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Morbaine Properties Limited
Registered number: 00761004
Annual report and
consolidated financial statements
For the 18-month period ended 31 December 2025
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MORBAINE PROPERTIES LIMITED
COMPANY INFORMATION
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K L Nutter (appointed 1 April 2025)
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C Parle (appointed 1 April 2025)
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Chartered Accountants & Statutory Auditor
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National Westminster Bank plc
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MORBAINE PROPERTIES LIMITED
CONTENTS
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Independent Auditor's Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Notes to the Financial Statements
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MORBAINE PROPERTIES LIMITED
GROUP STRATEGIC REPORT
FOR PERIOD ENDED 31 DECEMBER 2025
The Directors present their Strategic Report for the 18-month period ended 31 December 2025.
During the period, an element of internal restructuring took place to address governance and succession planning. As part of this restructuring, John Parle, the former Managing Director, became Group Chairman, with responsibility for overseeing the development of the Group’s future strategy, shareholder liaison and plans for growth.
Keith Nutter was appointed Managing Director in the period, assuming the role previously held by John Parle. Keith is responsible for the ongoing management of the Company and, together with the Chairman, the Finance Director, Chris Parle, and the other members of the boards of the Company and its subsidiaries, for supporting the continued development, management and growth of the Group.
The principal activities of the Company during the period were those of retail, commercial, residential and industrial property construction and ownership, and the principal activities of the subsidiaries were those of property development, construction and property management.
Retail, Commercial and Industrial Property Development
The Group continues to be engaged in a number of developments, the profits therefrom being expected to be realised on a continuing basis and on a project-by-project basis after the period end and in subsequent years.
The annual rent roll remains strong and leases continue to be renewed, on the whole, at increased rates. There continues to be minimal void properties. The demand and interest in both food, non-food retail and commercial sites have re-bounded post-pandemic as footfall has increased. Increased interest in existing stock from end users has also been driven by a lack of new stock being delivered due to delays in planning consents and increased build costs. We note less appetite for office rentals with the move to partial home working for businesses in some sectors.
Investment has continued during the period, and after the period end, on several retail developments although this is proving more challenging as the effects of increasing build costs are impacting directly on the viability of certain projects.
Residential Property Development
The Group remains committed to the disposal of its remaining two residential properties which continue to be actively marketed for sale.
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MORBAINE PROPERTIES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR PERIOD ENDED 31 DECEMBER 2025
Principal risks and uncertainties
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By its very nature there is an element of inherent commercial risk with some of the Group’s activities in property investment and development, where the availability of land, suitable investments, planning and environmental matters, and market circumstances are major contributory factors.
The Directors regularly manage the risks associated with interest rate fluctuations, macro-economic factors such as changing base rates and inflation, including increased building costs, by assessing holistically any material impact on the Group.
Given the Group does not operate overseas, and has no oversees assets, certain macro-economic factors may only have potential indirect, and therefore, lesser impacts.
Senior management closely monitor the requirements of the Group’s loan financing arrangements to ensure compliance with associated covenants.
Financial key performance indicators
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The Directors review the Group’s strategic and operating plans, and financial performance, each year. These are compared to Retail and Property Development projects in the United Kingdom.
The Group's key performance indicators are:
∙The delivery of sustained long-term growth in profits before tax, net assets and revenues;
∙Adherence to, and monitoring of, the Group’s banking covenants;
∙Minimalisation of property void rates thus ensuring maximum occupancy and returns on rented properties in the investment property portfolio; and
∙Maximising development performance and providing and maintaining a high level of customer satisfaction in line with the Group’s exacting principles.
The Group achieved an operating profit for the 18-month period (before investment property revaluations) of £1.08m (2024 - £2.25m). The consolidated net assets of the group at the period end totalled £73.3m (year end 2024 - £75.7m). The Directors are pleased with the performance of the Group during the period and maintain confidence in the Group’s ability to continue to perform profitably moving forward.
This report was approved by the board on 15 September 2026 and signed on its behalf.
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MORBAINE PROPERTIES LIMITED
DIRECTORS' REPORT
FOR PERIOD ENDED 31 DECEMBER 2025
The Directors present their report and the financial statements for the 18-month period ended 31 December 2025.
Directors' responsibilities statement
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The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial period. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the 18-month period, after taxation, amounted to £2,009,646 (2024 - loss £1,139,586).
A dividend of £350,000 was paid during the period (2024: £Nil).
The Directors who served during the 18-month period were:
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K L Nutter (appointed 1 April 2025)
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C Parle (appointed 1 April 2025)
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MORBAINE PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR PERIOD ENDED 31 DECEMBER 2025
The Directors have prepared the financial statements on a going concern basis having considered the forecast financial performance of the Group and its subsidiary undertakings for a period of at least 12 months from the date of approval of these financial statements.
The Group's rental property portfolio has continued to perform well and is forecast to continue to generate positive operating cashflows. The Group retains a number of viable sites that continue to be developed utilising the Group's expertise.
The Group's activities are funded from its existing substantial reserves coupled with a £10 million bank facility. The Group's facilities comprise a term loan of £5m and a Revolving Credit Facility of £5m which are secured on certain of the Group's investment properties. These facilities are committed to the end of February 2026.
The Group's cash reserves and facility headroom provide adequate cover for the Group's anticipated expenditure, net of rental inflows, for a period of at least 12 months from the date of approval of these financial statements.
On 11 March 2026, after the period end, the Group's bank facilities were renewed for a further two years. Available funding was increased from £10m to £25m (comprising a term loan of £10m and a revolving credit facility of £15m).
For the reasons outlined above, the directors believe that it is appropriate to continue to prepare the financial statements on a going concern basis.
Qualifying third party indemnity provisions
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The Group has put in place qualifying third party indemnity provisions for all of the Directors.
Matters covered in the Group Strategic Report
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As permitted by Section 414 (c) (11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the "Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008", in the Strategic report.
Disclosure of information to auditor
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Post balance sheet events
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There are no significant post balance sheet events requiring disclosure in these financial statements.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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MORBAINE PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR PERIOD ENDED 31 DECEMBER 2025
This report was approved by the board on 15 September 2026 and signed on its behalf.
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MORBAINE PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MORBAINE PROPERTIES LIMITED
Opinion
We have audited the financial statements of Morbaine Properties Limited (the ‘Parent Company’) and its subsidiaries (the 'Group') for the 18-month period ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statement of Financial Positions, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows. and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Group's and Parent Company’s affairs as at 31 December 2025 and of the Group's loss for the 18-month period 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 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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MORBAINE PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MORBAINE PROPERTIES LIMITED
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Group and Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the Parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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MORBAINE PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MORBAINE PROPERTIES LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group's and Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors intend either to liquidate either the Group or Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Group and the Parent Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
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MORBAINE PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MORBAINE PROPERTIES LIMITED
In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates, in particular in relation to investment property valuations, revenue recognition (which we pinpointed to the cutoff assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit report
This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.
John Daly (Senior Statutory Auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
The Aviary
4th Floor
39 Booth Street
Manchester
M2 3HZ
15 September 2026
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MORBAINE PROPERTIES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR PERIOD ENDED 31 DECEMBER 2025
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18-month period ended
31 December
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Deficit on revaluation of investment property
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Share of profit/(loss) in joint venture
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss for the financial 18-month period
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Loss for the period attributable to:
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Non-controlling interests
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Owners of the parent Company
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There were no recognised gains and losses for the 18-month period ended 31 December 2025 or year ended 30 June 2024 other than those included in the consolidated statement of comprehensive income.
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There was no other comprehensive income for 2025 (2024:£NIL).
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The notes on pages 19 to 47 form part of these financial statements.
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MORBAINE PROPERTIES LIMITED
REGISTERED NUMBER: 00761004
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Equity attributable to owners of the parent Company
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Non-controlling interests
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MORBAINE PROPERTIES LIMITED
REGISTERED NUMBER: 00761004
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 September 2026.
The notes on pages 19 to 47 form part of these financial statements.
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MORBAINE PROPERTIES LIMITED
REGISTERED NUMBER: 00761004
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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MORBAINE PROPERTIES LIMITED
REGISTERED NUMBER: 00761004
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its on Statement of Comprehensive Income in these financial statements. The loss after tax of the Parent Company for the 18-month period was £1,653,389 (year end 2024: loss £1,271,704).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 September 2026.
The notes on pages 19 to 47 form part of these financial statements.
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MORBAINE PROPERTIES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR PERIOD ENDED 31 DECEMBER 2025
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Equity attributable to owners of parent Company
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Non-controlling interests
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the 18-month period
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Loss for the 18-month period
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Transfer from NCI reserve
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Total comprehensive income for the 18-month period
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 19 to 47 form part of these financial statements.
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MORBAINE PROPERTIES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR PERIOD ENDED 31 DECEMBER 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the period
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Loss for the 18-month period
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Total comprehensive income for the 18-month period
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 19 to 47 form part of these financial statements.
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MORBAINE PROPERTIES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR PERIOD ENDED 31 DECEMBER 2025
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18-month period ended
31 December
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Cash flows from operating activities
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Loss for the financial 18-month period
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Depreciation of tangible assets
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(Increase)/decrease in stocks
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Net fair value losses recognised in P&L
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Adjustments in respect of joint venture company
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Transfers from stock to investment properties
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Net cash (used)/generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Net cash from investing activities
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MORBAINE PROPERTIES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR PERIOD ENDED 31 DECEMBER 2025
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18-month period ended
31 December
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Cash flows from financing activities
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Net cash generated/(used) in financing activities
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Net (decrease)/increase in cash and cash equivalents
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Cash and cash equivalents at beginning of 18-month period
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Cash and cash equivalents at the end of 18-month period
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Cash and cash equivalents at the end of 18-month period comprise:
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The notes on pages 19 to 47 form part of these financial statements.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
Morbaine Properties Limited ('the Company') is a private company, limited by shares, incorporated in England and Wales under the Companies Act 2006 with registration number 00761004.
The address of its registered office is The Finlan Centre, Hale Road, Hale Bank, Widnes, Cheshire, WA8 8PU.
The principal activities continue to be retail, commercial, residential and industrial property construction and ownership.
These financial statements cover the 18-month period to 31 December 2025 while the prior period was a 12-month period ended 30 June 2024. As such prior year figures are not directly comparable.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The presentational currency of these financial statements is GBP. All amounts have been rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial reporting standard 102 - reduced disclosure exemptions
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The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.
The Directors have prepared the financial statements on a going concern basis having considered the forecast financial performance of the Group and its subsidiary undertakings for a period of at least 12 months from the date of approval of these financial statements.
The Group's rental property portfolio has continued to perform well and is forecast to continue to generate positive operating cashflows. The Group retains a number of viable sites that continue to be developed utilising the Group's expertise.
The Group's activities are funded from its existing substantial reserves coupled with a £10 million bank facility. The Group's facilities comprise a term loan of £5m and a Revolving Credit Facility of £5m which are secured on certain of the Group's investment properties. These facilities are committed to the end of February 2026.
The Group's cash reserves and facility headroom provide adequate cover for the Group's anticipated expenditure, net of rental inflows, for a period of at least 12 months from the date of approval of these financial statements.
On 11 March 2026, after the period end, the Group's bank facilities were renewed for a further two years. Available funding was increased from £10m to £25m (comprising a term loan of £10m and a revolving credit facility of £15m).
For the reasons outlined above, the directors believe that it is appropriate to continue to prepare the financial statements on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue from property sales is recognised on legal completion of the transaction.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Income from the letting of investment property is recognised in the Statement of Comprehensive Income on a straight-line basis over the lease term.
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Operating leases: the Group as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
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Operating leases: the Group as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.
All borrowing costs are recognised in profit or loss in the 18-month period in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the 18-month period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Short-term leasehold property
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over the period of the lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Land is not depreciated.
Investment property is carried at fair value determined annually by management and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Associates and joint ventures
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Associates and Joint Ventures are held at costs less impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include construction costs, labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic 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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In preparing these financial statements, the Directors have had to make the following judgments:
Determine whether leases entered into by the Group either as a lessor or a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Other Key sources of estimation uncertainty:
• Tangible fixed assets (note 14)
Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
• Investment property valuation (note 16)
Investment properties are valued annually by the Directors, using an internal RICS Certified Surveyor, taking into account periodic external valuations, derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
• Assessing potential impairment of stock (note 17)
Net realisable value of property held for sale is assessed by the Directors using their knowledge of the sites, the local property market and available market data. Costs to complete of work in progress are assessed by management based on discussions and correspondence with developers.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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An analysis of turnover by class of business is as follows:
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18-month period ended
31 December
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Property investment - rental income
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All turnover arose within the United Kingdom.
There were no property sales in the current period.
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The operating loss is stated after charging:
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18-month period ended
31 December
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Depreciation of tangible fixed assets
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Other operating lease rentals
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During the 18-month period, the Group obtained the following services from the Company's auditor:
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18-month period ended
31 December
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Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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Staff costs were as follows:
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Group
18-month period ended 31 December
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Cost of defined contribution scheme
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The average monthly number of employees, including the Directors, during the 18-month period was as follows:
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18-month period ended
31 December
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The Company has no employees other than the Directors, who were remunerated by another group company (2024 - same).
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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18-month period ended
31 December
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Group contributions to defined contribution pension schemes
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During the 18-month period retirement benefits were accruing to 3 Directors (2024 - 4) in respect of defined contribution pension schemes.
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The highest paid Director received remuneration of £795,973 (2024 - £313,220).
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The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2024 - £NIL).
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18-month period ended
31 December
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Other interest receivable
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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Interest payable and similar expenses
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18-month period ended
31 December
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18-month period ended
31 December
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Adjustments in respect of previous periods
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
11.Taxation (continued)
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Factors affecting tax charge for the 18-month period/year
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The tax assessed for the 18-month period/year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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18-month period ended
31 December
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes
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Capital allowances for 18-month period/year in excess of depreciation
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Movement in deferred tax not recognised
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Share of loss of joint venture in the year
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Adjustments in respect of previous period
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Adjustments to tax charge in respect of prior periods - deferred tax
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Group relief surrendered/(claimed)
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Total tax charge for the 18-month period/year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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18-month period ended 31 December
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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Short-term leasehold property
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
14.Tangible fixed assets (continued)
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Investment in joint ventures
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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Investments in subsidiary companies
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The £5,000,000 addition in the year relates to the waiver of an intercompany loan to Morbaine Limited, which has been treated as a capital contribution.
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Direct subsidiary undertaking
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The following was a direct subsidiary undertaking of the Company:
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The Finlan Centre, Hale Road, Widnes, Cheshire, WA8 8PU
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Morbaine Limited is engaged in property construction, development and management.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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Indirect subsidiary undertakings
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The following were indirect subsidiary undertakings of the Company:
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Castlegate Homes (UK) Limited
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The Finlan Centre, Hale Road, Widnes, Cheshire, WA8 8PU
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Willard Project Management Limited*
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The Finlan Centre, Hale Road, Widnes, Cheshire, WA8 8PU
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Castlegate Homes (Developments) Ltd*
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The Finlan Centre, Hale Road, Widnes, Cheshire, WA8 8PU
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Castlegate Homes (Construction) Ltd
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The Finlan Centre, Hale Road, Widnes, Cheshire, WA8 8PU
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Willard Project Management Limited is engaged in project management of property development.
Castlegate Homes (Developments) Ltd is a residential housing developer.
Willard Project Management Limited and Castlegate Homes (Developments) Ltd were exempt from the requirements relating to the audit of individual financial statements by virtue of section 479A of the Companies Act 2006.
Castlegate Homes (UK) Limited and Castlegate Homes (Construction) Ltd are dormant entities that are not currently trading.
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The following was a joint venture of the Company:
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Deiniol Developments Limited
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5 Temple Square, Liverpool, L2 5RH
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Deiniol Developments Limited has a different year end to that of Morbaine Properties Limited. The last year end of Deiniol Developments Limited before the date of these financial statements was 30 September 2025.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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Freehold investment property
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The investment properties are valued annually at fair value, determined by the Directors. All valuations were carried out on a market value basis in accordance with the Practice Statements in the RICS Appraisal and Valuation Standards published by the Royal Institute of Chartered Surveyors. Details of the assumptions made and key sources of estimation uncertainty are given in note 3.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
16.Investment property (continued)
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Freehold investment property
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The investment properties are valued annually at fair value, determined by the Directors. All valuations were carried out on a market value basis in accordance with the Practice Statements in the RICS Appraisal and Valuation Standards published by the Royal Institute of Chartered Surveyors. Details of the assumptions made and key sources of estimation uncertainty are given in note 3.
If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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Completed property held for sale
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The difference between purchase price or production cost of stocks and their replacement cost is not material.
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An impairment loss of £490,759 (2024 - £200,000) was recognised against stock during the year.
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
18.Debtors (continued)
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
No interest is charged on intergroup balances other than in relation to on-lending of the bank loan outlined in note 20, on which interest is charged to the respective group undertaking at the same rate as charged under the bank loan.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings within current liabilities are unsecured, interest free and repayable on demand.
The bank loan comprises a £5 million term loan and a £5 million revolving credit facility which is in place until 28 February 2026.
Bank borrowings are secured on assets of the Group principally comprising investment properties.
As disclosed in the Directors' Report, the bank funding facility was renewed in March 2026 and extended to £25m.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due after more than one year
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Bank borrowings are secured on assets of the Group principally comprising investment properties.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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As disclosed in the Directors' Report, the bank funding facility was renewed in March 2026 and extended to £25m.
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Deferred taxation liability
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Charged to profit or loss
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
23.Deferred taxation liability (continued)
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Charged to profit or loss
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Fixed asset timing differences
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Losses and other deductions
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Short term timing differences
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Allotted, called up and fully paid
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200 (2024 - 200) Ordinary shares of £1.00 each
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Ordinary shares rank equally for voting rights, dividends and for distribution purposes.
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Profit and loss account
This reserve represents cumulative profits and losses.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
The Group contributes to a directors' self-administered pension scheme for the benefit of certain directors, the assets of which are held separately from those of the Group in an independently administered fund. Contributions are at the discretion of the Group's directors and are after consultation with the actuaries. The pension cost charge represents contributions payable by the Group to the fund and amounted to £20,000 (2024 - £10,000).
There were no outstanding contributions at the end of the period (2024 - £Nil).
The Group also operates a defined contribution pension scheme for eligible employees. The pension cost charged to the profit and loss account for the period amounted to £414,086 (2024: £241,692).
At 31 December 2025, contributions of £11,578 (2024 - £470) were outstanding and are included in creditors.
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Commitments under operating leases - lessee
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At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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Commitments under operating leases - lessor
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The Group leases out investment properties and other properties under non-cancellable operating leases for the following future minimum lease payments. There are no contingent rents.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
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Related party transactions
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The Company has taken advantage of the exemption allowed under FRS 102 Section 33.1A whereby it has not disclosed transactions with the ultimate parent company or any wholly-owned subsidiary undertaking of the Group.
Balances with subsidiary companies are disclosed in notes 18 and 20. No interest has been charged or is receivable in respect of these balances other than in relation to on-lending of the bank facilities outlined in note 20. During the year, interest was received from subsidiary company Morbaine Limited of £598,138 (2024 - £479,556).
The Group paid rent of £113,689 (2024 - £65,750) to Morbaine Limited Directors’ Pension Scheme for the use of The Finlan Centre (the Company’s registered office). Included within other debtors at the period end is an amount due from Morbaine Limited Directors’ Pension Scheme of £5,190 (2024 - £Nil).
Included within the Group’s turnover is an amount of £59,571 (2024 - £35,248) representing management fees payable to the Group by Morbaine Limited Directors’ Pension Scheme for property management activities.
Included within other creditors is an amount due to A J L Finlan of £19,135 (2024 - £20,872) who is a director of the Company.
Included within other debtors is a loan of £26,250 (2024 - £26,875) to K Nutter, a director of the Company. The maximum amount outstanding during the period was £30,000 (2024 - £30,475). The loan was fully repaid on 11 February 2026, after the period end.
Included within other debtors is a loan of £36,000 (2024: £26,350) to A Crossdale, a director of Morbaine Limited. The maximum outstanding during the period was £40,516.
Included within other debtors is a loan of £16,200 (2024: £27,000) to G Adams, a director of Morbaine Limited, appointed during the period on 2 April 2025. The maximum outstanding during the year was £27,000.
Software accounting licence fees on-charged by Parle Consultancy Services Limited to Morbaine group companies during the period were invoiced at cost with no mark-up. The value of the licences invoiced in the year was £1,052 (2024 - £910). An item of computer equipment was sold to Morbaine Limited in the previous period by Parle Consultancy Services Limited in the amount of £400. This was at market value.
Parle Consultancy Services Limited is owned and controlled by Christopher Parle, who is the son of John Parle, one of the Company's fellow directors.
Management fees were invoiced of £52,610 (2024 - £59,400) by Morbaine Limited during the year to companies under the ownership of A J F Finlan, a director of the Company. On 18 March 2025, A J L Finlan passed complete ownership of these companies to JAF Holdings Limited.
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MORBAINE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR PERIOD ENDED 31 DECEMBER 2025
The Company's immediate and ultimate parent company is JAF Holdings Limited incorporated in England and Wales.
The largest group for which consolidated accounts are prepared is JAF Holdings Limited. Consolidated accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ. The registered office of JAF Holdings Limited is The Finlan Centre, Hale Road, Hale Bank, Widnes, Cheshire, WA8 8PU.
In the opinion of the Directors, the Trustees of The JAF Legacy Trust are the ultimate controlling party of the business.
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