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REGISTERED NUMBER:
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R E MORGAN & SON LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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REGISTERED NUMBER:
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R E MORGAN & SON LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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R E MORGAN & SON LIMITED (REGISTERED NUMBER: 01818754) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 | to | 5 |
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R E MORGAN & SON LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
20 Eversley Road |
Bexhill-on-Sea |
East Sussex |
TN40 1HE |
R E MORGAN & SON LIMITED (REGISTERED NUMBER: 01818754) |
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BALANCE SHEET |
31ST OCTOBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Share premium |
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Fair value reserve |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of
the Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company
as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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R E MORGAN & SON LIMITED (REGISTERED NUMBER: 01818754) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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1. | STATUTORY INFORMATION |
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R E Morgan & Son Limited is a
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Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Income is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising |
from changes in fair value is recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income |
or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL. |
R E MORGAN & SON LIMITED (REGISTERED NUMBER: 01818754) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1st November 2016 |
and 31st October 2017 |
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NET BOOK VALUE |
At 31st October 2017 |
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At 31st October 2016 |
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Fair value at 31st October 2017 is represented by: |
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£ |
Valuation in 2012 | 117,472 |
Valuation in 2014 | 10,000 |
Valuation in 2015 | 226,806 |
Cost | 200,722 |
555,000 |
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If investment property had not been revalued it would have been included at the following |
historical cost: |
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2017 | 2016 |
£ | £ |
Cost | 200,722 | 200,722 |
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Investment property was valued on an open market basis on 31st October 2017 by the directors . |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Tax |
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Other creditors |
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Directors' current accounts | 320,446 | 329,611 |
Accrued expenses |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 7,500 | 7,500 |
R E MORGAN & SON LIMITED (REGISTERED NUMBER: 01818754) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The director operates a current account with the company which result from monies introduced |
and undrawn remuneration. The balance due to the director as at 31 October 2017 amounted to |
£324,220. |
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No interest is charged on the directors current accounts that are owing to the company. |
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9. | FIRST YEAR ADOPTION |
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R E Morgan & Son Limited has until now, in accordance with UK Generally Accepted Accounting |
Principles and Financial Reporting Standards for Smaller Entities, shown investment property at |
most recent valuation, with any aggregate surplus or deficit arising from changes in market value |
being transferred to a revaluation reserve. |
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FRS 102, which became mandatory for small companies for periods commencing on or after 1st |
January 2016, states that where fair value of an investment property can be measured reliably |
without undue cost or effort, the property shall be measured at fair value, and that any fair value |
adjustments on investment property are to be recognised in the profit and loss account. |
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Any profit on revaluation of investment property is not a realised profit available for distribution. R |
E Morgan & Son Limited has therefore opted to transfer such gains and losses to a |
non-distributable fair value reserve, shown separately from the distributable retained earnings. |
Accordingly, all revaluation reserve adjustments have now been transferred to the fair value |
reserve. |
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Under FRS 102 deferred tax should be provided for on the gains and losses resulting from the |
revaluation of investment property. |
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FRS 102 requires retrospective restatements from the date of transition, being the beginning of |
the earliest period for which full comparative information is presented. |
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On the adoption of the requirements of FRS 102 the revaluation reserve of £354,278 as at the date |
of transition, 1 November 2015, has been reduced to nil, creating a fair value reserve of £294,051 |
alongside a provision for deferred taxation of £60,227. |
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At 31 October 2016 the fair value reserve was £354,278 and the provision for deferred taxation |
was £70,859. |