Company registration number 11557676 (England and Wales)
3
Morsaff Properties Ltd
Unaudited financial statements
For the year ended 30 September 2025
MORSAFF PROPERTIES LTD
Morsaff Properties Ltd
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Morsaff Properties Ltd
Balance Sheet
As at 30 September 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
4
1,610,000
1,631,000
Current assets
Debtors
5
3,981
3,717
Cash at bank and in hand
2,049
3,239
6,030
6,956
Creditors: amounts falling due within one year
6
(855,350)
(837,902)
Net current liabilities
(849,320)
(830,946)
Total assets less current liabilities
760,680
800,054
Creditors: amounts falling due after more than one year
7
(778,076)
(809,788)
Provisions for liabilities
(2,578)
(6,568)
Net liabilities
(19,974)
(16,302)
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
8
10,989
27,999
Distributable profit and loss reserves
(31,063)
(44,401)
Total equity
(19,974)
(16,302)
Morsaff Properties Ltd
Balance Sheet (continued)
As at 30 September 2025
- 2 -

For the financial year ended 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question 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.

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 1 July 2026 and are signed on its behalf by:
Mrs W Saffery
Mr A J Saffery
Director
Director
Company registration number 11557676 (England and Wales)
Morsaff Properties Ltd
Notes to the financial statements
For the year ended 30 September 2025
- 3 -
1
Accounting policies
Company information

Morsaff Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 120 High Road, East Finchley, London, England, N2 9ED.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Turnover

Turnover represents gross rents receivable during the year.

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
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.

1.5
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. As all financial assets are classified within one year, they are not amortised but carried at face value.

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.

Morsaff Properties Ltd
Notes to the financial statements (continued)
For the year ended 30 September 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 continue to be measured at face value.

1.6
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.

1.7
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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Government grants

Government grants are recognised at the fair value of the asset receive d 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.

Morsaff Properties Ltd
Notes to the financial statements (continued)
For the year ended 30 September 2025
- 5 -
2
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.

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.

3
Employees

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

2025
2024
Number
Number
Total
0
0
4
Investment property
2025
£
Fair value
At 1 October 2024
1,631,000
Revaluations
(21,000)
At 30 September 2025
1,610,000

Investment property comprises of commercial building units. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 September 2025 by the directors. The valuation was made on an open market value basis.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,501
3,431
Other debtors
480
286
3,981
3,717
Morsaff Properties Ltd
Notes to the financial statements (continued)
For the year ended 30 September 2025
- 6 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
72,355
74,330
Trade creditors
948
2,441
Other creditors
782,047
761,131
855,350
837,902
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
778,076
809,788

The loans amounting to £850,432 are secured by fixed charges over the investment properties.

8
Non-distributable profits reserve
2025
2024
£
£
At the beginning of the year
27,999
91,989
Non distributable profits in the year
(17,010)
(63,990)
At the end of the year
10,989
27,999
9
Directors' transactions

As at the year ended 30 September 2025, the company owed the directors £779,589 (2024: £750,998). This balance is interest-free and repayable on demand.

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