Moreland Estates Ltd 31/03/2024 iXBRL

Moreland Estates Ltd 31/03/2024 iXBRL

MORELAND ESTATES LIMITED - Company Information

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11 31/03/2024 2024-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03663497 2023-04-01 2024-03-31 03663497 2024-03-31 03663497 2023-03-31 03663497 2022-04-01 2023-03-31 03663497 2023-03-31 03663497 2022-03-31 03663497 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 03663497 core:MotorVehicles 2023-04-01 2024-03-31 03663497 bus:RegisteredOffice 2023-04-01 2024-03-31 03663497 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 03663497 bus:Director1 2023-04-01 2024-03-31 03663497 bus:CompanySecretary1 2023-04-01 2024-03-31 03663497 core:FurnitureFittingsToolsEquipment 2023-03-31 03663497 core:MotorVehicles 2023-03-31 03663497 core:FurnitureFittingsToolsEquipment 2024-03-31 03663497 core:MotorVehicles 2024-03-31 03663497 core:WithinOneYear 2024-03-31 03663497 core:WithinOneYear 2023-03-31 03663497 core:AfterOneYear 2024-03-31 03663497 core:AfterOneYear 2023-03-31 03663497 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 03663497 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 03663497 core:ShareCapital 2024-03-31 03663497 core:ShareCapital 2023-03-31 03663497 core:RetainedEarningsAccumulatedLosses 2024-03-31 03663497 core:RetainedEarningsAccumulatedLosses 2023-03-31 03663497 core:ShareCapital 2022-03-31 03663497 core:RetainedEarningsAccumulatedLosses 2022-03-31 03663497 core:FurnitureFittingsToolsEquipment 2023-03-31 03663497 core:MotorVehicles 2023-03-31 03663497 bus:Director2 2023-03-31 03663497 bus:Director2 2024-03-31 03663497 bus:Director2 2022-03-31 03663497 bus:Director2 2023-03-31 03663497 bus:Director2 2023-04-01 2024-03-31 03663497 bus:Director2 2022-04-01 2023-03-31 03663497 bus:SmallEntities 2023-04-01 2024-03-31 03663497 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03663497 bus:FullAccounts 2023-04-01 2024-03-31 03663497 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03663497 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03663497 bus:Director1 2023-03-31 03663497 bus:Director1 2024-03-31 03663497 bus:Director1 2022-03-31 03663497 bus:Director1 2022-04-01 2023-03-31
Company registration number: 03663497
Moreland Estates Ltd
Unaudited filleted financial statements
31 March 2024
Moreland Estates Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Moreland Estates Ltd
Directors and other information
Director Mr E Gilbert
Secretary Mrs N Gilbert
Company number 03663497
Registered office Unit 8 Alpha Business Park
Travellers Close
Welham Green
Herts
AL9 7NT
Business address 903-905 Finchley Road
Golders Green
London
NW11 7PE
Accountants Hansford Brown Ltd
Unit 8, Alpha Business Park
Travellers Close
Welham Green
Hertfordshire
AL9 7NT
Moreland Estates Ltd
Accountants report to the director on the preparation of the
unaudited statutory financial statements of Moreland Estates Ltd
Year ended 31st March 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31st March 2024 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Hansford Brown Ltd
Accountants
Unit 8, Alpha Business Park
Travellers Close
Welham Green
Hertfordshire
AL9 7NT
22nd May 2024
Moreland Estates Ltd
Statement of financial position
31st March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 57,623 45,474
_______ _______
57,623 45,474
Current assets
Debtors 6 121,731 126,164
Cash at bank and in hand 51,391 41,596
_______ _______
173,122 167,760
Creditors: amounts falling due
within one year 7 ( 181,322) ( 154,942)
_______ _______
Net current (liabilities)/assets ( 8,200) 12,818
_______ _______
Total assets less current liabilities 49,423 58,292
Creditors: amounts falling due
after more than one year 8 ( 47,667) ( 48,499)
_______ _______
Net assets 1,756 9,793
_______ _______
Capital and reserves
Called up share capital 8 8
Profit and loss account 1,748 9,785
_______ _______
Shareholders funds 1,756 9,793
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 May 2024 , and are signed on behalf of the board by:
Mr E Gilbert
Director
Company registration number: 03663497
Moreland Estates Ltd
Statement of changes in equity
Year ended 31st March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1st April 2022 8 1,159 1,167
Profit for the year 128,626 128,626
_______ _______ _______
Total comprehensive income for the year - 128,626 128,626
Dividends paid and payable ( 120,000) ( 120,000)
_______ _______ _______
Total investments by and distributions to owners - ( 120,000) ( 120,000)
_______ _______ _______
At 31st March 2023 and 1st April 2023 8 9,785 9,793
Profit for the year 91,963 91,963
_______ _______ _______
Total comprehensive income for the year - 91,963 91,963
Dividends paid and payable ( 100,000) ( 100,000)
_______ _______ _______
Total investments by and distributions to owners - ( 100,000) ( 100,000)
_______ _______ _______
At 31st March 2024 8 1,748 1,756
_______ _______ _______
Moreland Estates Ltd
Notes to the financial statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 8 Alpha Business Park, Travellers Close, Welham Green, Herts, AL9 7NT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 10 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1st April 2023 199,589 73,045 272,634
Additions 3,084 59,090 62,174
Disposals - ( 73,045) ( 73,045)
_______ _______ _______
At 31st March 2024 202,673 59,090 261,763
_______ _______ _______
Depreciation
At 1st April 2023 184,931 42,229 227,160
Charge for the year 4,436 14,773 19,209
Disposals - ( 42,229) ( 42,229)
_______ _______ _______
At 31st March 2024 189,367 14,773 204,140
_______ _______ _______
Carrying amount
At 31st March 2024 13,306 44,317 57,623
_______ _______ _______
At 31st March 2023 14,658 30,816 45,474
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 49,250 62,540
Other debtors 72,481 63,624
_______ _______
121,731 126,164
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 40,571 43,643
Corporation tax 31,620 32,079
Social security and other taxes 40,007 32,563
Other creditors 59,124 36,657
_______ _______
181,322 154,942
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 11,667 21,667
Other creditors 36,000 26,832
_______ _______
47,667 48,499
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
15,683 11,947 - 27,630
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
54,733 - ( 39,050) 15,683
_______ _______ _______ _______