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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

MORRISH HOMES

MORRISH HOMES (REGISTERED NUMBER: 01633471)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


MORRISH HOMES

COMPANY INFORMATION
For The Year Ended 30 September 2024







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





SECRETARY: S O Clarke





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





REGISTERED NUMBER: 01633471 (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 HOMES (REGISTERED NUMBER: 01633471)

STRATEGIC REPORT
For The Year Ended 30 September 2024

The directors present their strategic report 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 33,763,170 25,989,660 30,811,785 36,340,357
Profit on ordinary activities before taxation 1,518,959 1,113,068 2,387,317 1,469,524

% % % %
Turnover growth 29.91 (15.65) (15.21) 17.15
Gross profit margin 18.57 19.30 19,.97 13.08

The company 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 company 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 company 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 company's funders is strong and sufficient facilities are in place to support its current and future development programme.

The company 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 company's ability to bring current and future developments to the market in an orderly fashion.

ON BEHALF OF THE BOARD:





E J C Rapson - Director


7 March 2025

MORRISH HOMES (REGISTERED NUMBER: 01633471)

REPORT OF THE DIRECTORS
For The Year Ended 30 September 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of property developer and homebuilder.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £1,138,368.

FUTURE DEVELOPMENTS
The company continues to develop its land bank but inevitably planning delays have restricted the delivery of homes to the market. The company 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
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 company'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 company's working capital requirements and to finance company 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 company's required financing via its banking facilities. The company 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 company to meet these amounts as they fall due.

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

ENVIRONMENTAL ISSUES
The company's policy on environmental issues is to assess 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 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

MORRISH HOMES (REGISTERED NUMBER: 01633471)

REPORT OF THE DIRECTORS
For The Year Ended 30 September 2024


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 HOMES

Opinion
We have audited the financial statements of Morrish Homes (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 30 September 2024 and of its 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 company 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MORRISH HOMES


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 company 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 company's ability to operate, or to avoid material penalty. These included the requirements of the various Health and Safety Regulations.

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 company's internal control environment and their policies and procedures on fraud risk. The company'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 HOMES (REGISTERED NUMBER: 01633471)

STATEMENT OF COMPREHENSIVE INCOME
For The Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 3 33,763,170 25,989,660

Cost of sales (27,493,505 ) (20,974,233 )
GROSS PROFIT 6,269,665 5,015,427

Administrative expenses (3,487,004 ) (3,051,396 )
OPERATING PROFIT 5 2,782,661 1,964,031

Revaluation of investment properties 6 3,370 -
2,786,031 1,964,031

Interest payable and similar expenses 7 (1,267,072 ) (850,963 )
PROFIT BEFORE TAXATION 1,518,959 1,113,068

Tax on profit 8 (380,591 ) (243,340 )
PROFIT FOR THE FINANCIAL YEAR 1,138,368 869,728

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,138,368

869,728

MORRISH HOMES (REGISTERED NUMBER: 01633471)

BALANCE SHEET
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 110,077 164,497
Investment property 11 1,279,251 537,125
1,389,328 701,622

CURRENT ASSETS
Stocks 12 41,996,498 47,141,755
Debtors 13 974,400 3,035,414
Cash at bank and in hand 18,758 13,408
42,989,656 50,190,577
CREDITORS
Amounts falling due within one year 14 41,440,743 47,944,721
NET CURRENT ASSETS 1,548,913 2,245,856
TOTAL ASSETS LESS CURRENT LIABILITIES 2,938,241 2,947,478

PROVISIONS FOR LIABILITIES 18 15,706 24,943
NET ASSETS 2,922,535 2,922,535

CAPITAL AND RESERVES
Called up share capital 19 2,014,798 2,014,798
Non-distributable revaluation reserve 20 17,630 15,102
Retained earnings 20 890,107 892,635
SHAREHOLDERS' FUNDS 2,922,535 2,922,535

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 HOMES (REGISTERED NUMBER: 01633471)

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 2,014,798 2,390,628 17,109 4,422,535

Changes in equity
Dividends - (2,369,728 ) - (2,369,728 )
Total comprehensive income - 871,735 (2,007 ) 869,728
Balance at 30 September 2023 2,014,798 892,635 15,102 2,922,535

Changes in equity
Dividends - (1,138,368 ) - (1,138,368 )
Total comprehensive income - 1,135,840 2,528 1,138,368
Balance at 30 September 2024 2,014,798 890,107 17,630 2,922,535

MORRISH HOMES (REGISTERED NUMBER: 01633471)

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

1. STATUTORY INFORMATION

Morrish Homes is a private, unlimited company with share capital, registered in England and Wales. The company's registered number and registered office address can be found on the Company 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 exemptions 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.

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.

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 company 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.

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.

MORRISH HOMES (REGISTERED NUMBER: 01633471)

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

2. ACCOUNTING POLICIES - continued

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 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company'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.

3. TURNOVER

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

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

2024 2023
£    £   
Sale of properties (external) 28,257,850 21,974,200
Sale of properties (internal) 738,756 -
Construction contracts 4,637,574 3,850,553
Net rental income 55,573 82,472
Sundry income 73,417 82,435
33,763,170 25,989,660

MORRISH HOMES (REGISTERED NUMBER: 01633471)

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

4. EMPLOYEES AND DIRECTORS

20242023
££

Wages and salaries3,433,5983,352,973
Social security costs435,314446,813
Pension costs107,352108,334
3,976,2653,908,120


The average monthly number of employees during the year was as follows:
20242023

Administration4651
Production2020
6671

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 78,476 91,011
(Profit)/loss on disposal of fixed assets (1,583 ) 50
Auditors' remuneration 23,175 22,500

6. REVALUATION OF INVESTMENT PROPERTIES
2024 2023
£    £   
Investment property revaluation (3,370 ) -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest and charges 1,267,072 850,963

MORRISH HOMES (REGISTERED NUMBER: 01633471)

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

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 389,828 250,199

Deferred tax (9,237 ) (6,859 )
Tax on profit 380,591 243,340

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 1,518,959 1,113,068
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
22.008%)

379,740

244,964

Effects of:
Expenses not deductible for tax purposes 851 653
Capital allowances in excess of depreciation - (1,458 )
Deferred tax rate differential - (819 )
Total tax charge 380,591 243,340

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

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 1,138,368 869,728
Interim - 1,500,000
1,138,368 2,369,728

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 301,838 161,888 287,474 125,085 876,285
Additions 5,690 720 - 25,141 31,551
Disposals (3,108 ) (34,332 ) (54,139 ) (2,558 ) (94,137 )
At 30 September 2024 304,420 128,276 233,335 147,668 813,699
DEPRECIATION
At 1 October 2023 245,142 145,649 228,167 92,830 711,788
Charge for year 19,819 4,735 31,743 22,179 78,476
Eliminated on disposal (3,102 ) (34,322 ) (46,674 ) (2,544 ) (86,642 )
At 30 September 2024 261,859 116,062 213,236 112,465 703,622
NET BOOK VALUE
At 30 September 2024 42,561 12,214 20,099 35,203 110,077
At 30 September 2023 56,696 16,239 59,307 32,255 164,497

MORRISH HOMES (REGISTERED NUMBER: 01633471)

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

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 537,125
Additions 738,756
Revaluations 3,370
At 30 September 2024 1,279,251
NET BOOK VALUE
At 30 September 2024 1,279,251
At 30 September 2023 537,125

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2024 1,279,251

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,258,138 519,382

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.

12. STOCKS
2024 2023
£    £   
Stock of land 11,105,175 13,322,851
Work-in-progress 30,891,323 33,818,904
41,996,498 47,141,755

Stock of land and work-in-progress recognised in cost of sales during the year as an expense amounted to £27,493,505 (2023 - £20,974,233).

All stock has been pledged as security by way of fixed and floating charges.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 464,101 354,519
Amounts recoverable on contracts - 2,167,915
Value added tax 343,609 335,181
Prepayments and accrued income 166,690 177,799
974,400 3,035,414

MORRISH HOMES (REGISTERED NUMBER: 01633471)

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

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 9,281,689 16,082,201
Trade creditors 5,752,819 7,076,506
Amounts owed to group undertakings 25,014,439 23,736,071
Corporation tax 214,304 43,344
Social security and other taxes 133,486 160,167
Accruals and deferred income 1,044,006 846,432
41,440,743 47,944,721

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,281,689 3,082,201
Bank loans 7,000,000 13,000,000
9,281,689 16,082,201

The bank loan creditor represents a revolving credit facility with a market rate of interest linked to the Bank of England base rate.

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 220,535 200,218
Between one and five years 234,380 335,983
454,915 536,201

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 2,281,689 3,082,201
Bank loans 7,000,000 13,000,000
Owed to group undertakings 25,014,439 23,736,071
34,296,128 39,818,272

All of the above debts are secured by way of fixed and floating charges over all property or undertaking of the company.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 15,706 24,943

Deferred
tax
£   
Balance at 1 October 2023 24,943
Credit to Statement of Comprehensive Income during year (9,237 )
Balance at 30 September 2024 15,706

MORRISH HOMES (REGISTERED NUMBER: 01633471)

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

18. PROVISIONS FOR LIABILITIES - continued

The deferred tax provision is analysed as follows:

20242023

Accelerated capital allowances12,22322,302
Investment property revaluation3,4832,641
15,70624,943


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,014,798 Ordinary £1 2,014,798 2,014,798

20. RESERVES
Non-distributable
Retained revaluation
earnings reserve Totals
£    £    £   

At 1 October 2023 892,635 15,102 907,737
Profit for the year 1,138,368 1,138,368
Dividends (1,138,368 ) (1,138,368 )
Transfer from retained earnings to
non-distributable revaluation reserve

(2,528

)

2,528

-

At 30 September 2024 890,107 17,630 907,737

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.

21. ULTIMATE PARENT COMPANY

Morrish Group Limited is both the company's ultimate parent company and the parent undertaking of the group for which consolidated financial statements are prepared. These financial statements, along with registered office details, are available at Companies House.

22. 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