Morley Property Limited 12890441 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is that of investment property and rental. Digita Accounts Production Advanced 6.30.9574.0 true true 12890441 2023-10-01 2024-09-30 12890441 2024-09-30 12890441 core:OtherReservesSubtotal 2024-09-30 12890441 core:RetainedEarningsAccumulatedLosses 2024-09-30 12890441 core:ShareCapital 2024-09-30 12890441 core:CurrentFinancialInstruments 2024-09-30 12890441 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 12890441 core:Non-currentFinancialInstruments 2024-09-30 12890441 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 12890441 core:FurnitureFittingsToolsEquipment 2024-09-30 12890441 core:LandBuildings 2024-09-30 12890441 bus:SmallEntities 2023-10-01 2024-09-30 12890441 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 12890441 bus:FilletedAccounts 2023-10-01 2024-09-30 12890441 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 12890441 bus:RegisteredOffice 2023-10-01 2024-09-30 12890441 bus:Director1 2023-10-01 2024-09-30 12890441 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 12890441 core:FurnitureFittings 2023-10-01 2024-09-30 12890441 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 12890441 core:LandBuildings 2023-10-01 2024-09-30 12890441 countries:EnglandWales 2023-10-01 2024-09-30 12890441 2023-09-30 12890441 core:FurnitureFittingsToolsEquipment 2023-09-30 12890441 core:LandBuildings 2023-09-30 12890441 2022-10-01 2023-09-30 12890441 2023-09-30 12890441 core:OtherReservesSubtotal 2023-09-30 12890441 core:RetainedEarningsAccumulatedLosses 2023-09-30 12890441 core:ShareCapital 2023-09-30 12890441 core:CurrentFinancialInstruments 2023-09-30 12890441 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 12890441 core:Non-currentFinancialInstruments 2023-09-30 12890441 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 12890441 core:FurnitureFittingsToolsEquipment 2023-09-30 12890441 core:LandBuildings 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 12890441

Morley Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Morley Property Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Morley Property Limited

Company Information

Director

A I Morley

Registered office

Cottlass Farm
Modbury
Ivybridge
Devon
PL21 0TF

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Morley Property Limited

(Registration number: 12890441)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,130,356

1,132,537

Current assets

 

Debtors

5

333

350

Cash at bank and in hand

 

1,439

2,990

 

1,772

3,340

Creditors: Amounts falling due within one year

6

(262,141)

(273,390)

Net current liabilities

 

(260,369)

(270,050)

Total assets less current liabilities

 

869,987

862,487

Creditors: Amounts falling due after more than one year

6

(817,932)

(817,932)

Provisions for liabilities

(7,994)

(7,994)

Net assets

 

44,061

36,561

Capital and reserves

 

Called up share capital

10

10

Other reserve

81,000

81,000

Retained earnings

(36,949)

(44,449)

Shareholders' funds

 

44,061

36,561

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 June 2025
 

 

Morley Property Limited

(Registration number: 12890441)
Balance Sheet as at 30 September 2024

.........................................
A I Morley
Director

 

Morley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Cottlass Farm
Modbury
Ivybridge
Devon
PL21 0TF
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

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 that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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 income 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.

 

Morley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred income 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 balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Fixtures and fittings

20%

Investment property

No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case
it is recognised in the profit and loss account for the year.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Morley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Morley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Investment property
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

1,125,000

10,904

1,135,904

At 30 September 2024

1,125,000

10,904

1,135,904

Depreciation

At 1 October 2023

-

3,367

3,367

Charge for the year

-

2,181

2,181

At 30 September 2024

-

5,548

5,548

Carrying amount

At 30 September 2024

1,125,000

5,356

1,130,356

At 30 September 2023

1,125,000

7,537

1,132,537

Valuation

The fair value of the company's investment property was valued on an open market basis by the directors on 30 September 2024. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,025,000 (2023 - £1,025,000).

5

Debtors

2024
£

2023
£

Prepayments and accrued income

333

350

Total current trade and other debtors

333

350

 

Morley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Creditors

2024
£

2023
£

Due within one year

Other creditors

258,205

255,900

Accrued expenses

2,550

1,250

Deferred income

1,386

16,240

262,141

273,390

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

817,932

817,932

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

817,932

817,932