IRIS Accounts Production v25.4.0.155 12042814 Board of Directors 1.7.23 30.6.24 30.6.24 0 0 true false true false false true false Ordinary 1.00000 Ordinary A 1.00000 Orindary B 1.00000 Ordinary C 1.00000 Ordinary D 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 12042814 2023-06-30 12042814 2024-06-30 12042814 2023-07-01 2024-06-30 12042814 2022-06-30 12042814 2022-07-01 2023-06-30 12042814 2023-06-30 12042814 ns15:EnglandWales 2023-07-01 2024-06-30 12042814 ns14:PoundSterling 2023-07-01 2024-06-30 12042814 ns10:Director1 2023-07-01 2024-06-30 12042814 ns10:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12042814 ns10:SmallEntities 2023-07-01 2024-06-30 12042814 ns10:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 12042814 ns10:SmallCompaniesRegimeForDirectorsReport 2023-07-01 2024-06-30 12042814 ns10:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 12042814 ns10:FullAccounts 2023-07-01 2024-06-30 12042814 ns10:EntityHasNeverTraded 2023-07-01 2024-06-30 12042814 ns10:OrdinaryShareClass1 2023-07-01 2024-06-30 12042814 ns10:OrdinaryShareClass2 2023-07-01 2024-06-30 12042814 ns10:OrdinaryShareClass3 2023-07-01 2024-06-30 12042814 ns10:OrdinaryShareClass4 2023-07-01 2024-06-30 12042814 ns10:OrdinaryShareClass5 2023-07-01 2024-06-30 12042814 ns5:CurrentFinancialInstruments 2024-06-30 12042814 ns5:CurrentFinancialInstruments 2023-06-30 12042814 ns5:Non-currentFinancialInstruments 2024-06-30 12042814 ns5:Non-currentFinancialInstruments 2023-06-30 12042814 ns5:ShareCapital 2024-06-30 12042814 ns5:ShareCapital 2023-06-30 12042814 ns5:RetainedEarningsAccumulatedLosses 2024-06-30 12042814 ns5:RetainedEarningsAccumulatedLosses 2023-06-30 12042814 ns10:RegisteredOffice 2023-07-01 2024-06-30 12042814 ns5:CostValuation 2023-06-30 12042814 ns5:Subsidiary1 2023-07-01 2024-06-30 12042814 1 ns5:Subsidiary1 2023-07-01 2024-06-30 12042814 ns5:Subsidiary2 2023-07-01 2024-06-30 12042814 ns5:Subsidiary2 3 2023-07-01 2024-06-30 12042814 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-06-30 12042814 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-06-30 12042814 ns5:Non-currentFinancialInstruments ns5:BetweenOneTwoYears 2024-06-30 12042814 ns5:Non-currentFinancialInstruments ns5:BetweenOneTwoYears 2023-06-30 12042814 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2024-06-30 12042814 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2023-06-30 12042814 ns10:OrdinaryShareClass1 2024-06-30 12042814 ns10:OrdinaryShareClass2 2024-06-30 12042814 ns10:OrdinaryShareClass3 2024-06-30 12042814 ns10:OrdinaryShareClass4 2024-06-30 12042814 ns10:OrdinaryShareClass5 2024-06-30

REGISTERED NUMBER: 12042814 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

MORFETT DEVELOPMENTS LTD

MORFETT DEVELOPMENTS LTD (REGISTERED NUMBER: 12042814)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

Page |

Statement of Financial Position | 1 |

Notes to the Financial Statements | 3 |

MORFETT DEVELOPMENTS LTD (REGISTERED NUMBER: 12042814)

STATEMENT OF FINANCIAL POSITION

30 JUNE 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 150 |  | 150 |  |

CURRENT ASSETS

Stocks | 5 | 456,906 |  | 2,325,842 |  |

Debtors | 6 | 877 |  | 12,819 |  |

Cash at bank and in hand | 176,213 |  | 911 |  |

633,996 |  | 2,339,572 |  |

CREDITORS

Amounts falling due within one year | 7 | 942,241 |  | 2,384,337 |  |

NET CURRENT LIABILITIES | (308,245 | ) | (44,765 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (308,095 | ) | (44,615 | ) |

CREDITORS

Amounts falling due after more than one year | 8 | 74,895 |  | 76,815 |  |

NET LIABILITIES | (382,990 | ) | (121,430 | ) |

CAPITAL AND RESERVES

Called up share capital | 10 | 300 |  | 300 |  |

Retained earnings | (383,290 | ) | (121,730 | ) |

SHAREHOLDERS' FUNDS | (382,990 | ) | (121,430 | ) |

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 June 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.

MORFETT DEVELOPMENTS LTD (REGISTERED NUMBER: 12042814)

STATEMENT OF FINANCIAL POSITION - continued

30 JUNE 2024

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2026 and were signed on its behalf by:

K Morfett - Director

MORFETT DEVELOPMENTS LTD (REGISTERED NUMBER: 12042814)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

1. | STATUTORY INFORMATION

| Morfett Developments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

| Registered number: | 12042814

| Registered office: | 368 Forest Road

| London

| E17 5JF

| The presentation currency of the financial statements is the 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.

| Preparation of consolidated financial statements

| The financial statements contain information about Morfett Developments Ltd 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

| Revenue from the sale of properties is recognised on legal completion of the sales.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

| Work in progress is valued at the lower of cost and net realisable value.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Work in progress is valued at the cost of work performed plus attributable overheads less progress payments received.

| Property for resale is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate, based on anticipated selling price less costs to sell. No element of profit is included in the valuation of work in progress. Land is valued at the lower of cost and net realisable value, land purchased that is directly attributable to a development scheme is included within work in progress.

| Determining whether property held for resale is stated at the lower of cost and net realisable value (including selling costs) involves judgement. Management make use of various sources of information in making this assessment including cost comparison to original development plan, internal development team cost expectations, post year-end sales activity, data from the internal sales team and market information from similar projects.

MORFETT DEVELOPMENTS LTD (REGISTERED NUMBER: 12042814)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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.

| Going concern

| The Company continues with the support of it's Directors and shareholders which will not allow any of it's creditors to suffer as a result of the Directors' decision to allow the Company to continue to trade under the circumstances.

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

3. | EMPLOYEES AND DIRECTORS

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

4. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 July 2023

| and 30 June 2024 | 150 |  |

| NET BOOK VALUE

| At 30 June 2024 | 150 |  |

| At 30 June 2023 | 150 |  |

MORFETT DEVELOPMENTS LTD (REGISTERED NUMBER: 12042814)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2024

4. | FIXED ASSET INVESTMENTS - continued

| The Company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| One-Above Ltd

| Registered office: 368 Forest Road, London, E17 5JF, United Kingdom

| Nature of business: Construction

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Tayte Grosvenor Development Ltd

| Registered office: 368 Forest Road, London, E17 5JF, United Kingdom

| Nature of business: Buying And Selling Of Own Real Estate

| %

| Class of shares: | holding |

| Ordinary | 50.00 |

5. | STOCKS

2024 | 2023 |

£ | £ |

| Work-in-progress | 456,906 |  | 2,325,842 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Other debtors | 877 |  | 347 |  |

| Prepayments | - |  | 12,472 |  |

877 |  | 12,819 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts (see note 9) | 12,163 |  | 1,812,138 |  |

| Other loans (see note 9) | 634,653 |  | 446,695 |  |

| Trade creditors | - |  | 600 |  |

| Directors' current accounts | 271,990 |  | 119,506 |  |

| Accrued expenses | 23,435 |  | 5,398 |  |

942,241 |  | 2,384,337 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans (see note 9) | 74,895 |  | 76,815 |  |

MORFETT DEVELOPMENTS LTD (REGISTERED NUMBER: 12042814)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2024

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

2024 | 2023 |

£ | £ |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 27,284 |  | 27,246 |  |

9. | LOANS

| An analysis of the maturity of loans is given below:

2024 | 2023 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 12,163 |  | 1,812,138 |  |

| Other loans | 634,653 |  | 446,695 |  |

646,816 |  | 2,258,833 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 11,903 |  | 12,392 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 35,708 |  | 37,177 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 27,284 |  | 27,246 |  |

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

| 50 | Ordinary A | £1 | 50 |  | 50 |  |

| 50 | Orindary B | £1 | 50 |  | 50 |  |

| 50 | Ordinary C | £1 | 50 |  | 50 |  |

| 50 | Ordinary D | £1 | 50 |  | 50 |  |

300 |  | 300 |  |

MORFETT DEVELOPMENTS LTD (REGISTERED NUMBER: 12042814)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2024

11. | RELATED PARTY DISCLOSURES

| The Company's related parties, the nature of the relationship and the extent of the transactions with them are summarised below:

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| Amounts owed by/(to) K Morfett (Director) |  | (271,082 | ) | (118,598 | ) |

| Amounts owed by/(to) Y Mehmet (Director) |  | (908 | ) | (908 | ) |

| Amounts owed by/(to) Alban City Construction |  | (472,272 | ) | (194,955 | ) |

| Alban City Construction is an unincorporated business owned by K Morfett (Director).

| The balances owed as at 2024 and 2023 relate to interest free loans repayable on demand with no fixed repayment terms.