MortonBentley Properties Ltd - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 06240457 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2022

for

MortonBentley Properties Ltd

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

S M McDonald

M S Pawlak

SECRETARY:

S M McDonald

REGISTERED OFFICE:

Alexandra House

43 Alexandra Street

Nottingham

Nottinghamshire

NG5 1AY

REGISTERED NUMBER:

06240457 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

Alexandra House

43 Alexandra St

Nottingham

Nottinghamshire

NG5 1AY

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MortonBentley Properties Ltd for the year ended 31 July 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of MortonBentley Properties Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MortonBentley Properties Ltd and state those matters that we have agreed to state to the Board of Directors of MortonBentley Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MortonBentley Properties Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MortonBentley Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MortonBentley Properties Ltd. You consider that MortonBentley Properties Ltd 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 financial statements of MortonBentley Properties Ltd. 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 financial statements.

Wright Vigar Limited

Chartered Accountants & Business Advisers

Alexandra House

43 Alexandra St

Nottingham

Nottinghamshire

NG5 1AY

24 July 2023

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

1,540,000

1,540,000

1,540,000

1,540,000

CURRENT ASSETS

Debtors

6

1,424

16,595

Cash at bank

32,724

21,074

34,148

37,669

CREDITORS

Amounts falling due within one year

7

59,806

97,557

NET CURRENT LIABILITIES

(25,658

)

(59,888

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,514,342

1,480,112

CREDITORS

Amounts falling due after more than one year

8

(815,756

)

(832,724

)

PROVISIONS FOR LIABILITIES

(38,516

)

(38,516

)

NET ASSETS

660,070

608,872

CAPITAL AND RESERVES

Called up share capital

10

12

12

Revaluation reserve

11

368,363

368,363

Retained earnings

11

291,695

240,497

SHAREHOLDERS' FUNDS

660,070

608,872

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2023 and were signed on its behalf by:

S M McDonald - Director

1.	STATUTORY INFORMATION

MortonBentley Properties Ltd 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 August 2021

and 31 July 2022

12,762

DEPRECIATION

At 1 August 2021

and 31 July 2022

12,762

NET BOOK VALUE

At 31 July 2022

-

At 31 July 2021

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2021

and 31 July 2022

1,540,000

NET BOOK VALUE

At 31 July 2022

1,540,000

At 31 July 2021

1,540,000

Fair value at 31 July 2022 is represented by:

£

Valuation in 2009

84,277

Valuation in 2010

10,000

Valuation in 2012

15,900

Valuation in 2014

(90,900

)

Valuation in 2015

50,000

Valuation in 2016

(55,000

)

Valuation in 2017

75,000

Valuation in 2019

149,085

Valuation in 2020

55,000

Valuation in 2021

75,000

Cost

1,171,638

1,540,000

If investment property had not been revalued it would have been included at the following historical cost:

2022

2021

£

£

Cost

1,171,638

1,171,638

Investment property was valued on an open market basis on 31 July 2022 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

-

10,871

Prepayments

1,424

5,724

1,424

16,595

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Corporation tax

4,768

7,406

Other creditors

-

16,313

Directors' current accounts

51,979

70,599

Accrued expenses

3,059

3,239

59,806

97,557

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans more 5 yr by instal

815,756

832,724

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

815,756

832,724

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Mortgages

815,756

832,724

Mortgages are secured against the properties to which they relate

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

12

Ordinary Shares

£1

12

12

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 August 2021

240,497

368,363

608,860

Profit for the year

51,198

51,198

At 31 July 2022

291,695

368,363

660,058