Moorcroft Holdings Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02754129 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

MOORCROFT HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T I Areehy

Ms N K Areehy

Z A Chaudhary

REGISTERED OFFICE:

75 Sampson Road North

Sparkbrook

Birmingham

B11 1BH

REGISTERED NUMBER:

02754129 (England and Wales)

AUDITORS:

Harrison Beale & Owen Limited

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

BANKERS:

Natwest Bank plc

Bolton Corporate Service Centre

Parklands, De Havilland Way

Horwich

Bolton

BL6 4YU

FIXED ASSETS

Investment property

4

757,173

757,173

CURRENT ASSETS

Cash at bank

318

861

CREDITORS

Amounts falling due within one year

5

410,092

397,525

NET CURRENT LIABILITIES

(409,774

)

(396,664

)

TOTAL ASSETS LESS CURRENT LIABILITIES

347,399

360,509

CREDITORS

Amounts falling due after more than one year

6

263,519

300,974

NET ASSETS

83,880

59,535

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

73,880

49,535

83,880

59,535

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 19 March 2024 and were signed on its behalf by:

T I Areehy - Director

1.	STATUTORY INFORMATION

Moorcroft Holdings Limited 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.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

As at 30 June 2023 the company had net current liabilities. Since the redevelopment of the company's investment property, which was completed at the end of 2020, a lease was drawn up between the company and its now parent (formerly related) undertaking, Indus Foods Limited , for a period of 6 years.

As a consequence, future rental income is now much more secure for the company. Future rental income streams are expected to more than cover any future costs. In the meantime, the directors are confident that with both their continued support and the continued support of its parent entity, Indus Foods Limited, the company will be able to continue in operational existence and meet its debts as they fall due for the foreseeable future.

Accordingly, the directors have prepared the accounts on a going concern basis.

Turnover

Turnover comprises the fair value of the consideration received or receivable, excluding discounts and rebates.

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.

The directors have determined the fair value of investment property through comparison to similar properties on the market.

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 NIL (2022 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2022

and 30 June 2023

757,173

NET BOOK VALUE

At 30 June 2023

757,173

At 30 June 2022

757,173

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

44,892

47,506

Trade creditors

2,695

955

Amounts owed to group undertakings

352,502

334,723

Taxation and social security

5,683

10,020

Other creditors

4,320

4,321

410,092

397,525

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

263,519

300,974

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - more than 5 years

84,482

154,842

7.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

308,411

348,480

In relation to the mortgage of 75 Sampson Road North, B11 1BH, Natwest Bank holds fixed and floating charges over the property and undertaking of the company.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Wayne Gutteridge ACA (Senior Statutory Auditor)

for and on behalf of Harrison Beale & Owen Limited

9.	CONTINGENT LIABILITIES

The company has entered into a debenture guarantee, dated 25 June 2019, by way of fixed and floating charges on its assets, for a loan facility agreement used by its parent entity, Indus Foods Limited.

10.	CONTROLLING INTERESTS

On 8 April 2022 the company's entire issued share capital was acquired by Indus Foods Limited, which is now the company's controlling party and parent undertaking.

Indus Foods Limited does not have one overall controlling party or parties.