Company No: 05300424 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	6,295		8,388
Investment property	4	150,000		150,000
Investments	5	2		2
		156,297		158,390
Current assets
Stocks	6	20,000		185,221
Debtors	7	257,379		187,779
Cash at bank and in hand		4,220		14,940
		281,599		387,940
Creditors
Amounts falling due within one year	8	( 146,996)		( 177,991)
Net current assets		134,603		209,949
Total assets less current liabilities		290,900		368,339
Creditors
Amounts falling due after more than one year	9	( 138,043)		( 242,403)
Net assets		152,857		125,936
Capital and reserves
Called-up share capital	10	1,000		1,000
Profit and loss account		151,857		124,936
Total shareholder's funds		152,857		125,936

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 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 Ltd (registered number: 05300424) were approved and authorised for issue by the Director on 12 December 2022. They were signed on its behalf by:

Andrea 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 Ltd (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, Devon, PL21 0HB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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).

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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.

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company, but are presented separately due to their size or incidence.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

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.

Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
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 Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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.

Stocks

Stocks and WIP are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is calculated using the FIFO (first-in, first-out) method. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Grants that do not not impose specified future performance-related conditions on the recipient are recognised in income when the grant proceeds are received or receivable.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		5

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2021	7,170		13,500		790		16,640		38,100
Additions	0		0		470		0		470
At 31 March 2022	7,170		13,500		1,260		16,640		38,570
Accumulated depreciation
At 01 April 2021	6,879		8,390		121		14,322		29,712
Charge for the financial year	73		1,278		296		916		2,563
At 31 March 2022	6,952		9,668		417		15,238		32,275
Net book value
At 31 March 2022	218		3,832		843		1,402		6,295
At 31 March 2021	291		5,110		669		2,318		8,388

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2021	150,000
As at 31 March 2022	150,000

Valuation

Investment property are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

5. Fixed asset investments

Investments in subsidiaries

	2022
	£
Cost
At 01 April 2021	1
At 31 March 2022	1
Carrying value at 31 March 2022	1
Carrying value at 31 March 2021	1

	Investments in joint ventures		Total
	£		£
Carrying value before impairment
At 01 April 2021	1		1
At 31 March 2022	1		1
Provisions for impairment
At 01 April 2021	0		0
At 31 March 2022	0		0
Carrying value at 31 March 2022	1		1
Carrying value at 31 March 2021	1		1

6. Stocks

	2022		2021
	£		£
Work in progress (secured)	20,000		185,221

7. Debtors

	2022		2021
	£		£
Trade debtors	140		1,320
Amounts owed by Group undertakings	199,469		45,000
Amounts owed by Parent undertakings	57,770		0
Amounts owed by joint ventures	0		141,459
	257,379		187,779

8. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	5,556		8,230
Trade creditors	472		926
Amounts owed to Group undertakings	40,000		0
Amounts owed to Parent undertakings	0		105,743
Amounts owed to joint ventures	94,548		49,907
Other creditors	1,081		1,445
Accruals	2,500		4,635
Other taxation and social security	2,839		7,105
	146,996		177,991

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

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

	2022		2021
	£		£
Bank loans (secured £ 98,228)	138,043		242,403

Amounts included in bank loans and overdrafts, as disclosed above, are secured against the assets to which they relate.

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

	2022		2021
	£		£
Bank loans (repayable by instalments)	17,593		107,553

Amounts included in bank loans and overdrafts, as disclosed above, are secured against the assets to which they relate.

10. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000

11. 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. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,970 (2021: £1,553). Contributions totalling £496 (2021: £706) were payable to the fund at the reporting date and are included in other creditors.

12. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2022		2021
	£		£
Amounts due (to) / from joint ventures	(61,908)		141,459

Transactions with the entity's directors

Guarantees

A Director has provided personal guarantees to the bank, in respect of various loans.

As the Company is a wholly owned subsidiary of Moorhaven Holdings Limited, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and not disclosed transactions or balances with wholly owned subsidiaries which form part of the group.

13. Reserves

Profit and loss account

	2022		2021
	£		£
Profit and loss account - distributable	86,746		59,825
Profit and loss account - non distributable	65,111		65,111
	151,857		124,936

Profit and loss account - distributable

The profit and loss account distributable reserve is made up accumulated profits and losses, less any dividends paid.

Profit and loss account - non distributable

The profit and loss account - non distributable reserve is made up from the revaluations of investment properties as disclosed in investment property note and the deferred tax movement in respect of the revaluations.