Morfett Developments Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 12042814 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

FOR

MORFETT DEVELOPMENTS LTD

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

FIXED ASSETS

Investments

4

100

150

CURRENT ASSETS

Stocks

5

499,646

456,906

Debtors

6

1,608

877

Cash at bank and in hand

3,522

176,213

504,776

633,996

CREDITORS

Amounts falling due within one year

7

881,518

942,241

NET CURRENT LIABILITIES

(376,742

)

(308,245

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(376,642

)

(308,095

)

CREDITORS

Amounts falling due after more than one
year

8

81,908

74,895

NET LIABILITIES

(458,550

)

(382,990

)

CAPITAL AND RESERVES

Called up share capital

10

300

Retained earnings

(458,850

)

(383,290

)

SHAREHOLDERS' FUNDS

(458,550

)

(382,990

)

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 June 2025 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2026 and were signed on its behalf by:

K Morfett - Director

1.	STATUTORY INFORMATION

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

Registered number:

12042814

Registered office:

368 Forest Road

London

E17 5JF

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Preparation of consolidated financial statements

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

Turnover

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Property for resale and work in progress are valued at the lower of cost and net realisable value. Costs are identified separately for each development and comprise direct costs plus attributable overheads based on a normal level of activity. Provision is made for any foreseeable losses where appropriate, based on anticipated selling price less costs to complete and sell. No element of profit is included in the valuation of work in progress. Land is valued at the lower of cost and net realisable value. Land purchased that is directly attributable to a development scheme is included within work in progress. Borrowing costs are expensed as incurred.

Determining whether property held for resale is stated at the lower of cost and net realisable value involves judgement. Management makes use of various sources of information in making this assessment, including cost comparisons to the original development plan, estimated costs to complete, post-year-end sales activity and market information from similar projects.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

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

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 July 2024

150

Disposals

(50

)

At 30 June 2025

100

NET BOOK VALUE

At 30 June 2025

100

At 30 June 2024

150

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

One-Above Ltd

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

Nature of business: Construction

%

Class of shares:

holding

Ordinary

100.00

5.

STOCKS

2025

2024

£

Work-in-progress

499,646

456,906

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Amounts owed by group undertakings

656

-

Other debtors

952

877

1,608

877

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts (see note 9)

455,135

12,163

Other loans (see note 9)

292,635

634,653

Directors' current accounts

122,946

271,990

Accrued expenses

10,802

23,435

881,518

942,241

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Bank loans (see note 9)

81,908

74,895

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

67,349

27,284

9.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

Amounts falling due within one year or on demand:

Bank loans

455,135

12,163

Other loans

292,635

634,653

747,770

646,816

Amounts falling due between one and two years:

Bank loans - 1-2 years

3,071

11,903

Amounts falling due between two and five years:

Bank loans - 2-5 years

11,488

35,708

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

67,349

27,284

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

100

Ordinary

£1

100

50

Ordinary A

£1

50

Ordinary B

£1

50

Ordinary C

£1

50

Ordinary D

£1

50

300

11.	RELATED PARTY DISCLOSURES

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

2025

2024

£

Amounts owed by/(to) K Morfett (Director)

(122,038

)

(271,082

)

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

(908

)

(908

)

Amounts owed by/(to) Alban City Construction

(192,536

)

(472,272

)

Amounts owed by/(to) One-Above Ltd (Group Undertaking)

656

-

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

The balances owed as at 2025 and 2024 relate to interest free loans repayable on demand with no fixed repayment terms.