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Registration number: 14144768

Moorland Enterprises (SW) Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2024

 

Moorland Enterprises (SW) Limited

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 6

 

Moorland Enterprises (SW) Limited

(Registration number: 14144768)
Abridged Balance Sheet as at 31 December 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

1,099,876

1,031,014

Other financial assets

5

2,387,286

2,549,844

 

3,487,162

3,580,858

Current assets

 

Stocks

110,000

110,000

Debtors

59,709

204,595

Cash at bank and in hand

 

100,199

274,146

 

269,908

588,741

Creditors: Amounts falling due within one year

(3,655,543)

(4,044,146)

Net current liabilities

 

(3,385,635)

(3,455,405)

Total assets less current liabilities

 

101,527

125,453

Provisions for liabilities

-

(21,021)

Net assets

 

101,527

104,432

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

108,942

-

Profit and loss account

(7,515)

104,332

Total equity

 

101,527

104,432

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 June 2025 and signed on its behalf by:
 

Mrs C Proudley
Director

Mr P Proudley
Director

 
     
 

Moorland Enterprises (SW) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales (registered number 14144768).

The address of its registered office is:
South Down Barn
East Coker
Yeovil
Somerset
BA22 9JF

These financial statements were authorised for issue by the Board on 4 June 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. Of the Company's liabilities at 31 December 2024, £3,461,913 is owed to the directors, who have agreed to continue to support the Company, and not to demand repayment of this amount for at least one year after the date of the approval of these accounts, to the extent that any such repayment would jeopordise the future of the Company.

 

Moorland Enterprises (SW) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Prior period errors

In accordance with FRS 102 Section 1A, the company has made a prior year adjustment to its financial statements for the year ended 31 December 2024. The adjustment is due to the incorrect valuation of Other financial assets within the accounts in the prior year.

The nature of the prior year adjustment is as follows:

1. Other financial assets: the value of Other financial assets has been increased to reflect the cost of investments in the period. This has resulted in an increase in the Fixed assets held within the company.
2. Cash at bank in hand has been increased to reflect the value of cash held on account which had previosuly been recognised within Other financial assets. This has resulted in an increase in the cash at bank and in hand within the company.
3. Other creditors: An adjustment has been made to the directors loan account where the funds were originally introduced to purchase these investments. This has resulted in an increased liability in the financial statements.
4. Retained Earnings: As a result of the adjustments to the Other financial assets, retained earnings have been restated. This restatement reflects the correction of prior period errors and ensures the financial statements present a true and fair view.

The effect of the prior year adjustment is reflected in the restated comparative figures, as follows:

 

As previously stated
£

Adjustments
£

Restated figures to 31 December 2023
£

Other financial assets

2,399,802

150,042

2,549,844

Cash at bank and in hand

68,852

205,294

274,146

Other creditors

3,460,247

(350,199)

3,810,446

Retained Earnings

99,195

(5,137)

104,332

    


The adjustments were made to ensure compliance with FRS 102 Section 1a and to provide a more accurate representation of the company's financial position in the prior year.

The comparative figures for the prior year are presented in accordance with the adjustments described above, and no other changes to the company's accounting policies or financial statements for the current year have been made.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Moorland Enterprises (SW) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

Reducing Balance 25%

Investments

Current investments are measured at fair value through profit or loss. Changes in fair value are recognised in the profit and loss account in the period in which they arise. Fair value is determined by reference to quoted market prices or other reliable valuation methods.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cost comprises purchase cost and directly attributable expenses incurred in bringing the stock to its present condition and location.At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Moorland Enterprises (SW) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Total
£

Cost or valuation

At 1 January 2024

1,082,166

Additions

93,850

At 31 December 2024

1,176,016

Depreciation

At 1 January 2024

51,152

Charge for the year

24,988

At 31 December 2024

76,140

Carrying amount

At 31 December 2024

1,099,876

At 31 December 2023

1,031,014

Included within the net book value of land and buildings above is £1,024,910 (2023 - £931,060) in respect of freehold land and buildings.
 

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2024

2,549,844

2,549,844

Fair value adjustments

108,942

108,942

Disposals

(271,500)

(271,500)

At 31 December 2024

2,387,286

2,387,286

Carrying amount

At 31 December 2024

2,387,286

2,387,286

6

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

108,942

108,942

 

Moorland Enterprises (SW) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

7

Related party transactions

Summary of transactions with other related parties

Included within other debtors is a loan from Moorland Enterprises (SW) Limited of £5,000 (2023: £Nil) to TJP enterprises Ltd (15757260) , a company owned under common control. No interest has been charged on the balance and the total amount is repayable on demand.