Richard Morgan & Company Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01536145 (England and Wales)

RICHARD MORGAN & COMPANY LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2026

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R P Morgan

D R Morgan

R M Morgan

REGISTERED OFFICE:

Grosvenor House

8 Park Grove

CARDIFF

County of Cardiff

CF10 3BN

REGISTERED NUMBER:

01536145 (England and Wales)

ACCOUNTANTS:

MHA (trading name of MHA Advisory Ltd)

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

BANKERS:

Barclays Bank PLC

Corporate Banking Centre

Windsor Court

3 Windsor Place

CARDIFF

CF10 3ZL

FIXED ASSETS

Tangible assets

4

173,643

217,894

Investments

5

6,518,512

Investment property

6

18,467,535

18,460,000

25,159,690

25,196,406

CURRENT ASSETS

Debtors

7

786,931

906,612

Cash at bank and in hand

391,190

486,230

1,178,121

1,392,842

CREDITORS

Amounts falling due within one year

8

(780,666

)

(934,612

)

NET CURRENT ASSETS

397,455

458,230

TOTAL ASSETS LESS CURRENT
LIABILITIES

25,557,145

25,654,636

CREDITORS

Amounts falling due after more than one year

9

(12,827,664

)

(12,952,698

)

PROVISIONS FOR LIABILITIES

11

(1,753,903

)

(1,755,845

)

PENSION LIABILITY

13

(1,929,854

)

(1,935,992

)

NET ASSETS

9,045,724

9,010,101

CAPITAL AND RESERVES

Called up share capital

12

100

Fair value reserve

6,531,170

Retained earnings

2,514,454

2,478,831

SHAREHOLDERS' FUNDS

9,045,724

9,010,101

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

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

R M Morgan - Director

1.	STATUTORY INFORMATION

Richard Morgan & Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in Sterling (£), the company's functional currency, and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

There have been no material departures from Financial Reporting Standard 102 1A.

Preparation of consolidated financial statements

The financial statements contain information about Richard Morgan & Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover represents rents receivable and property management fees. Turnover excludes value added tax and is recognised on the accruals basis.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Building improvements

10% on cost

Motor vehicles

20% on reducing balance

Office equipment

10% to 33.33% on cost

Fixed asset investments

Fixed asset investments are stated at cost less any provision for diminution in value.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment property

Investment properties are carried at fair value. Revaluation surpluses and deficits are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold, or the deferred tax liability is settled, based on the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an un-discounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined benefit pension scheme. Scheme liabilities are measured using the projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability.

The increase in the present value of the liabilities of the defined benefit scheme expected to arise from employee services in the period is charged to operating profit. The increase during the period in the present value of the scheme's liabilities arising from the passage of time are included in interest payable and similar charges. Actuarial gains and losses are recognised in the statement of other comprehensive income.

The company also operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charge to profit and loss in the period to which they relate.

Property developments

The company's share of profits and losses from joint property development arrangements are included in the profit and loss account.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Interest-bearing borrowings

Interest-bearing borrowings are stated at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2025 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Building

Motor

Office

improvements

vehicles

equipment

Totals

£

COST

At 1 April 2025

and 31 March 2026

4,500

281,726

54,514

340,740

DEPRECIATION

At 1 April 2025

4,500

64,713

53,633

122,846

Charge for year

-

43,402

849

44,251

At 31 March 2026

4,500

108,115

54,482

167,097

NET BOOK VALUE

At 31 March 2026

-

173,611

32

173,643

At 31 March 2025

-

217,013

881

217,894

5.	FIXED ASSET INVESTMENTS

2026

2025

£

Shares in group undertakings

6,495,849

Other investments not loans

22,663

6,518,512

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 April 2025

and 31 March 2026

7,351,294

PROVISIONS

At 1 April 2025

and 31 March 2026

855,445

NET BOOK VALUE

At 31 March 2026

6,495,849

At 31 March 2025

6,495,849

Investments (neither listed nor unlisted) were as follows:

2026

2025

£

Other investments

22,663

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2025

18,460,000

Additions

7,535

At 31 March 2026

18,467,535

NET BOOK VALUE

At 31 March 2026

18,467,535

At 31 March 2025

18,460,000

Included in the carrying value of investment properties is £10,663 (2025 - £10,663) which relates to interest that has been capitalised.

Fair value at 31 March 2026 is represented by:

£

Valuation in 2026

18,467,535

The investment properties are stated at their estimated fair value, made by Mr R P Morgan, a director as at 31 March 2026.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade debtors

35,764

97,756

Amounts owed by participating interests

630,128

628,790

Prepayments and accrued income

121,039

180,066

786,931

906,612

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade creditors

5,316

5,215

Corporation tax

123,342

91,816

Social security and other taxes

44,189

33,503

VAT

82,172

90,494

Other creditors

12,173

11,410

Directors' current accounts

66,051

211,553

Accruals and deferred income

447,423

490,621

780,666

934,612

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

Bank loans > 1 year

8,565,432

9,090,000

Amounts owed to group undertakings

4,262,232

3,862,698

12,827,664

12,952,698

10.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

Bank loans

8,565,432

9,090,000

The bank loan is secured by way of fixed legal charges over the company's investment properties.

11.	PROVISIONS FOR LIABILITIES

Provisions for liabilities relates solely to deferred tax.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

50

Ordinary

£1

50

Deferred ordinary

£1

50

100

The deferred ordinary shares are entitled to receive notice of any general meeting of the company but shall have no right to vote at any such meeting.

On the occurrence of a liquidation event or sale, the ordinary shareholders will as a class (and pro-rata to their shareholding), be entitled to receive in priority to the holders of the deferred ordinary shares from the assets of the company, an amount equal to their threshold value at the date of the liquidation/sale event.

The threshold value has been quantified as £3,500,000 at 9 December 2019 increasing by 1% per annum compounded annually on the anniversary of the split but less any dividends actually paid in respect of the ordinary shares following 9 December 2019.

The ordinary shareholders have the right to receive all dividends up to an amount equal to the threshold value. The deferred ordinary shares will not confer any entitlement to receive any dividend or to participate in the profits of the company available for distribution until the ordinary shareholders have in aggregate received an amount equal to the threshold value.

13.	EMPLOYEE BENEFIT OBLIGATIONS

On 31 March 2008, the company contracted to pay its Managing Director and principal shareholder R P Morgan a pension of £100,000 per annum when he achieves the age of 62.

An actuarial valuation to quantify the liability arising was carried out at 31 March 2022. The major assumptions used by the actuary were a discount rate of 2.8% and pensions increases of 3.8%.

Value of scheme assets and liabilities

2026

2025

£

Present value of scheme liabilities

(2,573,138

)

(2,581,322

)

Deficit in scheme

(2,573,138

)

(2,581,322

)

Related deferred tax asset

643,284

645,330

(1,929,854

)

(1,935,991

)

Movement in deficit during the year

2026

2025

£

Deficit in scheme at start of year

(2,581,322

)

(2,587,264

)

Current service cost

137,250

135,304

Other finance income/(costs)

(129,066

)

(129,363

)

Actuarial gain/(loss)

-

(2,573,138

)

(2,581,322

)