MORBIO LIMITED - Period Ending 2022-03-31

MORBIO LIMITED

Contents

Company Information	1
Directors' Report	2
Profit and Loss Account	3
Statement of Comprehensive Income	4
Balance Sheet	5
Statement of Changes in Equity	6
Notes to the Unaudited Financial Statements	7 to 9
Detailed Profit and Loss Account	10 to 11

MORBIO LIMITED

Company Information

Directors

Woodford Services Limited Ms Andreea Ecaterina Mocanu

Company secretary

Woodford Directors Limited

Registered office

3 The Shrubberies George Lane London E18 1BD

Accountants

ACCOUNTING 2 TREND LTD 3 The Shrubberies George Lane London E18 1BD

MORBIO LIMITED

Directors' Report for the Year Ended 31 March 2022

The directors present their report and the financial statements for the year ended 31 March 2022.

Directors of the company

The directors who held office during the year were as follows:

Woodford Services Limited

Ms Andreea Ecaterina Mocanu

Principal activity

The principal activity of the company is that of an investment holder.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 December 2022 and signed on its behalf by:
 

......................................... Ms Andreea Ecaterina Mocanu Director

MORBIO LIMITED

Profit and Loss Account for the Year Ended 31 March 2022

	Note	2022 €	2021 €
Turnover		-	-
Gross profit/(loss)		-	-
Administrative expenses		(14,459)	(86,603)
Operating loss		(14,459)	(86,603)
Interest payable and similar expenses		(452)	(319)
Loss before tax		(14,911)	(86,922)
Loss for the financial year		(14,911)	(86,922)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

MORBIO LIMITED

Statement of Comprehensive Income for the Year Ended 31 March 2022

	2022 €	2021 €
Loss for the year	(14,911)	(86,922)
Total comprehensive income for the year	(14,911)	(86,922)

MORBIO LIMITED

(Registration number: 08011849)
Balance Sheet as at 31 March 2022

	Note	2022 €	2021 €
Fixed assets
Investment property	4	1,354,145	1,354,145
Current assets
Debtors	5	6,200	6,200
Cash at bank and in hand		15,476	20
		21,676	6,220
Creditors: Amounts falling due within one year	6	(1,667,158)	(1,636,791)
Net current liabilities		(1,645,482)	(1,630,571)
Net liabilities		(291,337)	(276,426)
Capital and reserves
Called up share capital	7	1	1
Retained earnings		(291,338)	(276,427)
Shareholders' deficit		(291,337)	(276,426)

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.

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 December 2022 and signed on its behalf by:
 

......................................... Ms Andreea Ecaterina Mocanu Director

MORBIO LIMITED

Statement of Changes in Equity for the Year Ended 31 March 2022

	Share capital €	Profit and loss account €	Total €
At 1 April 2021	1	(276,427)	(276,426)
Loss for the year	-	(14,911)	(14,911)
Total comprehensive income	-	(14,911)	(14,911)
At 31 March 2022	1	(291,338)	(291,337)

	Share capital €	Retained earnings €	Total €
At 1 April 2020	1	(189,505)	(189,504)
Loss for the year	-	(86,922)	(86,922)
At 31 March 2021	1	(276,427)	(276,426)

MORBIO LIMITED

Notes to the Unaudited 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 its registered office is:
3 The Shrubberies
George Lane
London
E18 1BD
United Kingdom

These financial statements were authorised for issue by the Board on 29 December 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

MORBIO LIMITED

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

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

4	Investment properties

	2022 €
At 1 April	1,354,145
At 31 March	1,354,145

There has been no valuation of investment property by an independent valuer. The directors consider there have been no material changes to the value of the property.

5

Debtors

Current	2022 €	2021 €
Prepayments	6,200	6,200

MORBIO LIMITED

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

6

Creditors

Creditors: amounts falling due within one year

	2022 €	2021 €
Due within one year
Accruals and deferred income	-	1,042
Other creditors	1,667,158	1,635,749
	1,667,158	1,636,791

7	Share capital

Allotted, called up and fully paid shares

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

8	Related party transactions

Loans from related parties

2022	Other related parties €	Total €
At start of period	1,635,749	1,635,749
Advanced	30,000	30,000
At end of period	1,665,749	1,665,749

2021	Other related parties €	Total €
At start of period	1,635,749	1,635,749
At end of period	1,635,749	1,635,749

MORBIO LIMITED

Detailed Profit and Loss Account for the Year Ended 31 March 2022

	2022 €	2021 €
Turnover (analysed below)	-	-
Administrative expenses
Establishment costs (analysed below)	(7,050)	(66,600)
General administrative expenses (analysed below)	(7,409)	(20,003)
	(14,459)	(86,603)
Operating loss	(14,459)	(86,603)
Interest payable and similar expenses (analysed below)	(452)	(319)
Loss before tax	(14,911)	(86,922)

MORBIO LIMITED

Detailed Profit and Loss Account for the Year Ended 31 March 2022

2022 €

2021 €

Establishment costs
General maintenance	(7,050)	(66,600)

General administrative expenses
Accountancy fees	(1,409)	(1,042)
Legal and professional fees	(6,000)	(18,961)
	(7,409)	(20,003)

Interest payable and similar expenses
Bank interest payable	(230)	(196)
Foreign currency (gains)/losses	(222)	(123)
	(452)	(319)