REGISTERED NUMBER: SC036767 (Scotland)

Financial Statements for the Year Ended 31 December 2024

for

Morven Holdings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Russell

S Ryan

C Russell

SECRETARY:

J Russell

REGISTERED OFFICE:

80 High Street

Fochabers

Morayshire

IV32 7DH

REGISTERED NUMBER:

SC036767 (Scotland)

ACCOUNTANTS:

Reid & Fraser

Chartered Accountants

15 Princes Street

Thurso

Caithness

KW14 7BQ

BANKERS:

The Royal Bank of Scotland plc

Olrig Street

Thurso

Caithness

KW14 7BL

SOLICITORS:

Young Robertson & Co

29 Traill Street

Thurso

Caithness

FIXED ASSETS

Tangible assets

4

3,150

4,200

Investments

5

275,380

275,380

Investment property

6

5,176,350

4,998,360

5,454,880

5,277,940

CURRENT ASSETS

Debtors

7

725,670

662,937

Cash at bank

131,990

178,812

857,660

841,749

CREDITORS

Amounts falling due within one year

8

(620,384

)

(608,140

)

NET CURRENT ASSETS

237,276

233,609

TOTAL ASSETS LESS CURRENT LIABILITIES

5,692,156

5,511,549

PROVISIONS FOR LIABILITIES

9

(313,465

)

(274,459

)

NET ASSETS

5,378,691

5,237,090

CAPITAL AND RESERVES

Called up share capital

1,560

1,560

Share premium

1,975,092

1,975,092

Fair value reserve

10

889,019

771,731

Retained earnings

2,513,020

2,488,707

SHAREHOLDERS' FUNDS

5,378,691

5,237,090

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

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

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

C Russell - Director

1.	STATUTORY INFORMATION

Morven Holdings Limited is a private company, limited by shares , registered in Scotland. 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 (£).

The monetary amounts included in the accounts are rounded to the nearest 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.

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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about Morven Holdings Ltd as an individual company and do not contain consolidated financial information as the parent of a group.

TURNOVER

Turnover represents the fair value of net rents receivable in the year.

TANGIBLE FIXED ASSETS

All assets are initially recorded at cost. Tangible fixed assets are stated at cost less depreciation and any impairment losses.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

10% and 15% straight line

INVESTMENTS IN SUBSIDIARIES

The investment in subsidiaries is accounted for at cost less any provision for impairment.

INVESTMENT PROPERTY

Investment properties, which are properties held to earn rental income, are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose value can be measured reliably are measured at fair value by the directors. Their judgement of fair value is considered in light of the gross yield of rental income. The valuation of residential properties is considered in light of UK house price indices. The surplus or deficit on a fair value adjustment is recognised in the income statement in the year. As the fair value adjustment is not a distributable profit, this is transferred to the fair value reserve. Deferred tax is provided on fair value gains at the rate expected to apply when the property is sold and this provision is included within the fair value reserve.

Rental income from investment property is recognised in the profit and loss account on a receivable basis over the term of the lease.

FINANCIAL INSTRUMENTS

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through the profit and loss account, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.

Derecognition of financial asset

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to a third party.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the the debt instrument is measure 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measure at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire, are discharged or are cancelled.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account, unless the relevant asset is carried at revalued amount, in which case, the impairment loss is treated as a revaluation decrease.

OPERATING LEASE INCOME

Operating lease income is recognised in the profit and loss account on a straight line basis over the period of the lease.

PROVISIONS

Provisions are recognised when the company has a present obligation or constructive obligation as a result of a past event, it is probably that an outflow or resources will be required to settle the obligation and the amount can be reliably estimated.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

298,417

DEPRECIATION

At 1 January 2024

294,217

Charge for year

1,050

At 31 December 2024

295,267

NET BOOK VALUE

At 31 December 2024

3,150

At 31 December 2023

4,200

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

275,380

NET BOOK VALUE

At 31 December 2024

275,380

At 31 December 2023

275,380

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

4,998,360

Additions

21,606

Revaluations

156,384

At 31 December 2024

5,176,350

NET BOOK VALUE

At 31 December 2024

5,176,350

At 31 December 2023

4,998,360

The investment properties have been valued during the period to reflect the directors' estimate of open market value as at the accounting period end.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2010

251,928

Valuation in 2011

(1,045

)

Valuation in 2012

677,687

Valuation in 2013

215,577

Valuation in 2014

98,724

Valuation in 2015

39,000

Valuation in 2019

(185,000

)

Valuation in 2021

(62,900

)

Valuation in 2022

(5,000

)

Valuation in 2024

156,384

Cost

3,990,995

5,176,350

If investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

3,990,995

3,969,389

Investment property was valued on an open market basis on 31 December 2024 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

67,797

53,161

Amounts owed by group undertakings

657,873

607,873

Prepayments

-

1,903

725,670

662,937

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

18,829

-

Amounts owed to group undertakings

26,915

28,197

Taxation and social security

8,605

14,430

Other creditors

566,035

565,513

620,384

608,140

Other creditors include £675 (2023 - £613) in respect of outstanding pension contributions.

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

313,465

274,459

Deferred

tax

£

Balance at 1 January 2024

274,459

Charge to Income Statement during year

39,006

Balance at 31 December 2024

313,465

Deferred tax is provided at 25%.

10.

RESERVES

Fair

value

reserve

£

At 1 January 2024

771,731

Transfer between reserves

117,288

At 31 December 2024

889,019

The amounts transferred to/from the fair value reserve from/to retained earnings comprise fair value revaluations on investment properties recognised in the year together with the associated deferred tax provision arising and realised gains or losses on the disposal of investment properties in the year. The fair value reserve is ring-fenced as it is not a distributable reserve.

11.	RELATED PARTY DISCLOSURES

The controlling party is J Russell.