REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
John Morgan And Co Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
John Morgan And Co Limited |
John Morgan And Co Limited (Registered number: 07233718) |
Contents of the Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 3 |
John Morgan And Co Limited |
Company Information |
for the Year Ended 30 April 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Certified Accountants |
The Gatehouse |
2 Devonhurst Place |
Heathfield Terrace |
Chiswick |
London |
W4 4JD |
John Morgan And Co Limited (Registered number: 07233718) |
Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
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. |
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 and authorised for issue on |
John Morgan And Co Limited (Registered number: 07233718) |
Notes to the Financial Statements |
for the Year Ended 30 April 2023 |
1. | Statutory information |
John Morgan And Co Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that eh associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Tangible fixed assets |
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. |
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery - 18% on reducing balance |
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value ot tangible assets, the depreciation is revised prospectively to reflect the new estimates. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company only enters into basic financial transactions that result in the recognition of |
financial assets and liabilities like cash and bank balances, trade and other debtors and |
creditors, loans from banks and other third parties and investments in non-puttable ordinary |
shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of |
each reporting period for objective evidence of impairment. If objective evidence of |
impairment is found, an impairment loss is recognised in profit and loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet |
when there is an enforceable right to set off the recognised amounts and there is an |
intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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 balance sheet date. |
John Morgan And Co Limited (Registered number: 07233718) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Impairment |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes ;the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 May 2022 |
and 30 April 2023 |
Depreciation |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
John Morgan And Co Limited (Registered number: 07233718) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Related party disclosures |
At the year end the directors owed to the company £40,000 (2022: NIL). This loan will be repaid to the company in July 2023. |