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REGISTERED NUMBER: 08329983 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MORETONS INVESTMENTS LIMITED

MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MORETONS INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: M Blencowe
Mrs S Blencowe





REGISTERED OFFICE: 30-31 North Street
Brighton
East Sussex
BN1 1EB





REGISTERED NUMBER: 08329983 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
15 West Street
Brighton
East Sussex
BN1 2RL

MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,403,199 2,430,721
Investments 5 145,786,567 124,675,467
148,189,766 127,106,188

CURRENT ASSETS
Debtors 6 6,085,784 2,806,156
Cash at bank and in hand 459,000 732,153
6,544,784 3,538,309
CREDITORS
Amounts falling due within one year 7 (3,934,351 ) (6,421,877 )
NET CURRENT ASSETS/(LIABILITIES) 2,610,433 (2,883,568 )
TOTAL ASSETS LESS CURRENT LIABILITIES 150,800,199 124,222,620

CREDITORS
Amounts falling due after more than one year 8 (93,073,728 ) (74,046,990 )

PROVISIONS FOR LIABILITIES 11 (11,141,128 ) (8,792,905 )
NET ASSETS 46,585,343 41,382,725

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 36,205,044 31,846,269
Fair value reserve - 305,191
Retained earnings 10,380,199 9,231,165
46,585,343 41,382,725

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





M Blencowe - Director


MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Moretons Investments 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 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors have carefully considered the company's financial position, liquidity and future performance. As set out in the strategic report, the company has continued to trade strongly the directors believe that it is experiencing good levels of sales growth and profitability. Therefore, the directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Sources of estimation uncertainty
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.


Valuation of land and buildings
As described in note 6 to the financial statements, land and buildings are stated at fair value based on the valuation performed by an independent professional valuers, who are all Chartered Surveyors with recent experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover comprises revenue recognised by the company in respect of rental income and service charges receivable during the year. Amounts are accrued and prepared as appropriate to recognise the period for which the revenue relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate.


MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Fixed asset investments
Investments other than those in group undertakings and participating interest ("Other investments") are classified as financial instruments and accounted for in accordance with the accounting policy at fair value through profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2024 2,370,833 86,677 42,300 41,531 2,541,341
Additions - 3,621 - - 3,621
Disposals - - (9,150 ) - (9,150 )
At 31 December 2024 2,370,833 90,298 33,150 41,531 2,535,812
DEPRECIATION
At 1 January 2024 - 64,938 22,682 23,000 110,620
Charge for year - 9,289 8,288 11,242 28,819
Eliminated on disposal - - (6,826 ) - (6,826 )
At 31 December 2024 - 74,227 24,144 34,242 132,613
NET BOOK VALUE
At 31 December 2024 2,370,833 16,071 9,006 7,289 2,403,199
At 31 December 2023 2,370,833 21,739 19,618 18,531 2,430,721

The Company's total freehold property portfolio was measured using the revaluation model, and valued by the Company directors' on the basis of open market value, by reference to recent market evidence of transactions for similar properties, in accordance with the Appraisal and Valuation Standards, sixth edition, published by The Royal Institution of Chartered Surveyors

Cost or valuation at 31 December 2024 is represented by:

Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2023 37,500 - - - 37,500
Cost 2,333,333 90,298 33,150 41,531 2,498,312
2,370,833 90,298 33,150 41,531 2,535,812

MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. FIXED ASSET INVESTMENTS

Total
£
VALUATION
At 1 January 2024 124,675,467
Additions 15,176,409
Disposals (772,408 )
Revaluation 6,706,998
At 31 December 2024 145,786,467
NET BOOK VALUE
At 31 December 2024 145,786,467
At 31 December 2023 124,675,467

The latest revaluation took place at 30 November 2024. The Company valuation of fixed assets of £145,786,467 (2023: £124,675,467) comprises of freehold properties and land with a value of £144,133,167 and Artwork of £1,653,300.

The Company's total investment property portfolio was valued by the Company directors' on the basis of open market value, by reference to recent market evidence of transactions for similar properties, in accordance with the Appraisal and Valuation Standards, sixth edition, published by The Royal Institution of Chartered Surveyors.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 167,851 218,980
Amounts owed by associates 5,025,353 1,864,579
Other debtors 741,068 395,667
Tax 28 28
VAT - 51,889
Accrued income 70,059 -
Prepayments 81,425 275,013
6,085,784 2,806,156

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 260,973 3,696,502
Trade creditors 433,508 335,945
Amounts owed to associates 320,626 251,930
Social security and other taxes 18,317 11,638
VAT 26,625 -
Other creditors 2,042,653 1,574,881
Accrued expenses 831,649 550,981
3,934,351 6,421,877

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 86,012,445 67,509,631
Amounts owed to associates 3,093,199 2,645,029
Directors' loan accounts 3,968,084 3,892,330
93,073,728 74,046,990

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr 84,809,316 64,590,770

MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 260,973 3,696,502

Amounts falling due between one and two years:
Bank loans - 1-2 years 255,140 1,196,502

Amounts falling due between two and five years:
Bank loans - 2-5 years 947,989 1,722,359

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr 84,809,316 64,590,770

The bank loans are secured. Interest is charged at a variable rate between 5-7% per annum. The loans are repayable within 1-5 years of the loan being introduced

10. FINANCIAL INSTRUMENTS

2024
£
Carrying amount of financial assets

Instruments measured at fair value through profit or loss 322,445


The company has entered into four interest rate swaps. The first is a 5 year swap. The nominal amount of £8,569,000 was loaned by Santander from 15 October 2021 and repayments are expected to be made on a quarterly basis. The fixed rate for the 5 year interest swap is 1.258% with a floating rate of 1.6457%. As at the year-end, the market value of the interest swap was £467,242.This balance is in the company's favour.

The second is a 3 year interest rate swap.The nominal amount of £9,878,625 was loaned by Santander from 23 November 2023 and repayments are expected to be made on a quarterly basis. The fixed rate for the 3 year interest swap is 4.709%. As at the year-end, the market value of the interest swap was £88,266 in the banks favour.

The third is a 2 year interest rate swap.The nominal amount of £12,818,813 was loaned by Santander from 14 June 2024 and repayments are expected to be made on a quarterly basis. The fixed rate for the 2 year interest swap is 4.485%. As at the year-end, the market value of the interest swap was £47,460 in the banks favour.

The fourth is a 2 year interest rate swap.The nominal amount of £4,104,000 was loaned by Santander from 04 November 2024 and repayments are expected to be made on a quarterly basis. The fixed rate for the 2 year interest swap is 4.381%. As at the year-end, the market value of the interest swap was £9,071 in the banks favour.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 11,141,128 8,792,905

Deferred
tax
£   
Balance at 1 January 2024 8,792,905
Provided during year 2,348,223
Balance at 31 December 2024 11,141,128

MORETONS INVESTMENTS LIMITED (REGISTERED NUMBER: 08329983)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, M Blencowe & Mrs S Blencowe increased their loan to the company. As at 31 December 2024, the company owed them £3,968,084 (2023: £3,892,330). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable over one year.

13. RELATED PARTY DISCLOSURES

During the year, several related parties were identified. This has resulted in Moretons Investments Limited being owed and owing money to its related parties.

The following balances arose from transactions with the related parties during the year:

Moretons Investments Limited being owed £5,025,354. (2023: £1,864,579).

Moretons Investments Limited owes £3,413,825 (2023: £2,896,958)

All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M Blencowe.

This was by virtue of his 100% holding of the issued share capital.