Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-3112the principalThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-02-0114falsetruetrue 05369686 2022-02-01 2023-01-31 05369686 2021-02-01 2022-01-31 05369686 2023-01-31 05369686 2022-01-31 05369686 c:Director1 2022-02-01 2023-01-31 05369686 c:Director3 2022-02-01 2023-01-31 05369686 d:Buildings 2022-02-01 2023-01-31 05369686 d:Buildings 2023-01-31 05369686 d:Buildings 2022-01-31 05369686 d:Buildings d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 05369686 d:PlantMachinery 2022-02-01 2023-01-31 05369686 d:MotorVehicles 2022-02-01 2023-01-31 05369686 d:FurnitureFittings 2022-02-01 2023-01-31 05369686 d:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 05369686 d:OtherPropertyPlantEquipment 2023-01-31 05369686 d:OtherPropertyPlantEquipment 2022-01-31 05369686 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 05369686 d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 05369686 d:FreeholdInvestmentProperty 2023-01-31 05369686 d:FreeholdInvestmentProperty 2022-01-31 05369686 d:CurrentFinancialInstruments 2023-01-31 05369686 d:CurrentFinancialInstruments 2022-01-31 05369686 d:Non-currentFinancialInstruments 2023-01-31 05369686 d:Non-currentFinancialInstruments 2022-01-31 05369686 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 05369686 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 05369686 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 05369686 d:Non-currentFinancialInstruments d:AfterOneYear 2022-01-31 05369686 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 05369686 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-01-31 05369686 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 05369686 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-01-31 05369686 d:ShareCapital 2023-01-31 05369686 d:ShareCapital 2022-01-31 05369686 d:RetainedEarningsAccumulatedLosses 2023-01-31 05369686 d:RetainedEarningsAccumulatedLosses 2022-01-31 05369686 c:FRS102 2022-02-01 2023-01-31 05369686 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 05369686 c:FullAccounts 2022-02-01 2023-01-31 05369686 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 05369686 d:HirePurchaseContracts d:WithinOneYear 2023-01-31 05369686 d:HirePurchaseContracts d:WithinOneYear 2022-01-31 05369686 d:HirePurchaseContracts d:BetweenOneTwoYears 2023-01-31 05369686 d:HirePurchaseContracts d:BetweenOneTwoYears 2022-01-31 05369686 d:HirePurchaseContracts d:BetweenTwoFiveYears 2023-01-31 05369686 d:HirePurchaseContracts d:BetweenTwoFiveYears 2022-01-31 05369686 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-31 05369686 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-01-31 05369686 d:LeasedAssetsHeldAsLessee 2023-01-31 05369686 d:LeasedAssetsHeldAsLessee 2022-01-31 iso4217:GBP xbrli:pure
                                                                                                                Registered number: 05369686












    

MORRISSEY BUILDERS LIMITED


UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
MORRISSEY BUILDERS LIMITED
REGISTERED NUMBER:05369686

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
106,050
120,233

Investment property
 5 
308,000
308,000

  
414,050
428,233

Current assets
  

Stocks
  
40,000
194,500

Debtors: amounts falling due within one year
 6 
548,780
465,756

Cash at bank and in hand
  
30,390
7,477

  
619,170
667,733

Creditors: amounts falling due within one year
 7 
(727,842)
(799,937)

Net current liabilities
  
 
 
(108,672)
 
 
(132,204)

Total assets less current liabilities
  
305,378
296,029

Creditors: amounts falling due after more than one year
 8 
(32,554)
(35,000)

Provisions for liabilities
  

Deferred tax
  
(48,442)
(67,285)

  
 
 
(48,442)
 
 
(67,285)

Net assets
  
224,382
193,744


Capital and reserves
  

Called up share capital 
  
150
150

Profit and loss account
  
224,232
193,594

  
224,382
193,744


Page 1

 
MORRISSEY BUILDERS LIMITED
REGISTERED NUMBER:05369686
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R J Morrissey
................................................
J S Morrissey
Director
Director


Date: 10 October 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MORRISSEY BUILDERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Morrissey Builders Limited is a private company limited by shares and incorporated in England and Wales, registration number 05369686. The registered office is Summerhill House, 1 Sculthorpe Road, Fakenham, Norfolk, NR21 9HA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model 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.

Page 3

 
MORRISSEY BUILDERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant & machinery
-
25%
Motor vehicles
-
25%
Fixtures & fittings
-
25%

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
Page 4

 
MORRISSEY BUILDERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

third parties, loans to related parties and investments in ordinary shares.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 5

 
MORRISSEY BUILDERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 14).


4.


Tangible fixed assets





Freehold property
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 February 2022
51,561
452,071
503,632


Additions
-
17,950
17,950


Disposals
-
(99,279)
(99,279)



At 31 January 2023

51,561
370,742
422,303



Depreciation


At 1 February 2022
1,828
381,571
383,399


Charge for the year on owned assets
887
19,113
20,000


Disposals
-
(87,146)
(87,146)



At 31 January 2023

2,715
313,538
316,253



Net book value



At 31 January 2023
48,846
57,204
106,050



At 31 January 2022
49,733
70,500
120,233

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
13,462
-

13,462
-

Page 6

 
MORRISSEY BUILDERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 February 2022
308,000



At 31 January 2023
308,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.





6.


Debtors

2023
2022
£
£


Trade debtors
542,622
462,801

Other debtors
3,002
498

Prepayments and accrued income
3,156
2,457

548,780
465,756


Page 7

 
MORRISSEY BUILDERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
29,065
19,248

Bank loans
10,000
10,000

Other loans
43,634
43,807

Trade creditors
48,895
201,533

Corporation tax
6,094
14,312

Other taxation and social security
30,933
20,141

Obligations under finance lease and hire purchase contracts
4,316
-

Other creditors
548,970
484,413

Accruals and deferred income
5,935
6,483

727,842
799,937


The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
4,316
-

4,316
-

Details of security provided:

The hire purchase liabilities are secured on the assets which they were used to purchase. 

Page 8

 
MORRISSEY BUILDERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
25,000
35,000

Net obligations under finance leases and hire purchase contracts
7,554
-

32,554
35,000


The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
7,554
-

7,554
-

Details of security provided:

The hire purchase liabilities are secured on the assets which they were used to purchase. 

Page 9

 
MORRISSEY BUILDERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Other loans
43,634
43,807


53,634
53,807

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
15,000
25,000


15,000
25,000


78,634
88,807



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
4,317
-

Between 1-2 years
4,317
-

Between 2-5 years
3,237
-

11,871
-



 
Page 10