Company registration number 15106758 (England and Wales)
T J MORRIS (INVESTMENTS) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PAGES FOR FILING WITH REGISTRAR
T J MORRIS (INVESTMENTS) LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
T J MORRIS (INVESTMENTS) LTD
BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
6
296,969,412
234,034,040
Investments
7
9,261,531
3,940,200
306,230,943
237,974,240
Current assets
Debtors
9
121,572,832
387,488,535
Cash at bank and in hand
1,075,883
3,288,141
122,648,715
390,776,676
Creditors: amounts falling due within one year
10
(33,762,136)
(1,394,688)
Net current assets
88,886,579
389,381,988
Total assets less current liabilities
395,117,522
627,356,228
Provisions for liabilities
Deferred tax liability
11
11,805,910
-
0
(11,805,910)
-
Net assets
383,311,612
627,356,228
Capital and reserves
Called up share capital
12
20,000
20,000
Profit and loss reserves
383,291,612
627,336,228
Total equity
383,311,612
627,356,228

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 19 December 2025 and are signed on its behalf by:
Mr P G Hoad
Director
Company registration number 15106758 (England and Wales)
T J MORRIS (INVESTMENTS) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 31 August 2023
-
0
-
0
-
Period ended 30 June 2024:
Profit and total comprehensive income
-
628,606,328
628,606,328
Issue of share capital
12
20,000
-
20,000
Dividends
5
-
(1,270,100)
(1,270,100)
Balance at 30 June 2024
20,000
627,336,228
627,356,228
Year ended 30 June 2025:
Profit and total comprehensive income
-
19,007,532
19,007,532
Dividends
5
-
(263,052,148)
(263,052,148)
Balance at 30 June 2025
20,000
383,291,612
383,311,612
T J MORRIS (INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
1
Accounting policies
Company information

T J Morris (Investments) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is T J Morris Ltd, Portal Way, Axis Business Park, Gillmoss, Liverpool, L11 0JA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of T J Morris Group Limited. These consolidated financial statements are available from its registered office, Portal Way, Axis Business Park, Gillmoss, Liverpool, L11 0JA.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

T J MORRIS (INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 4 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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 measured 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts 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. A m ounts 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 measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

T J MORRIS (INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Change in accounting policy

The company has changed its accounting policy from valuing investment properties at cost to valuing investment properties at directors valuation. In the prior year, this previous policy represented a divergence from FRS102 and was undertaken due to the excessive time and cost valuing the properties would have taken. Accordingly we are not able to quantify the impact on the current year financial statements.

T J MORRIS (INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -
3
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Taxation: The company is subject to corporation tax in the UK. Judgement is required in determining the current and deferred tax provisions, including the utilisation of losses, the availability of reliefs, and the recognition of deferred tax assets. Deferred tax balances are recognised to the extent that it is considered probable that future taxable profits will be available against which the underlying temporary differences or losses can be utilised.

Valuation of investment properties: Investment properties are stated at fair value at each reporting date. Fair value is determined by reference to market evidence, including recent transactions for similar properties, and by making assumptions regarding rental yields, void periods and future rental growth. These assumptions are subject to judgement, and changes in them could result in material movements in the valuation of investment properties.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0
5
Dividends
2025
2024
£
£
Interim paid
263,052,148
1,270,100

All current year dividends and distributions were inter group transfers.

6
Investment property
2025
£
Fair value
At 1 July 2024
234,034,040
Additions through external acquisition
39,798,481
Net gains or losses through fair value adjustments
23,136,891
At 30 June 2025
296,969,412
T J MORRIS (INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
6
Investment property
(Continued)
- 7 -

The investment properties have been valued by the directors.

7
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
8
100
100
Listed investments
7,060,805
1,311,205
Unlisted investments
2,200,626
2,628,895
9,261,531
3,940,200
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 July 2024
100
3,940,100
3,940,200
Additions
-
6,854,842
6,854,842
At 30 June 2025
100
10,794,942
10,795,042
Impairment
At 1 July 2024
-
-
-
Impairment losses
-
1,533,511
1,533,511
At 30 June 2025
-
1,533,511
1,533,511
Carrying amount
At 30 June 2025
100
9,261,431
9,261,531
At 30 June 2024
100
3,940,100
3,940,200
8
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Sirom Aviation Limited
C/o T J Morris Limited, Portal Way, Axis Business Park, Gillmoss, Liverpool, L11 0JA
Ordinary
100.00
T J MORRIS (INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
78,656,359
346,443,850
Other debtors
42,916,473
41,044,685
121,572,832
387,488,535
10
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
32,901,423
-
0
Corporation tax
450,000
1,017,285
Other taxation and social security
410,613
377,303
Other creditors
100
100
33,762,136
1,394,688
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Revaluations
11,805,910
-
2025
Movements in the year:
£
Liability at 1 July 2024
-
Charge to profit or loss
11,805,910
Liability at 30 June 2025
11,805,910
T J MORRIS (INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
12
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
19,000
19,000
19,000
19,000
Ordinary B shares of £1 each
250
250
250
250
Ordinary C shares of £1 each
250
250
250
250
Ordinary D shares of £1 each
250
250
250
250
Ordinary E shares of £1 each
250
250
250
250
20,000
20,000
20,000
20,000

All shares rank pari passu in all respects except that the directors may declare different dividends in respect of each share class.

13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is qualified and includes the following:

Qualified opinion on financial statements

In the prior year’s financial statements, the company's investment properties had been included in the balance sheet at cost, instead of at fair value as required by FRS102 and the Companies Act 2006. The company has now adopted the fair value basis for investment properties as required by FRS102 and the Companies Act 2006 but the entire impact of this fair value has been adjusted in the current year. In the absence of valuations of the company's investment properties at 30 June 2024, it is not practical for us to estimate the financial effect on either the current or prior year and accordingly the Statement of Comprehensive Income may be materially misstated.

In our opinion, except for the possible effects on the corresponding figures of the matter described above, the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

T J MORRIS (INVESTMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
13
Audit report information
(Continued)
- 10 -
Senior Statutory Auditor:
Guy Playfer BA FCA
Statutory Auditor:
Malthouse & Company
Date of audit report:
19 December 2025
14
Operating lease commitments
As lessor
2025
2024
Future amounts receivable under operating leases:
£
£
Within 1 year
9,276,010
8,932,180
Years 2-5
26,728,321
27,230,578
After 5 years
37,391,666
37,904,807
73,395,997
74,067,565
15
Related party transactions
Transactions with related parties

The company has taken the advantage conferred under FRS 102 paragraph 33.1A not to disclose transactions with other 100% group companies on the grounds that they are included in the consolidated accounts of T J Morris Group Limited.

During the year the company entered into the following transactions with related parties:

Interest received
Bad debt provision
2025
2024
2025
2024
£
£
£
£
Other related parties
1,496,262
1,762,740
3,070,313
-

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Other related parties
33,296,975
41,509,685
16
Ultimate controlling party

The ultimate parent company is T J Morris Group Limited. The ultimate controlling party is Mr T J Morris who is the majority shareholder of T J Morris Group Limited.

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