REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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MOORE & TIBBITS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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FOR |
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MOORE & TIBBITS LIMITED |
MOORE & TIBBITS LIMITED (REGISTERED NUMBER: 07731558) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MOORE & TIBBITS LIMITED |
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COMPANY INFORMATION |
for the year ended 30 September 2020 |
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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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Magma House |
16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
MOORE & TIBBITS LIMITED (REGISTERED NUMBER: 07731558) |
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BALANCE SHEET |
30 September 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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MOORE & TIBBITS LIMITED (REGISTERED NUMBER: 07731558) |
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BALANCE SHEET - continued |
30 September 2020 |
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2020 | 2019 |
Notes | £ | £ |
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CAPITAL AND RESERVES |
Called up share capital |
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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 Profit and loss account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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MOORE & TIBBITS LIMITED (REGISTERED NUMBER: 07731558) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2020 |
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1. | STATUTORY INFORMATION |
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Moore & Tibbits Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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Turnover |
Turnover represents amounts chargeable to clients for professional services rendered through the financial year. Turnover excludes value added tax and includes expenses recoverable from clients. |
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Turnover is recognised when the right to consideration has been obtained through performance under each contract. Turnover in respect of contingent or conditional fee arrangements is recognised on the occurrence of the contingent event. Where crystallisation of the contingent event is foreseen at the end of the financial year the carrying value of work in progress is the lower of cost and net realisable value. |
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Unbilled income is recognised in debtors within amounts recoverable on contracts. |
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Fees received on account of work to be completed are recorded within creditors falling due within one year. |
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Interest Receivable |
Interest receivable is accounted for on the accruals basis. |
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Goodwill |
Intangible fixed assets are shown at cost less accumulated amortisation. |
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Goodwill, being the amount paid in connection with the purchase of the trade and assets of a partnership in 2011, is being amortised evenly over its estimated useful life of ten years. |
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Goodwill also relates to an amount paid in connection with the purchase of the trade and assets of a business in 2015 and is being amortised evenly over its estimated useful life of five years. |
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Goodwill also relates to an amount paid in connection with the purchase of the trade and assets of a business in 2017 and is being amortised evenly over its estimated useful life of five years. |
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Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Tangible fixed assets except pictures are written off over their estimated useful lives. The following rates of depreciation are applied to the assets in use at the balance sheet date: |
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Fixtures & Fittings | 15 % Reducing Balance |
Office Equipment | 15 % Reducing Balance |
Computer Equipment | 20 % Straight Line |
Library | 10 % Reducing Balance |
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No depreciation is provided on pictures as the Directors consider the difference between the cost and residual value of these assets to be immaterial. |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
MOORE & TIBBITS LIMITED (REGISTERED NUMBER: 07731558) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. At each balance sheet 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. |
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Financial instruments |
(i) Financial assets |
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Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
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Such assets are subsequently carried at amortised cost using the effective interest rate method. |
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(ii) Financial liabilities |
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Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Taxation |
The tax expense for the year comprises current and deferred tax. |
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Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
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Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: |
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- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
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- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
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Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Operating lease commitments |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Grants |
The company has received funding in the form of grants relating to the Coronavirus Job Retention Scheme (CJRS). The grant funding is released to the profit and loss account in full in the year the conditions of the grant funding have been met. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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MOORE & TIBBITS LIMITED (REGISTERED NUMBER: 07731558) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 October 2019 |
and 30 September 2020 |
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AMORTISATION |
At 1 October 2019 |
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Amortisation for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Office | and |
Pictures | Equipment | fittings |
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COST |
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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Computer |
Library | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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MOORE & TIBBITS LIMITED (REGISTERED NUMBER: 07731558) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2020 |
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6. | STOCKS |
2020 | 2019 |
£ | £ |
Stationery | 3,000 | 3,000 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Included within other creditors is a balance of £12,101 (2019: £6,070) relating to unpaid pension contributions. |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans due in more than 5 years by
instalments |
250,000 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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MOORE & TIBBITS LIMITED (REGISTERED NUMBER: 07731558) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2020 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdrafts |
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Bank loans |
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The bank loans and overdraft are secured by an unlimited debenture dated 27 September 2011 incorporating a fixed and floating charge on the company's assets. |
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12. | TRANSACTIONS WITH DIRECTORS |
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During the year storage costs of £10,250 (2019: £10,250) were paid to a director and shareholder. |
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As at the year end the balance due from a director, was £2,000 (2019: £2,000). The maximum amount overdrawn in the year being £2,000 (2019: £2,000). |
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During the year dividends of £173,212 (2019: £267,017 ) were declared and paid to two the directors. |
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13. | CLIENT ACCOUNT |
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The company holds funds at bank of £7,553,021 (2019: £8,802,602) which are held in trust for the benefit of the company's clients. These amounts have not been accounted for in the company's balance sheet. |