| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Mortland Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Mortland Limited |
| Mortland Limited (Registered number: 03769820) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| Mortland Limited (Registered number: 03769820) |
| Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| Fixed assets |
| Investment property | 4 |
| Current assets |
| Debtors | 5 |
| Cash at bank |
| Creditors: amounts falling due within one year |
6 |
| Net current assets |
| Total assets less current liabilities |
| Creditors: amounts falling due after more than one year |
7 |
( |
) |
| Provisions for liabilities | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 9 |
| Share premium |
| Capital redemption reserve |
| Fair value reserve |
| Retained earnings |
| Shareholders' funds |
| Mortland Limited (Registered number: 03769820) |
| Balance Sheet - continued |
| 31 August 2024 |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Mortland Limited (Registered number: 03769820) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | Statutory information |
| Mortland Limited is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Rental income |
| Rental income is measured at the consideration received or receivable and represents amounts receivable for rental income. |
| Investment property |
| The investment property is initially recorded at cost and subsequently at fair value at the balance sheet date. Any movement in the fair value is recognised in the profit and loss account. |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
| Mortland Limited (Registered number: 03769820) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | Accounting policies - continued |
| 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. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Investment property |
| Total |
| £ |
| Fair value |
| At 1 September 2023 |
| Revaluations | 1,370,000 |
| At 31 August 2024 |
| Net book value |
| At 31 August 2024 |
| At 31 August 2023 |
| The investment properties have been valued at fair value by the directors of the company. The fair value is the market value, subject to and with the benefit of the existing leases. |
| 5. | Debtors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| Mortland Limited (Registered number: 03769820) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 6. | Creditors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Taxation and social security |
| Other creditors |
| 7. | Creditors: amounts falling due after more than one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| 8. | Secured debts |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The bank loan and overdraft are secured by a fixed and floating charge over the undertaking and all property and assets, including rental sums. |
| 9. | Called up share capital |
| Allotted and issued: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 631 | 631 |
| 10. | Related party disclosures |
| During the year, the company advanced a director £nil (2023: £900) and he repaid £900 (2023: £nil). At the year end, the director owed the company £nil (2023: £900). The advances were subject to interest at 4.75% above the Bank of England base rate, unsecured and repayable on demand. |