MORGANS HOLDINGS LIMITED


Directors	MORGANS, John Daniel Vincent
	MORGANS, Shon Wyn


Registered Address	C/O Aberystwyth Park Lodge Hotel Parc Y Llyn Retail Park
	Llanbadarn Fawr
	Aberystwyth
	SY23 3TL


Registered Number	09953222 (England and Wales)

Balance Sheet as at
31 January 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		1,378,958		1,173,766
			1,378,958		1,173,766
Current assets
Stocks	5	5,000		-
Debtors	6	643,304		687,029
Cash at bank and on hand		8,120		329,214
		656,424		1,016,243
Creditors amounts falling due within one year	7	(2,392,785)		(2,161,806)
Net current assets (liabilities)			(1,736,361)		(1,145,563)
Total assets less current liabilities			(357,403)		28,203
Net assets			(357,403)		28,203
Capital and reserves
Called up share capital			100		100
Profit and loss account			(357,503)		28,103
Shareholders' funds			(357,403)		28,203

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 31 October 2025, and are signed on its behalf by:

MORGANS, John Daniel Vincent
Director
Registered Company No. 09953222

MORGANS HOLDINGS LIMITED

Notes to the Financial Statements
for the year ended 31 January 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	50
Plant and machinery	15	-
Fixtures and fittings	15	-

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

	Related parties
	For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

	Government grants or assistance
	Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Government grants or assistance

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	20		12

3.	Prior period adjustment
	A loss was carried back in the previous year to offset against the corporation tax payment and to create a corporation tax repayment which was payable in the year.

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Fixtures & fittings	Total
	£	£	£	£
Cost or valuation
At 01 February 24	1,003,288	-	234,361	1,237,649
Additions	126,053	43,784	104,294	274,131
At 31 January 25	1,129,341	43,784	338,655	1,511,780
Depreciation and impairment
At 01 February 24	58,218	-	5,665	63,883
Charge for year	22,212	3,834	42,893	68,939
At 31 January 25	80,430	3,834	48,558	132,822
Net book value
At 31 January 25	1,048,911	39,950	290,097	1,378,958
At 31 January 24	945,070	-	228,696	1,173,766

5.	Stocks

	2025	2024
	£	£
Raw materials and consumables	5,000	-
Total	5,000	-

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	42,546	-
Other debtors	580,930	674,382
Prepayments and accrued income	19,828	12,647
Total	643,304	687,029

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	189,863	122,819
Taxation and social security	15,027	21,348
Other creditors	2,034,509	1,936,531
Accrued liabilities and deferred income	153,386	81,108
Total	2,392,785	2,161,806

8.	Related party transactions
	No interest is charged on the Directors loan account and balance owing to the Director on 31st January 2025 was £2,033,044 (2024 £236,531) One of the Directors of the Company, Mr John Daniel Vincent Morgans is also a Director and majority shareholder of Aberystwyth Park Lodge Ltd and Morgans Properties Ltd and 100% shareholder of Morgans Developments Ltd. At 31st January 2025, the following loans were outstanding: Aberystwyth Park Lodge Ltd £430,473 (2024 £600,000) Morgans Development Ltd £747,466 (2024 £21,000) At 31st January 2025, the following loans were due: Morgans Properties Ltd £604,536 (2024 £NIL)

Related party transactions

No interest is charged on the Directors loan account and balance owing to the Director on 31st January 2025 was £2,033,044 (2024 £236,531)

One of the Directors of the Company, Mr John Daniel Vincent Morgans is also a Director and majority shareholder of Aberystwyth Park Lodge Ltd and Morgans Properties Ltd and 100% shareholder of Morgans Developments Ltd. 

At 31st January 2025, the following loans were outstanding:

Aberystwyth Park Lodge Ltd £430,473 (2024 £600,000)

Morgans Development Ltd £747,466 (2024 £21,000)

At 31st January 2025, the following loans were due:

Morgans Properties Ltd £604,536 (2024 £NIL)