Company No: 11959061 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	687		964
Investments	4	100,008		350,010
		100,695		350,974
Current assets
Debtors	5	1,300,941		1,349,927
Cash at bank and in hand		47,991		27,278
		1,348,932		1,377,205
Creditors: amounts falling due within one year	6	( 1,077,553)		( 686,895)
Net current assets		271,379		690,310
Total assets less current liabilities		372,074		1,041,284
Creditors: amounts falling due after more than one year	7	( 256,249)		( 939,815)
Net assets		115,825		101,469
Capital and reserves
Called-up share capital	8	1,000		1,000
Profit and loss account		114,825		100,469
Total shareholders' funds		115,825		101,469

For the financial year ending 31 March 2023 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Moorhaven Holdings Limited (registered number: 11959061) were approved and authorised for issue by the Director on 20 December 2023. They were signed on its behalf by:

Andrea Jane 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 year, unless otherwise stated.

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 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings	4 years straight line
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		2

3. Tangible assets

	Fixtures and fittings		Office equipment		Total
	£		£		£
Cost
At 01 April 2022	174		929		1,103
At 31 March 2023	174		929		1,103
Accumulated depreciation
At 01 April 2022	29		110		139
Charge for the financial year	44		233		277
At 31 March 2023	73		343		416
Net book value
At 31 March 2023	101		586		687
At 31 March 2022	145		819		964

4. Fixed asset investments

Investments in subsidiaries

	2023
	£
Cost
At 01 April 2022	350,008
Additions	1
Disposals	( 2)
At 31 March 2023	350,007
Provisions for impairment
At 01 April 2022	0
Impairment	250,000
At 31 March 2023	250,000
Carrying value at 31 March 2023	100,007
Carrying value at 31 March 2022	350,008

	Investments in joint ventures		Total
	£		£
Carrying value before impairment
At 01 April 2022	2		2
Disposals	( 1)		( 1)
At 31 March 2023	1		1
Provisions for impairment
At 01 April 2022	0		0
At 31 March 2023	0		0
Carrying value at 31 March 2023	1		1
Carrying value at 31 March 2022	2		2

5. Debtors

	2023		2022
	£		£
Amounts owed by Group undertakings	1,200,250		1,301,508
Amounts owed by directors	44,577		39,333
VAT recoverable	5,729		0
Other debtors	50,385		9,086
	1,300,941		1,349,927

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	5,556		5,556
Trade creditors	5,636		4,285
Amounts owed to Group undertakings	70,715		374,215
Amounts owed to joint ventures	0		428
Amounts owed to directors	257,942		34,195
Other loans (secured £ 449,965)	717,201		224,382
Accruals	14,210		34,410
Other taxation and social security	0		7,404
Other creditors	6,293		2,020
	1,077,553		686,895

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 owed to Group undertakings are repayable on demand and do not bear interest.

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

	2023		2022
	£		£
Bank loans	34,259		39,815
Other loans	221,990		900,000
	256,249		939,815

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

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

	2023		2022
	£		£
Bank loans (repayable by instalments)	12,037		17,592

8. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
850 Ordinary shares of £ 1.00 each (2022: 1,000 shares of £ 1.00 each)	850		1,000
150 A Ordinary shares of £ 1.00 each (2022: nil shares)	150		0
	1,000		1,000

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2023		2022
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	233		0

10. Related party transactions

Transactions with the entity's directors

At the year end, a director was owed £257,942 (2022: £34,195) by the company. There is no interest charged on this balance and no set date for repayment.

At the year end, a director owed £44,577 (2022: £39,333) to the company. Interest has been charged at the HMRC approved rate where the balance exceeds £10,000, equating to £1,200 (2022: £282). There is no set date for repayment.

Guarantees

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

A loan to Moorhaven Holdings Limited for £450,000 has been secured against land at Poulza, Jacobstow, Cornwall. This land is owned by Moorhaven Rural Limited, a 100% subsidiary of Moorhaven Holdings Limited.

At the year end, the company was owed £1,540 by (2022: owed £428 to) a joint venture.

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.