Morland Homes Limited - Period Ending 2021-03-31
Morland Homes Limited - Period Ending 2021-03-31
COMPANY REGISTRATION NUMBER:
Morland Homes Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Morland Homes Limited
Company Information
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Directors |
Mrs A Rowlinson Mr J Rowlinson |
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Registered office |
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Accountants |
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Morland Homes Limited
(Registration number: 10487775)
Balance Sheet as at 31 March 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Total equity |
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Morland Homes Limited
(Registration number: 10487775)
Balance Sheet as at 31 March 2021
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and loss account has been taken.
Approved and authorised for issue by the
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Director
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Director
Morland Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling and rounded to the nearest full £.
Going concern
The financial statements have been prepared on a going concern basis with the continued support of the directors.
The directors have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements. In addition, the directors do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.
Morland Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.
The company recognises revenue when rent is received from tenants.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Furniture & Fittings |
20% straight line |
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Office equipment |
25% straight line |
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Motor Vehicles |
20% reducing balance |
Investment property
Morland Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Morland Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Morland Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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Charge for the year |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Investment properties |
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2021 |
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At 1 April |
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Additions |
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Fair value adjustments |
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At 31 March |
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The directors have revalued the property and deem the amount at the balance sheet date to be the current market value.
There has been no valuation of investment property by an independent valuer.
Morland Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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Debtors |
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2021 |
2020 |
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Other debtors |
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Morland Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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Creditors |
Creditors: amounts falling due within one year
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Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
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Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Other borrowings |
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Morland Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Bank borrowings
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The bank loans are secured by way of fixed charges against the company's investment properties. |
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Share capital |
Allotted, called up and fully paid shares
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2021 |
2020 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Related party transactions |
Key management personnel
The directors
Summary of transactions with key management
Interest has been charged and there is no set date for repayment.