| REGISTERED NUMBER: |
| RICHARD MORGAN & COMPANY LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| REGISTERED NUMBER: |
| RICHARD MORGAN & COMPANY LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| RICHARD MORGAN & COMPANY LIMITED (REGISTERED NUMBER: 01536145) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| RICHARD MORGAN & COMPANY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Elfed House |
| Oak Tree Court |
| Cardiff Gate Business Park |
| CARDIFF |
| County of Cardiff |
| CF23 8RS |
| BANKERS: |
| Corporate Banking Centre |
| Windsor Court |
| 3 Windsor Place |
| CARDIFF |
| CF10 3ZL |
| RICHARD MORGAN & COMPANY LIMITED (REGISTERED NUMBER: 01536145) |
| BALANCE SHEET |
| 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| PENSION LIABILITY | 13 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Fair value reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| RICHARD MORGAN & COMPANY LIMITED (REGISTERED NUMBER: 01536145) |
| BALANCE SHEET - continued |
| 31 MARCH 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| RICHARD MORGAN & COMPANY LIMITED (REGISTERED NUMBER: 01536145) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 1. | STATUTORY INFORMATION |
| Richard Morgan & Company Limited is a |
| The financial statements are presented in Sterling (£), the company's functional currency, and rounded to the nearest pound. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| There have been no material departures from Financial Reporting Standard 102 1A. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Richard Morgan & Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover represents rents receivable and property management fees. Turnover excludes value added tax and is recognised on the accruals basis. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Building improvements | 10% on cost |
| Motor vehicles | 20% on reducing balance |
| Office equipment | 10% to 33.33% on cost |
| Fixed asset investments |
| Fixed asset investments are stated at cost less any provision for diminution in value. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
| Investment property |
| Investment properties are carried at fair value. Revaluation surpluses and deficits are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold, or the deferred tax liability is settled, based on the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. |
| Taxation |
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the balance sheet date. |
| RICHARD MORGAN & COMPANY LIMITED (REGISTERED NUMBER: 01536145) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits which the future reversal of the underlying timing differences can be deducted. |
| Deferred tax is measured on an un-discounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
| Pension costs and other post-retirement benefits |
| The company operates a defined benefit pension scheme. Scheme liabilities are measured using the projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. |
| The increase in the present value of the liabilities of the defined benefit scheme expected to arise from employee services in the period is charged to operating profit. The increase during the period in the present value of the scheme's liabilities arising from the passage of time are included in interest payable and similar charges. Actuarial gains and losses are recognised in the statement of other comprehensive income. |
| The company also operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charge to profit and loss in the period to which they relate. |
| Property developments |
| The company's share of profits and losses from joint property development arrangements are included in the profit and loss account. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable 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. |
| Interest-bearing borrowings |
| Interest-bearing borrowings are stated at amortised cost using the effective interest method. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| RICHARD MORGAN & COMPANY LIMITED (REGISTERED NUMBER: 01536145) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Building | Motor | Office |
| improvements | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| 2025 | 2024 |
| £ | £ |
| Shares in group undertakings |
| Other investments not loans |
| Additional information is as follows: |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 |
| PROVISIONS |
| At 1 April 2024 |
| and 31 March 2025 | 855,445 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Investments (neither listed nor unlisted) were as follows: |
| 2025 | 2024 |
| £ | £ |
| Other investments | 22,663 | 22,663 |
| RICHARD MORGAN & COMPANY LIMITED (REGISTERED NUMBER: 01536145) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2024 |
| Disposals | ( |
) |
| Revaluations | 20,000 |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Included in the carrying value of investment properties is £10,663 (2023 - £10,663) which relates to interest that has been capitalised. |
| Fair value at 31 March 2025 is represented by: |
| £ |
| Valuation in 2025 | 18,460,000 |
| The investment properties are stated at their estimated fair value, made by Mr R P Morgan, a director as at 31 March 2025. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Amounts owed by participating interests | 628,790 | 627,668 |
| Other debtors |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | 90,494 | 86,065 |
| Other creditors |
| Directors' current accounts | 211,553 | 694,621 |
| Accruals and deferred income |
| RICHARD MORGAN & COMPANY LIMITED (REGISTERED NUMBER: 01536145) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans > 1 year |
| Amounts owed to group undertakings |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| The bank loan is secured by way of fixed legal charges over the company's investment properties. |
| 11. | PROVISIONS FOR LIABILITIES |
| Provisions for liabilities relates solely to deferred tax. |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | £1 | 50 | 50 |
| Deferred ordinary | £1 | 50 | 50 |
| 100 | 100 |
| The deferred ordinary shares are entitled to receive notice of any general meeting of the company but shall have no right to vote at any such meeting. |
| On the occurrence of a liquidation event or sale, the ordinary shareholders will as a class (and pro-rata to their shareholding), be entitled to receive in priority to the holders of the deferred ordinary shares from the assets of the company, an amount equal to their threshold value at the date of the liquidation/sale event. |
| The threshold value has been quantified as £3,500,000 at 9 December 2019 increasing by 1% per annum compounded annually on the anniversary of the split but less any dividends actually paid in respect of the ordinary shares following 9 December 2019. |
| The ordinary shareholders have the right to receive all dividends up to an amount equal to the threshold value. The deferred ordinary shares will not confer any entitlement to receive any dividend or to participate in the profits of the company available for distribution until the ordinary shareholders have in aggregate received an amount equal to the threshold value. |
| RICHARD MORGAN & COMPANY LIMITED (REGISTERED NUMBER: 01536145) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 13. | EMPLOYEE BENEFIT OBLIGATIONS |
| On 31 March 2008, the company contracted to pay its Managing Director and principal shareholder R P Morgan a pension of £100,000 per annum when he achieves the age of 62. |
| An actuarial valuation to quantify the liability arising was carried out at 31 March 2022. The major assumptions used by the actuary were a discount rate of 2.8% and pensions increases of 3.8%. |
| Value of scheme assets and liabilities |
| 2025 | 2024 |
| £ | £ |
| Present value of scheme liabilities | (2,581,322 | ) | (2,587,264 | ) |
| Deficit in scheme | (2,581,322 | ) | (2,587,264 | ) |
| Related deferred tax asset | 645,330 | 646,816 |
| (1,935,991 | ) | (1,940,448 | ) |
| Movement in deficit during the year |
| 2025 | 2024 |
| £ | £ |
| Deficit in scheme at start of year | (2,587,264 | ) | (2,592,921 | ) |
| Current service cost | 135,304 | 135,304 |
| Other finance income/(costs) | (129,363 | ) | (129,647 | ) |
| Actuarial gain/(loss) | - | - |
| (2,581,322 | ) | (2,587,264 | ) |