| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period 30 July 2023 to 28 July 2024 |
| for |
| Morwood Property Solutions Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period 30 July 2023 to 28 July 2024 |
| for |
| Morwood Property Solutions Ltd |
| Morwood Property Solutions Ltd (Registered number: 10852540) |
| Contents of the Financial Statements |
| for the Period 30 July 2023 to 28 July 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Morwood Property Solutions Ltd |
| Company Information |
| for the Period 30 July 2023 to 28 July 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Charter House, Wyvern Court |
| Stanier Way |
| Derby |
| DE21 6BF |
| Morwood Property Solutions Ltd (Registered number: 10852540) |
| Statement of Financial Position |
| 28 July 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| ACCRUALS AND DEFERRED INCOME | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 10 |
| Retained earnings | ( |
) | ( |
) |
| 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. |
| Morwood Property Solutions Ltd (Registered number: 10852540) |
| Statement of Financial Position - continued |
| 28 July 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Morwood Property Solutions Ltd (Registered number: 10852540) |
| Notes to the Financial Statements |
| for the Period 30 July 2023 to 28 July 2024 |
| 1. | STATUTORY INFORMATION |
| Morwood Property Solutions Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reports. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| (a) Critical accounting estimates and assumptions |
| The company makes estimates and assumptions concerning the future. The resulting accounting |
| estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
| (i) Useful economic lives of tangible assets |
| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful |
| economic lives and residual values of the assets. The useful economic lives and residual values are re assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See tangible assets note for the carrying amount of the assets and the accounting policy for the useful economic lives for each class of 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. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
| An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in other comprehensive income to the extent of any previously recognised revaluation increases accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Morwood Property Solutions Ltd (Registered number: 10852540) |
| Notes to the Financial Statements - continued |
| for the Period 30 July 2023 to 28 July 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the entity becomes a party to the |
| contractual provisions of the instrument. |
| Basic financial instruments are initially recognised at the transaction price, unless the arrangement |
| constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
| For all equity instruments regardless of significance, and other financial assets that are individually |
| significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
| Taxation |
| Taxation for the period 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Valuation of investment property |
| As described in the notes to the financial statements, the investment properties are stated in the balance sheet at fair value, based on the valuation performed by the director. The director is of the opinion that the year-end valuation is not materially different to current market prices observed. |
| Investment properties have been recognised at fair value by the director and they are of the opinion that there has been no material change since 31st July 2024 |
| Impairment of fixed assets |
| A review for indicators of impairment is carried out at each reporting date, with recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
| For the purpose of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash- generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or group of assets. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| Morwood Property Solutions Ltd (Registered number: 10852540) |
| Notes to the Financial Statements - continued |
| for the Period 30 July 2023 to 28 July 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 30 July 2023 |
| Additions |
| At 28 July 2024 |
| DEPRECIATION |
| At 30 July 2023 |
| Charge for period |
| At 28 July 2024 |
| NET BOOK VALUE |
| At 28 July 2024 |
| At 29 July 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 30 July 2023 |
| and 28 July 2024 |
| NET BOOK VALUE |
| At 28 July 2024 |
| At 29 July 2023 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 30 July 2023 |
| Additions |
| Revaluations | 84,625 |
| At 28 July 2024 |
| NET BOOK VALUE |
| At 28 July 2024 |
| At 29 July 2023 |
| Fair value at 28 July 2024 is represented by: |
| £ |
| Valuation in 2020 | 14,993 |
| Valuation in 2021 | 437,279 |
| Valuation in 2022 | (26,124 | ) |
| Valuation in 2024 | 84,625 |
| Cost | 1,419,227 |
| 1,930,000 |
| Morwood Property Solutions Ltd (Registered number: 10852540) |
| Notes to the Financial Statements - continued |
| for the Period 30 July 2023 to 28 July 2024 |
| 6. | INVESTMENT PROPERTY - continued |
| If investment property had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 1,419,227 | 1,453,852 |
| Aggregate depreciation | (71,000 | ) | (53,900 | ) |
| Investment property was valued on an open market basis on 29 July 2024 by the Directors . |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 1,424,495 | 1,305,505 |
| 10. | RESERVES |
| Fair |
| value |
| reserve |
| £ |
| At 30 July 2023 |
| Transfer | 78,930 |
| At 28 July 2024 |