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REGISTERED NUMBER: 03611069 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

MORRELL DEVELOPMENTS LIMITED

MORRELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03611069)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MORRELL DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTOR: L F Morrell





SECRETARY: G A Morrell





REGISTERED OFFICE: 4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU





BUSINESS ADDRESS: Encompass London
338 Garratt Lane
Earlsfield
Sutton
SW18 4EL





REGISTERED NUMBER: 03611069 (England and Wales)





ACCOUNTANTS: Hartley Fowler LLP
Chartered Accountants
4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU

MORRELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03611069)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 97 129
Investment property 5 1,400,000 1,400,000
1,400,097 1,400,129

CURRENT ASSETS
Debtors 6 203,188 199,122
Cash at bank 3,758 10,002
206,946 209,124
CREDITORS
Amounts falling due within one year 7 400,462 402,239
NET CURRENT LIABILITIES (193,516 ) (193,115 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,206,581

1,207,014

CREDITORS
Amounts falling due after more than one
year

8

(529,431

)

(539,332

)

PROVISIONS FOR LIABILITIES 10 (151,431 ) (151,431 )
NET ASSETS 525,719 516,251

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 666,632 666,632
Retained earnings (140,915 ) (150,383 )
SHAREHOLDERS' FUNDS 525,719 516,251

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

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

The director acknowledges his 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.

MORRELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03611069)

BALANCE SHEET - continued
31 AUGUST 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 May 2025 and were signed by:





L F Morrell - Director


MORRELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03611069)

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


1. STATUTORY INFORMATION

Morrell Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is measured at fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
Investment properties are included in the balance sheet at their market value. Any surplus on revaluation is transferred to the investment property revaluation reserve. Any deficit is deducted from the investment property revaluation reserve, except for permanent diminution in value, which is charged to the profit and loss account. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

MORRELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03611069)

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


2. ACCOUNTING POLICIES - continued

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Going concern
Due to the ongoing support of the company's principal shareholders the director believes that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the company will continue in operational existence for the forseeable future.

If the company were unable to continue in operational existence for the forseeable future, adjustments would be necessary to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 2 ).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 September 2023
and 31 August 2024 18,730
DEPRECIATION
At 1 September 2023 18,601
Charge for year 32
At 31 August 2024 18,633
NET BOOK VALUE
At 31 August 2024 97
At 31 August 2023 129

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 1,400,000
NET BOOK VALUE
At 31 August 2024 1,400,000
At 31 August 2023 1,400,000

MORRELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03611069)

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


5. INVESTMENT PROPERTY - continued

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2007 289,000
Valuation in 2011 55,000
Valuation in 2015 (55,000 )
Valuation in 2016 300,000
Valuation in 2017 100,000
Valuation in 2023 129,288
Cost 581,712
1,400,000

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

2024 2023
£    £   
Cost 581,712 581,712

Investment properties were valued on a fair value basis on 31 August 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 95,720 92,000
Other debtors 107,468 107,122
203,188 199,122

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 46,702 37,478
Amounts owed to group undertakings 213,762 215,562
Taxation and social security 2,229 -
Other creditors 137,769 149,199
400,462 402,239

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 529,431 539,332

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 576,133 576,810

Bank loans are secured over certain investment properties.

MORRELL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03611069)

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


10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 151,431 151,431

Deferred
tax
£   
Balance at 1 September 2023 151,431
Balance at 31 August 2024 151,431

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company owed £57,983 (2023: £62,783) to the director. The balance is unsecured, non-interest bearing and has no repayment terms.

12. RELATED PARTY DISCLOSURES

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.

At the balance sheet date, the company was owed £101,065 (2023: £101,065) by the Encompass London Developments Ltd, a company under joint control of L. Morrell. This loan bears no interest and there are no repayment terms.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by The Morrell Group Limited.