Company No: 05300424 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Unaudited Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	8,388		8,590
Investment property	4	150,000		150,000
Investments	5	2		2
		158,390		158,592
Current assets
Stocks	6	185,221		185,221
Debtors	7	187,779		328,008
Cash at bank and in hand		14,940		0
		387,940		513,229
Creditors
Amounts falling due within one year	8	( 177,991)		( 41,773)
Net current assets		209,949		471,456
Total assets less current liabilities		368,339		630,048
Creditors
Amounts falling due after more than one year	9	( 242,403)		( 199,365)
Net assets		125,936		430,683
Capital and reserves
Called-up share capital	10	1,000		1,000
Profit and loss account		124,936		429,683
Total shareholder's funds		125,936		430,683

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:

• 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 in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Moorhaven Ltd (registered number: 05300424) were approved and authorised for issue by the Board of Directors on 23 December 2021. 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.

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 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.

The functional currency of Moorhaven Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income 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 Comprehensive Income 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.

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:

Plant and machinery - 25% reducing balance
Vehicles - 25% reducing balance
Fitting and fittings - 25% straight line
Office equipment - 25% 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 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.

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 include cash in hand, deposits held at call with banks 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.

Investments
Investments in subsidiaries and joint ventures are measured at cost less accumulated impairment.

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

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.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2020	7,170		13,500		234		14,533		35,437
Additions	0		0		556		2,107		2,663
At 31 March 2021	7,170		13,500		790		16,640		38,100
Accumulated depreciation
At 01 April 2020	6,782		6,687		5		13,373		26,847
Charge for the financial year	97		1,703		116		949		2,865
At 31 March 2021	6,879		8,390		121		14,322		29,712
Net book value
At 31 March 2021	291		5,110		669		2,318		8,388
At 31 March 2020	388		6,813		229		1,160		8,590

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2020	150,000
As at 31 March 2021	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.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

	2021		2020
	£		£
Historic cost	74,702		76,400

5. Fixed asset investments

Investments in subsidiaries

	2021
	£
Cost
At 01 April 2020	1
At 31 March 2021	1
Carrying value at 31 March 2021	1
Carrying value at 31 March 2020	1

	Investments in joint ventures		Total
	£		£
Carrying value before impairment
At 01 April 2020	1		1
At 31 March 2021	1		1
Provisions for impairment
At 01 April 2020	0		0
At 31 March 2021	0		0
Carrying value at 31 March 2021	1		1
Carrying value at 31 March 2020	1		1

6. Stocks

	2021		2020
	£		£
Work in progress (secured)	185,221		185,221

7. Debtors

	2021		2020
	£		£
Trade debtors	1,320		1,320
Amounts owed by Group undertakings	45,000		197,499
Amounts owed by Parent undertakings	0		12,730
Amounts owed by joint ventures	141,459		116,459
	187,779		328,008

8. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans and overdrafts (secured £ 3,600)	8,230		16,572
Trade creditors	926		2,808
Amounts owed to Parent undertakings	105,743		0
Amounts owed to associates	49,907		9,114
Other creditors	1,445		3,718
Accruals	4,635		5,875
Other taxation and social security	7,105		3,686
	177,991		41,773

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

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

	2021		2020
	£		£
Bank loans (secured £ 197,033)	242,403		199,365

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:

	2021		2020
	£		£
Bank loans (secured £84,404 / repayable by instalments)	107,553		81,922

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

10. Called-up share capital

	2021		2020
	£		£
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 £1,553 (2020: £1,544). Contributions totalling £706 (2020: £233) 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

	2021		2020
	£		£
Amounts due from joint ventures	141,459		116,459

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. Exceptional items

	2021		2020
	£		£
Loans due to / (from) group companies written off	(160,004)		200,000

14. Reserves

Profit and loss account

	2021		2020
	£		£
Profit and loss account - distributable	59,825		364,572
Profit and loss account - non distributable	65,111		65,111
	124,936		429,683

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.