Company No: 11959061 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Unaudited Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Investments	3	350,006		350,002
		350,006		350,002
Current assets
Debtors	4	948,771		105,949
Cash at bank and in hand		33,228		144,025
		981,999		249,974
Creditors
Amounts falling due within one year	5	( 775,221)		( 601,101)
Net current assets/(liabilities)		206,778		(351,127)
Total assets less current liabilities		556,784		(1,125)
Creditors
Amounts falling due after more than one year	6	( 555,259)		0
Net assets/(liabilities)		1,525		( 1,125)
Capital and reserves
Called-up share capital	7	1,000		1,000
Profit and loss account		525		( 2,125 )
Total shareholders' funds/(deficit)		1,525		( 1,125)

For the financial year ending 31 March 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Moorhaven Holdings Limited (registered number: 11959061) were approved and authorised for issue by the Board of Directors on 23 December 2021. They were signed on its behalf by:

Andrea Peacock Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period.

General information and basis of accounting

Moorhaven Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Pottery, Moorhaven Village, Ivybridge, PL21 0HB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Moorhaven Holdings Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Dividends

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.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Fixed asset investments

Investments in subsidiaries

	2021
	£
Cost
At 01 April 2020	350,002
Additions	4
At 31 March 2021	350,006
Carrying value at 31 March 2021	350,006
Carrying value at 31 March 2020	350,002

Investments in shares

Name of entity	Registered office	Nature of business	Class of shares	Ownership 31.03.2021	Ownership 31.03.2020
Moorhaven Ltd	The Pottery, Moorhaven Village, Ivybridge, Devon, PL21 0HB	Development of building projects	Ordinary	100.00%	100.00%
Moorhaven Farms Limited	The Pottery, Moorhaven Village, Ivybridge, Devon, PL21 0HB	Development of building projects	Ordinary	100.00%	100.00%
Moorhaven Rural Limited	The Pottery, Moorhaven Village, Ivybridge, Devon, PL21 0HB	Development of building projects	Ordinary	100.00%	100.00%
Moorhaven Agricultural Limited	The Pottery, Moorhaven Village, Ivybridge, Devon, PL21 0HB	Development of building projects	Ordinary	100.00%	0.00%
Totnes Farm Limited	The Pottery, Moorhaven Village, Ivybridge, Devon, PL21 0HB	Development of building projects	Ordinary	50.00%	0.00%
Barton Meadow Limited	The Pottery, Moorhaven Village, Ivybridge, Devon, PL21 0HB	Development of building projects	Ordinary	50.00%	0.00%
Glazemoor Limited	The Pottery, Moorhaven Village, Ivybridge, Devon, PL21 0HB	Development of building projects	Ordinary	50.00%	0.00%

4. Debtors

	2021		2020
	£		£
Amounts owed by Group undertakings	947,542		104,999
Prepayments	1,229		950
	948,771		105,949

5. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans and overdrafts	4,630		0
Trade creditors	11,320		0
Amounts owed to Group undertakings	73,021		252,731
Amounts owed to directors	430,599		346,270
Other creditors	2,309		0
Other loans	250,000		0
Accruals	1,800		2,100
Other taxation and social security	1,542		0
	775,221		601,101

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Bank loans	45,370		0
Other loans (secured £ 450,000)	509,889		0
	555,259		0

The amounts included above are secured against the land at Poulza, Jacobstow, Cornwall. This land is owned by Moorhaven Rural Limited, which is a 100% owned subsidiary of Moorhaven Holdings Limited. A director has also provided a personal guarantee against the capital sum of the loan.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2021		2020
	£		£
Bank loans (repayable by instalments)	23,148		0

7. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000

On incorporation in the prior year, 1 Ordinary £1 share was allotted and fully-paid. During the prior year, 349,999 additional ordinary £1 shares were allotted and fully-paid. On 26 March 2020, a share capital reduction took place, and 349,000 ordinary £1 shares were returned to the shareholders.

8. Related party transactions

Transactions with the entity's directors

At the year end, the directors were owed £430,599 (2020: £346,270) from the company.

Guarantees

A director has provided a personal guarantee against the capital sum a loan, of which the capital totals £450,000.

Moorhaven Rural Limited, a 100% subsidiary of Moorhaven Holdings Limited, owns the land at Poulza, Jacobstow Cornwall. A loan to Moorhaven Holdings Limited for £450,000 has been secured against this land.

As a Holding Company with wholly owned subsidiaries, the company has taken the advantage of the exemption contained in s. 1AC.35 of FRS102, and not disclosed transactions or balances with wholly owned group entities.