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Registration number: 07707200

Morgan Homes Limited

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Morgan Homes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Morgan Homes Limited

Company Information

Directors

Mr Paul John Morgan

Kathryn Mary Morgan

Registered office

Ty Pengau
Carmarthen
Carmarthenshire
SA17 5UG
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Morgan Homes Limited

(Registration number: 07707200)
Balance Sheet as at 31 December 2021

Note

31 December
2021
£

31 December
2020
£

Fixed assets

 

Tangible assets

4

621

127

Current assets

 

Debtors

5

40,128

48,236

Investments

6

84

84

Cash at bank and in hand

 

470,353

6,152

 

510,565

54,472

Creditors: Amounts falling due within one year

7

(504,659)

(50,319)

Net current assets

 

5,906

4,153

Net assets

 

6,527

4,280

Capital and reserves

 

Called up share capital

8

2

2

Profit and loss account

6,525

4,278

Shareholders' funds

 

6,527

4,280

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 August 2022 and signed on its behalf by:
 

 

Morgan Homes Limited

(Registration number: 07707200)
Balance Sheet as at 31 December 2021

.........................................
Kathryn Mary Morgan
Director

 

Morgan Homes Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ty Pengau
Carmarthen
Carmarthenshire
SA17 5UG
Wales

These financial statements were authorised for issue by the Board on 2 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Morgan Homes Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Straight Line

Office equipment

33% Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Morgan Homes Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

Morgan Homes Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2021

-

150

150

Additions

770

-

770

At 31 December 2021

770

150

920

Depreciation

At 1 January 2021

-

22

22

Charge for the year

254

23

277

At 31 December 2021

254

45

299

Carrying amount

At 31 December 2021

516

105

621

At 31 December 2020

-

127

127

5

Debtors

Note

31 December
2021
£

31 December
2020
£

Trade debtors

 

5,148

-

Intercompany accounts

10

34,980

48,236

 

40,128

48,236

6

Current asset investments

31 December
2021
£

31 December
2020
£

Shares in group undertakings

84

84

7

Creditors

Creditors: amounts falling due within one year

 

Morgan Homes Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021

Note

31 December
2021
£

31 December
2020
£

Due within one year

 

Bank loans and overdrafts

9

450,000

-

Trade creditors

 

390

384

Intercompany accounts

10

17,331

29,159

Taxation and social security

 

3,858

4,371

Accruals and deferred income

 

1,400

1,150

Other creditors

 

31,680

15,255

 

504,659

50,319

8

Share capital

Allotted, called up and fully paid shares

 

31 December
2021

31 December
2020

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Loans and borrowings

31 December
2021
£

31 December
2020
£

Current loans and borrowings

Other borrowings

450,000

-

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2021
£

2020
£

Remuneration

17,654

14,294