Company registration number 01076494 (England and Wales)
MOORGATE ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
MOORGATE ESTATES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
MOORGATE ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment properties
3
13,425,000
14,900,000
Current assets
Trade and other receivables
4
162,085
18,959
Cash and cash equivalents
907,669
1,043,721
1,069,754
1,062,680
Current liabilities
5
(406,172)
(445,264)
Net current assets
663,582
617,416
Total assets less current liabilities
14,088,582
15,517,416
Non-current liabilities
6
(4,600,000)
(6,000,000)
Provisions for liabilities
7
(1,522,997)
(1,522,997)
Net assets
7,965,585
7,994,419
Equity
Called up share capital
8
10,000
10,000
Capital redemption reserve
4,801
4,801
Non-distributable retained earnings
9
7,455,863
7,339,892
Distributable retained earnings
494,921
639,726
Total equity
7,965,585
7,994,419
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 June 2025 and are signed on its behalf by:
Mr B C Reed
Director
Company Registration No. 01076494
MOORGATE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information
Moorgate Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15a High Street, Westerham, Kent, TN16 1RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true
1.3
Revenue
Revenue represents rents receivable net of Value Added Tax.
Revenue arises from income received under operating lease agreements through the letting of investment properties.
Revenue arising from residential letting receipts are recognised net of letting agent fees and any direct property related costs.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
MOORGATE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.6
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 statement of financial position 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, when 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.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
All called up share capital is allotted and fully paid.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2024 - 2)
MOORGATE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
3
Investment property
2025
£
Fair value
At 1 April 2024
14,900,000
Disposals
(1,475,000)
At 31 March 2025
13,425,000
Investment properties comprise a number of commercial units together with, in certain cases, ancillary self-contained residential.
The properties are valued annually by a Chartered Surveyor Director supported by irregular independent external professional valuations prepared as and when required for bank finance purposes.
The most recent independent valuation performed by an external professional was conducted during November 2021.
The directors have considered the findings of the third party valuation, rental yields and recent open market transactions on values in the locations where their holdings are situated and are satisfied that the figures adopted in the accounts reasonably reflect the value of the company's assets as at 31 March 2025.
It is noted that during the year approximately 100% (2024: 100%) of rents due were collected.
4
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
25,210
4,584
Other receivables
136,875
14,375
162,085
18,959
5
Current liabilities
2025
2024
£
£
Taxation and social security
72,966
78,200
Other payables
333,206
367,064
406,172
445,264
6
Non-current liabilities
2025
2024
£
£
Bank loans and overdrafts
4,600,000
6,000,000
MOORGATE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Non-current liabilities
(Continued)
- 5 -
Bank loans are secured by fixed charges over the investment properties owned by the company. It is an interest only agreement on a floating rate basis (with a minimum interest of 2.25%).
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2025
2024
Balances:
£
£
Deferred tax on fair value adjustments
1,522,997
1,522,997
There were no deferred tax movements in the year.
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
9
Non-distributable retained earnings
2025
2024
£
£
At the beginning of the year
7,339,892
7,377,392
Non-distributable movements in the year
115,971
(37,500)
At the end of the year
7,455,863
7,339,892
The non-distributable retained earnings reserve shows separately the fair value gains, net of any deferred tax, arising on the investment properties, which have passed through profit or loss in the income statement.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
MOORGATE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Audit report information
(Continued)
- 6 -
Senior Statutory Auditor:
Peter Reading FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
18 June 2025
Sumer Audit is the trading name of Sumer Auditco Limited
11
Events after the reporting date
On 28 April 2025 the company purchased an additional investment property for £1,300,000.