MCMORRIS PROPERTIES LIMITED
|
Registered number: |
07115563
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Balance Sheet |
as at 30 November 2020
|
|
Notes |
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|
2020 |
|
|
2019 |
£ |
£ |
Fixed assets |
Investments |
3 |
|
|
1,318,780 |
|
|
1,318,780 |
|
Current assets |
Debtors |
4 |
|
316,695 |
|
|
133,776 |
Cash at bank and in hand |
|
|
61,804 |
|
|
19,240 |
|
|
|
378,499 |
|
|
153,016 |
|
Creditors: amounts falling due within one year |
5 |
|
(860,690) |
|
|
(801,938) |
|
Net current liabilities |
|
|
|
(482,191) |
|
|
(648,922) |
|
Total assets less current liabilities |
|
|
|
836,589 |
|
|
669,858 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(280,856) |
|
|
(230,950) |
|
|
|
Net assets |
|
|
|
555,733 |
|
|
438,908 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
555,633 |
|
|
438,808 |
|
Shareholders' funds |
|
|
|
555,733 |
|
|
438,908 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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|
Dr E McMorris |
Director |
Approved by the board on 16 November 2021
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MCMORRIS PROPERTIES LIMITED
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Notes to the Accounts |
for the year ended 30 November 2020
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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|
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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Investment property |
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The directors consider the values of the investment properties are at fair value. Any future gains will be recognised in the income statement and deferred tax will be provided on these gains at the rate expected to apply when the properties are sold. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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|
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Grants received |
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Grants received are accounted for using the accrual model and are recognised in the profit and loss in the periods in which the related costs or expenses are recognised. |
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2 |
Employees |
2020 |
|
2019 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Investments |
|
Other |
investments |
£ |
|
Cost |
|
At 1 December 2019 |
1,318,780 |
|
|
At 30 November 2020 |
1,318,780 |
|
|
4 |
Debtors |
2020 |
|
2019 |
£ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
316,695 |
|
133,776 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
£ |
£ |
|
|
Bank loans and overdrafts |
20,888 |
|
18,600 |
|
Trade creditors |
15,212 |
|
9,050 |
|
Other creditors |
824,590 |
|
774,288 |
|
|
|
|
|
|
860,690 |
|
801,938 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2020 |
|
2019 |
£ |
£ |
|
|
Bank loans |
280,856 |
|
230,950 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
2020 |
|
2019 |
£ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
178,555 |
|
156,957 |
|
|
|
|
|
|
|
|
|
|
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Secured bank loans |
301,744 |
|
249,957 |
|
|
|
|
|
|
|
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The Lloyds bank loan of £279,000 was received on 3 April 2018. This is repayable over 180 instalments and is secured by a first legal charge by the company over the freehold property at Unit 1 Foresters Park, Wellhouse Lane, Winchester, SO23 7JY.
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|
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8 |
Related party transactions |
2020 |
|
2019 |
£ |
£ |
|
Drs J & E McMorris - directors Amount due to the directors at the year end (included in other
|
|
creditors) |
824,590 |
|
774,288 |
|
|
|
|
|
|
|
|
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9 |
Controlling party |
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The ultimate controlling party at 30 November 2020 was Dr E McMorris.
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10 |
Other information |
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MCMORRIS PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
Sparkford House |
|
73 St. Cross Road |
|
WINCHESTER |
|
Hampshire |
|
SO23 9RE |
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11 |
Going concern |
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The directors have considered both the current and future effect of the Covid -19 pandemic and its impact on the company and the UK economy in general. The directors believe that despite the pandemic, existing cash resources, profit and cash generation will be sufficient to meet the company's obligations for a period of at least 12 months. The company has also taken advantage of all available government aid to support the business through the crisis. The directors therefore continue to adopt the going concern basis in preparing the financial statements. |