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Registration number: 11143738

Barry Morgan Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Barry Morgan Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Barry Morgan Limited

Company Information

Directors

J H Crehan

M Barry

C Morgan

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Barry Morgan Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,265

7,784

Current assets

 

Debtors

5

2,728,859

1,552,552

Cash at bank and in hand

 

2,033,737

1,363,257

 

4,762,596

2,915,809

Creditors: Amounts falling due within one year

6

(3,658,200)

(1,925,210)

Net current assets

 

1,104,396

990,599

Total assets less current liabilities

 

1,108,661

998,383

Provisions for liabilities

(795)

(1,788)

Net assets

 

1,107,866

996,595

Capital and reserves

 

Called up share capital

4

4

Retained earnings

1,107,862

996,591

Shareholders' funds

 

1,107,866

996,595

For the financial year ending 31 March 2023 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

 

Barry Morgan Limited

Statement of Financial Position as at 31 March 2023

Approved and authorised by the Board on 10 November 2023 and signed on its behalf by:
 

.........................................

J H Crehan

Director

Company registration number: 11143738

 

Barry Morgan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of general builders and property maintenance.

2

Accounting policies

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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The company made a profit for the year ended 31 March 2023 and had net assets at that date amounting to £1,107,866, including cash at bank of £2,033,737.

After making enquiries, the directors have a reasonable expectation that the company had adequate resources to continue in existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

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

The company recognises revenue based upon the stage of completion of contractual work.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting
period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or
directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the
amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

 

Barry Morgan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and
other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the
reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Equipment, plant and machinery

33% straight line

Motor vehicles

25% straight line

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year was 10 (2022 - 8).

 

Barry Morgan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Equipment, plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

599

22,292

22,891

Additions

4,438

-

4,438

Disposals

-

(22,292)

(22,292)

At 31 March 2023

5,037

-

5,037

Depreciation

At 1 April 2022

66

15,041

15,107

Charge for the year

706

5,109

5,815

Eliminated on disposal

-

(20,150)

(20,150)

At 31 March 2023

772

-

772

Carrying amount

At 31 March 2023

4,265

-

4,265

At 31 March 2022

533

7,251

7,784

 

Barry Morgan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

2023
£

2022
£

Trade debtors

2,394,130

1,425,652

Other debtors

334,729

126,900

2,728,859

1,552,552

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

554,775

267,662

Taxation and social security

726,141

403,378

Other creditors

2,377,284

1,254,170

3,658,200

1,925,210

7

Related party transactions

Exemption is taken under FRS102 para IAC.35 not to disclose transactions or amounts falling due with companies wholly owned within the group.

8

Transactions with directors

At 31 March 2023 an amount of £143 (2022: £2,089) was due from the directors. Advances of £512 and repayments of £2,458 were made during the year. No interest was charged and there are no set terms in place.

9

Non adjusting event in subsequent period

Subsequent to 31 March 2023, dividends amounting to £146,000 were declared and paid.