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Company registration number: 12342017
Morgan Inspection & Testing Services Ltd
Unaudited filleted financial statements
31 March 2023
Morgan Inspection & Testing Services Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Morgan Inspection & Testing Services Ltd
Directors and other information
Directors Mr Jonathan Morgan
Company number 12342017
Registered office Exchange Building
66 Church Street
Hartlepool
TS24 7DN
Accountants Censis
Exchange Building
66 Church Street
Hartlepool
TS24 7DN
Morgan Inspection & Testing Services Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Morgan Inspection & Testing Services Ltd
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Morgan Inspection & Testing Services Ltd for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Morgan Inspection & Testing Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Morgan Inspection & Testing Services Ltd and state those matters that we have agreed to state to the board of directors of Morgan Inspection & Testing Services Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Morgan Inspection & Testing Services Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Morgan Inspection & Testing Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Morgan Inspection & Testing Services Ltd. You consider that Morgan Inspection & Testing Services Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Morgan Inspection & Testing Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Censis
Chartered Accountants
Exchange Building
66 Church Street
Hartlepool
TS24 7DN
24 October 2023
Morgan Inspection & Testing Services Ltd
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 76,726 41,969
_______ _______
76,726 41,969
Current assets
Stocks 14,420 -
Debtors 6 15,236 41,180
Cash at bank and in hand 288,345 73,154
_______ _______
318,001 114,334
Creditors: amounts falling due
within one year 7 ( 96,152) ( 46,758)
_______ _______
Net current assets 221,849 67,576
_______ _______
Total assets less current liabilities 298,575 109,545
Creditors: amounts falling due
after more than one year 8 ( 27,958) ( 70,764)
Provisions for liabilities ( 14,306) ( 7,974)
_______ _______
Net assets 256,311 30,807
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 256,309 30,805
_______ _______
Shareholders funds 256,311 30,807
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
Mr Jonathan Morgan
Director
Company registration number: 12342017
Morgan Inspection & Testing Services Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Exchange Building, 66 Church Street, Hartlepool, TS24 7DN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been prepared in compliance with FRS 105 Micro Entities , 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
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 the 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 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
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 1 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 - 626 46,910 47,536
Additions 26,752 3,005 19,990 49,747
_______ _______ _______ _______
At 31 March 2023 26,752 3,631 66,900 97,283
_______ _______ _______ _______
Depreciation
At 1 April 2022 - 173 5,394 5,567
Charge for the year 3,342 436 11,212 14,990
_______ _______ _______ _______
At 31 March 2023 3,342 609 16,606 20,557
_______ _______ _______ _______
Carrying amount
At 31 March 2023 23,410 3,022 50,294 76,726
_______ _______ _______ _______
At 31 March 2022 - 453 41,516 41,969
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 3,593 35,866
Other debtors 11,643 5,314
_______ _______
15,236 41,180
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 8,819 -
Corporation tax 59,913 10,560
Social security and other taxes 18,606 13,855
Other creditors 8,814 22,343
_______ _______
96,152 46,758
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts - 35,000
Other creditors 27,958 35,764
_______ _______
27,958 70,764
_______ _______