - (362,664 ) - (362,664 )
Total comprehensive income - 1,954,673 (439,400 ) 1,515,273
Balance at 30 September 2023 2,014,800 28,246,643 4,022,821 34,284,264

Changes in equity
Dividends - (302,220 ) - (302,220 )
Total comprehensive income - 1,300,890 297,910 1,598,800
Balance at 30 September 2024 2,014,800 29,245,313 4,320,731 35,580,844

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

COMPANY STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 September 2024

Called up Non-distributable
share Retained revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 2,014,800 24,411,829 4,475,947 30,902,576

Changes in equity
Dividends - (362,664 ) - (362,664 )
Total comprehensive income - 3,399,410 (468,229 ) 2,931,181
Balance at 30 September 2023 2,014,800 27,448,575 4,007,718 33,471,093

Changes in equity
Dividends - (302,220 ) - (302,220 )
Total comprehensive income - 1,357,900 295,382 1,653,282
Balance at 30 September 2024 2,014,800 28,504,255 4,303,100 34,822,155

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 8,559,087 (13,458,135 )
Interest paid (1,451,746 ) (1,065,574 )
Tax paid (369,921 ) (522,197 )
Net cash from operating activities 6,737,420 (15,045,906 )

Cash flows from investing activities
Purchase of tangible fixed assets (31,552 ) (56,042 )
Sale of tangible fixed assets 9,078 -
Sale of investment property - 1,514,345
Interest received - 3
Net cash from investing activities (22,474 ) 1,458,306

Cash flows from financing activities
New loans in year - 12,000,000
Loan repayments in year (6,260,000 ) (426,000 )
Equity dividends paid (302,220 ) (362,664 )
Net cash from financing activities (6,562,220 ) 11,211,336

Increase/(decrease) in cash and cash equivalents 152,726 (2,376,264 )
Cash and cash equivalents at beginning of year 2 (2,130,176 ) 246,088

Cash and cash equivalents at end of year 2 (1,977,450 ) (2,130,176 )

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 30 September 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,143,623 1,794,525
Depreciation charges 78,477 91,039
Profit on disposal of fixed assets (1,583 ) (399,116 )
Gain on revaluation of fixed assets (397,214 ) -
Net (gain)/loss on foreign exchange - 7,087
Trading stock capitalised (738,756 ) -
Finance costs 1,451,746 1,065,574
Finance income - (3 )
2,536,293 2,559,106
Decrease/(increase) in stocks 5,253,124 (12,349,582 )
Decrease/(increase) in trade and other debtors 1,927,663 (2,136,811 )
Decrease in trade and other creditors (1,157,993 ) (1,530,848 )
Cash generated from operations 8,559,087 (13,458,135 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30/9/24 1/10/23
£    £   
Cash and cash equivalents 304,239 952,025
Bank overdrafts (2,281,689 ) (3,082,201 )
(1,977,450 ) (2,130,176 )
Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 952,025 317,778
Bank overdrafts (3,082,201 ) (71,690 )
(2,130,176 ) 246,088


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/10/23 Cash flow At 30/9/24
£    £    £   
Net cash
Cash at bank and in hand 952,025 (647,786 ) 304,239
Bank overdrafts (3,082,201 ) 800,512 (2,281,689 )
(2,130,176 ) 152,726 (1,977,450 )
Debt
Debts falling due within 1 year (13,260,000 ) 6,000,000 (7,260,000 )
Debts falling due after 1 year (1,957,425 ) 260,000 (1,697,425 )
(15,217,425 ) 6,260,000 (8,957,425 )
Total (17,347,601 ) 6,412,726 (10,934,875 )

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 30 September 2024

1. STATUTORY INFORMATION

Morrish Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;
- the requirement of paragraph 3.17(d);
- the requirement of paragraph 33.7.

Basis of consolidation
The consolidated financial statements present financial information about the group as a single economic entity through combining the financial statements of the company and all of its subsidiaries as identified in note 12. Intragroup balances and transactions are eliminated in full.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenue and expenses during the year. However the nature of estimation means the actual outcomes could differ from those involving estimates. The group constantly re-evaluates these significant factors and makes adjustments where facts and circumstances dictate.

The directors have made the following judgements and estimates deemed applicable to the financial statements:

Construction contracts
When the outcome of a construction contract can be estimated reliably, contract revenue and costs associated with the construction contract are recognised by reference to the stage of completion of the contract activity at the reporting date.

Outcomes of construction contracts are estimated using internally generated detailed costings. The stage of completion is measured using surveys of the work performed, undertaken by third party quantity surveyors.

Investment property valuation
Investment properties are valued annually based on their fair value, being the directors' estimate of the amounts for which the properties could be exchanged between knowledgeable, willing parties in an arm's length transaction.

Site infrastructure costs
Costs incurred relating to the construction of development infrastructure such as road, drainage and services are held in work-in-progress and expensed on an average basis across the residential plots on each development.

Future site-infrastructure costs in respect to sold plots are estimated using internally generated detailed costings, and presented within creditors.

Turnover
Turnover is recognised when economic benefits flow to the company and the turnover can be reliably measured. Turnover from property sales is recognised on completion and measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes.

When the outcome of a construction contract can be estimated reliably, revenue associated with the construction contract is recognised by reference to the stage of completion of the contract activity at the reporting date.

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - 20% on cost
Computer equipment - at varying rates on cost

Investment property
Investment properties are revalued annually based on their fair value. Changes to fair value go through the income statement. Gains are not realised and as such are not subject to current tax and are regarded as non-distributable. Depreciation is not provided.

Stocks and construction contracts
Stocks and work in progress are valued at the lower of cost and net realisable value. Costs comprise direct materials and, where applicable, direct labour and those overheads that have been incurred in bringing the inventories to their present location and condition.

When the outcome of a construction contract can be estimated reliably, contract revenue and costs associated with the construction contract are recognised by reference to the stage of completion of the contract activity at the reporting date. When it is probable that total contract costs will exceed total contract revenue on a construction contract, the expected loss is recognised as an expense immediately.

Recorded turnover in excess of payments on account are classified as amounts recoverable on contracts and are separately disclosed within debtors. The balance of payments on account are classified as payments on account and separately disclosed within creditors.

The stage of completion of a construction contract is measured using surveys of the work performed.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
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.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured as amortised cost using the effective interest rate method, less impairment.

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of properties (external) 28,294,893 21,984,609
Sale of properties (internal) 738,756 -
Construction contracts 4,637,574 3,850,553
Net rental income 729,605 774,713
Sundry income 13,449 22,851
34,414,277 26,632,726

4. EMPLOYEES AND DIRECTORS

2024 2023
£ £

Wages and salaries 3,436,230 3,358,441
Social security costs 435,314 448,366
Pension costs 107,352 108,334
3,978,896 3,915,141


The average monthly number of employees during the year was as follows:
2024 2023

Administration 47 52
Production 20 20
67 72

2024 2023
£    £   
Directors' remuneration 764,707 519,674

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 166,110 153,750

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 78,477 91,039
(Profit)/loss on disposal of fixed assets (1,583 ) 62
Auditors' remuneration 23,175 22,500

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Loss/(gain) on foreign exchange 249 (7,087 )
Gain on sale of investment property - 388,769
249 381,682

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 1,451,746 1,065,574

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 469,753 402,659
UK corporation tax group tax losses utilised (18,160 ) (5,412 )
UK corporation tax in respect of previous periods 4,005 -
Total current tax 455,598 397,247

Deferred tax 89,225 (117,995 )
Tax on profit 544,823 279,252

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,143,623 1,794,525
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
22.008 %)

535,906

394,939

Effects of:
Expenses not deductible for tax purposes 4,912 653
Capital allowances in excess of depreciation - (1,452 )
Utilisation of tax losses - (4,242 )
Adjustments to tax charge in respect of previous periods 4,005 -
Investment property revaluations and disposals - (109,827 )
Deferred tax rate differential - (819 )
Total tax charge 544,823 279,252

UK corporation tax has been charged at 25% (2023 - 22%). Deferred tax has been charged at 25% (2023 - 25%).

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 302,220 362,664

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 311,003 161,888 287,474 125,084 885,449
Additions 5,691 720 - 25,141 31,552
Disposals (3,108 ) (34,332 ) (54,139 ) (2,558 ) (94,137 )
Exchange differences (377 ) - - - (377 )
At 30 September 2024 313,209 128,276 233,335 147,667 822,487
DEPRECIATION
At 1 October 2023 254,307 145,649 228,167 92,830 720,953
Charge for year 19,820 4,735 31,743 22,179 78,477
Eliminated on disposal (3,102 ) (34,322 ) (46,674 ) (2,544 ) (86,642 )
Exchange differences (377 ) - - - (377 )
At 30 September 2024 270,648 116,062 213,236 112,465 712,411
NET BOOK VALUE
At 30 September 2024 42,561 12,214 20,099 35,202 110,076
At 30 September 2023 56,696 16,239 59,307 32,254 164,496

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 2,016,804
NET BOOK VALUE
At 30 September 2024 2,016,804
At 30 September 2023 2,016,804


The following were the subsidiary undertakings of the company at the year end:

Country of Class of
Subsidiary undertaking Incorporation Shares % Holding Nature of business

Morrish Builders (Poole) Limited England and Wales Ordinary 100 Holding company
Morrish Homes * England and Wales Ordinary 100 Property developers
Projecte Taronja S.L. Spain Ordinary 100 Property developers

* held indirectly

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 October 2023 10,327,024
Additions 738,756
Revaluations 397,214
At 30 September 2024 11,462,994
NET BOOK VALUE
At 30 September 2024 11,462,994
At 30 September 2023 10,327,024

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2024 11,462,994

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 6,536,723 5,797,967

Company
Total
£   
FAIR VALUE
At 1 October 2023 9,789,899
Revaluations 393,844
At 30 September 2024 10,183,743
NET BOOK VALUE
At 30 September 2024 10,183,743
At 30 September 2023 9,789,899

Investment properties were valued at 30 September 2024 by the directors. The fair value of the investment properties has primarily been determined using a market approach, which has provided an indication of value by comparing the subject asset with similar assets for which price information is available, including recent valuations by professionally qualified external valuers on similar properties owned by the group. Other factors were also considered when deriving fair value, these include, but are not limited to, rental yields and lease terms.

14. STOCKS

Group
2024 2023
£    £   
Stock of land 11,083,280 13,408,823
Work-in-progress 30,891,323 33,818,904
41,974,603 47,227,727

Stock of land and work-in-progress recognised in cost of sales during the year as an expense amounted to £27,544,140 (2023 - £20,924,643).

Stock totalling £41,996,498 (2023 - £47,141,755) has been pledged as security by way of fixed and floating charges.

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 674,757 574,211 199,483 207,229
Amounts owed by group undertakings - - 25,156,328 23,937,458
Amounts recoverable on contracts - 2,167,915 - -
Other debtors 706 2,797 - -
Called up share capital 2 2 - -
Value added tax 317,412 168,257 - -
Prepayments and accrued income 170,441 177,799 3,751 -
1,163,318 3,090,981 25,359,562 24,144,687

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 9,541,689 16,342,201 260,000 260,000
Trade creditors 5,809,974 7,118,186 57,152 41,679
Corporation tax 276,069 190,392 61,765 147,048
Social security and other taxes 133,548 160,818 - -
Value added tax - - 26,197 166,924
Accruals and deferred income 1,357,917 1,180,428 313,891 329,751
17,119,197 24,992,025 719,005 945,402

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 1,697,425 1,957,425 1,697,425 1,957,425

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,281,689 3,082,201 - -
Bank loans 7,260,000 13,260,000 260,000 260,000
9,541,689 16,342,201 260,000 260,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 260,000 260,000 260,000 260,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,437,425 1,697,425 1,437,425 1,697,425

The bank loan creditor represents a five year fixed term bank loan and revolving credit facility, both with a market rate of interest linked to the Bank of England base rate.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 220,535 200,218
Between one and five years 234,380 335,983
454,915 536,201

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank overdrafts 2,281,689 3,082,201
Bank loans 8,957,425 15,217,425
11,239,114 18,299,626

Loans are secured by way of various fixed and floating charges over the group's assets including land stock and investment property.

21. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 617,764 528,539 602,058 503,596

Group
Deferred
tax
£   
Balance at 1 October 2023 528,539
Charge to Statement of Comprehensive Income during year 89,225
Balance at 30 September 2024 617,764

Company
Deferred
tax
£   
Balance at 1 October 2023 503,596
Provided during year 98,462
Balance at 30 September 2024 602,058

The company deferred tax provision is in respect to investment property revaluation.

The group deferred tax provision is analysed as follows:

2024 2023

Accelerated capital allowances 12,223 22,302
Investment property revaluation 605,541 506,237
617,764 528,539

MORRISH GROUP LIMITED (REGISTERED NUMBER: 11492659)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,014,800 Ordinary £1 2,014,800 2,014,800

23. RESERVES

Group
Non-distributable
Retained revaluation
earnings reserve Totals
£    £    £   

At 1 October 2023 28,246,643 4,022,821 32,269,464
Profit for the year 1,598,800 1,598,800
Dividends (302,220 ) (302,220 )
Transfer from retained
earnings to non-distributable
revaluation reserve (297,910 ) 297,910 -
At 30 September 2024 29,245,313 4,320,731 33,566,044

Company
Non-distributable
Retained revaluation
earnings reserve Totals
£    £    £   

At 1 October 2023 27,448,575 4,007,718 31,456,293
Profit for the year 1,653,282 1,653,282
Dividends (302,220 ) (302,220 )
Transfer from retained
earnings to non-distributable
revaluation reserve (295,382 ) 295,382 -
At 30 September 2024 28,504,255 4,303,100 32,807,355

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

The non-distributable revaluation reserve represents the cumulate effect of revaluations of investment property, to assist with the identification of profits available for distribution.

24. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Sales - 310,000

Other related parties
2024 2023
£    £   
Management fees received 13,739 13,554
Rent paid 69,310 52,381