Morgan Degville Property Management Limited - Period Ending 2022-03-31

Morgan Degville Property Management Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 7

Morgan Degville Property Management Limited

Company Information

Director

L A Clarke

Registered office

14 Warren House Walk Sutton Coldfield West Midlands B76 1TS

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Morgan Degville Property Management Limited
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Morgan Degville Property Management Limited for the year ended 31 March 2022 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/
member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Morgan Degville Property Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Morgan Degville Property Management Limited and state those matters that we have agreed to state to the Board of Directors of Morgan Degville Property Management Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Morgan Degville Property Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Morgan Degville Property Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Morgan Degville Property Management Limited. You consider that Morgan Degville Property Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Morgan Degville Property Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

...........................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

21 December 2022

Morgan Degville Property Management Limited

(Registration number: 08755386)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Investment property	4	275,000	267,372
Current assets
Debtors	5	710	641
Cash at bank and in hand		6,018	2,193
		6,728	2,834
Creditors: Amounts falling due within one year	6	(2,553)	(1,199)
Net current assets		4,175	1,635
Total assets less current liabilities		279,175	269,007
Creditors: Amounts falling due after more than one year	6	(242,166)	(242,167)
Provisions for liabilities		(7,836)	(6,387)
Net assets		29,173	20,453
Capital and reserves
Called up share capital		100	100
Fair value reserve		42,415	36,237
Profit and loss account		(13,342)	(15,884)
Total equity		29,173	20,453

Morgan Degville Property Management Limited

(Registration number: 08755386)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 December 2022
 

......................................... L A Clarke Director

Morgan Degville Property Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of the registered office is given in the company information on page 1 of the financial statements.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in profit or loss.

Morgan Degville Property Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4	Investment properties

	2022 £
At 1 April	267,372
Fair value adjustments	7,628
At 31 March	275,000

The fair value of the investment property was reviewed by the directors at 31 March 2022. The fair values have been determined by carrying out a review of the property market and investment yields in the area.
There has been no valuation of investment property by an independent valuer.

5

Debtors

	2022 £	2021 £
Other debtors	710	641
	710	641

Morgan Degville Property Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

6

Creditors

	Note	2022 £	2021 £
Due within one year
Other creditors		2,553	1,199
Due after one year
Loans and borrowings	7	183,188	183,189
Other non-current financial liabilities		58,978	58,978
		242,166	242,167

7	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	183,188	183,189

Bank borrowings

The loans are secured by legal charges in favour of The Mortgage Works (UK) PLC and Charter Court Financial Services Ltd.

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100