Company No: 14046976 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Investment property	3	425,000		400,000
		425,000		400,000
Current assets
Debtors	4	0		190
Cash at bank and in hand		4,105		1,289
		4,105		1,479
Creditors: amounts falling due within one year	5	( 18,479)		( 145,459)
Net current liabilities		(14,374)		(143,980)
Total assets less current liabilities		410,626		256,020
Creditors: amounts falling due after more than one year	6	( 354,671)		( 232,528)
Provision for liabilities		( 8,234)		( 1,508)
Net assets		47,721		21,984
Capital and reserves
Called-up share capital	7	190		190
Profit and loss account		47,531		21,794
Total shareholders' funds		47,721		21,984

For the financial year ending 28 February 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Morris Assets Limited (registered number: 14046976) were approved and authorised for issue by the Board of Directors on 01 May 2026. They were signed on its behalf by:

Mr A W Morris Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Morris Assets Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 8 Circuit 32 Easton Road, Bristol, BS5 0DB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover, stated net of VAT, represents rental income derived from the letting of investment property in the ordinary course of the company’s activities. Rental income is recognised on a straight‑line basis over the term of the lease, including any rent‑free periods or stepped rent arrangements, in accordance with the accruals concept. Amounts received in advance are deferred and recognised over the relevant period, while accrued income is recognised where rental income has been earned but not yet invoiced.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Investment property

	Investment property
	£
Valuation
As at 01 March 2025	400,000
Fair value movement	25,000
As at 28 February 2026	425,000

The 2026 valuation was made by the directors on an open market value for existing use basis. The directors have confirmed that this valuation is accurate as at 28 February 2026.

4. Debtors

	2026		2025
	£		£
Amounts owed by directors	0		180
Other debtors	0		10
	0		190

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans (secured)	10,000		10,000
Other loans	0		126,742
Accruals	5,991		6,822
Taxation and social security	2,488		1,895
	18,479		145,459

Bank loans are secured by a fixed and floating charge over the assets of the company.

6. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans (secured)	227,929		232,528
Other loans	126,742		0
	354,671		232,528

Bank loans are secured by a fixed and floating charge over the assets of the company

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2026		2025
	£		£
Bank loans (secured)	173,094		178,029

7. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
190 Ordinary shares of £ 1.00 each	190		190

8. Related party transactions

Transactions with the entity's directors

	2026		2025
	£		£
Amounts owed by the directors	0		180

The loan is interest free with no fixed date for repayment.