REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 28 February 2018 |
for |
Morcon Foundations Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 28 February 2018 |
for |
Morcon Foundations Limited |
Morcon Foundations Limited (Registered number: 02476134) |
Contents of the Financial Statements |
for the Year Ended 28 February 2018 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Morcon Foundations Limited |
Company Information |
for the Year Ended 28 February 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditor |
3rd Floor |
Butt Dyke House |
33 Park Row |
Nottingham |
NG1 6EE |
BANKERS: |
Derby Commercial Business Centre |
Crompton House |
Derwent Street |
Derby |
DE1 2XR |
Morcon Foundations Limited (Registered number: 02476134) |
Abridged Statement of Financial Position |
28 February 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 5 |
Revaluation reserve | 6 |
Retained earnings | 6 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on behalf by: |
P S Morley - Director | D Bryan - Director |
Mrs P Morley - Director |
Morcon Foundations Limited (Registered number: 02476134) |
Notes to the Financial Statements |
for the Year Ended 28 February 2018 |
1. | STATUTORY INFORMATION |
Morcon Foundations Limited is a |
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of work done, excluding value added tax, and property sales. Turnover |
in respect of property sales is recognised in full in the year in which the property is sold. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant & equipment | - |
Fixtures & fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position date. |
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. |
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. |
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. |
Morcon Foundations Limited (Registered number: 02476134) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
2. | ACCOUNTING POLICIES - continued |
Long-term contracts |
Turnover and related costs on each long term contract are recorded in the profit and loss account as |
contract activity progresses. Turnover is calculated on the basis of the value of work done and when a |
profitable outcome to the contract can be assessed with reasonable certainty, includes attributable |
profit. Attributable profit is calculated on a prudent basis for each contract by reference to the contracts |
cumulative turnover, total contract value and total profit estimated for the completed contract. Full |
provision is made for losses on a contract immediately they can be forseen. |
"Amounts recoverable on long term contracts" represents the excess of cumulative turnover over |
cumulative payments received on account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 March 2017 |
Additions |
Disposals | ( |
) |
At 28 February 2018 |
DEPRECIATION |
At 1 March 2017 |
Charge for year |
Eliminated on disposal | ( |
) |
At 28 February 2018 |
NET BOOK VALUE |
At 28 February 2018 |
At 28 February 2017 |
Included in cost or valuation of land and buildings is freehold land of £ 10,940 (2017 - £ 10,940 ) which |
is not depreciated. |
Cost or valuation at 28 February 2018 is represented by: |
Totals |
£ |
Valuation in 1994 | 32,640 |
Valuation in 1999 | (15,000 | ) |
Valuation in 2005 | 20,000 |
Valuation in 2010 | 130,000 |
Valuation in 2013 | 35,000 |
Valuation in 2015 | 30,000 |
Cost | 514,666 |
747,306 |
Morcon Foundations Limited (Registered number: 02476134) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
4. | TANGIBLE FIXED ASSETS - continued |
If the freehold property had not been revalued it would have been included at the following historical |
cost: |
2018 | 2017 |
£ | £ |
Cost | 127,360 | 127,360 |
Aggregate depreciation | 127,360 | 127,360 |
Freehold property was valued on |
. |
5. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
Ordinary | £1 | 67,500 | 75,000 |
(2017 - 75,000 ) |
A Ordinary | £1 | 7,500 | - |
75,000 | 75,000 |
6. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2017 | 1,046,842 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Depreciation transfer on revalued amount |
(24,000 |
) |
- |
At 28 February 2018 | 1,251,672 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Morcon Foundations Limited (Registered number: 02476134) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 28 February 2018 |
and 28 February 2017: |
2018 | 2017 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The company has charged interest on debit balances arising on a director loan at a rate of 2.5% per |
annum. |
9. | CONTROLLING PARTY |
The company is controlled by P S Morley by virtue of his majority shareholding. |