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COMPANY REGISTRATION NUMBER: NI010254
G & W Moore & Co. Limited
Filleted Unaudited Abridged Financial Statements
28 February 2023
G & W Moore & Co. Limited
Abridged Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
333,202
347,040
Current assets
Stocks
22,968
23,715
Debtors
60,718
77,919
Cash at bank and in hand
220,503
198,145
---------
---------
304,189
299,779
Creditors: amounts falling due within one year
117,893
118,732
---------
---------
Net current assets
186,296
181,047
---------
---------
Total assets less current liabilities
519,498
528,087
Creditors: amounts falling due after more than one year
174,834
195,755
Provisions
Taxation including deferred tax
3,797
4,579
---------
---------
Net assets
340,867
327,753
---------
---------
Capital and reserves
Called up share capital
19,500
19,500
Revaluation reserve
46,573
46,573
Other reserves
24,500
24,500
Profit and loss account
250,294
237,180
---------
---------
Shareholder funds
340,867
327,753
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 28th February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
G & W Moore & Co. Limited
Abridged Statement of Financial Position (continued)
28 February 2023
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28th February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
Mr G. Moore
Director
Company registration number: NI010254
G & W Moore & Co. Limited
Notes to the Abridged Financial Statements
Year ended 28th February 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 27 & 28, Windmill Business Park, Windmill Road, Saintfield, BT24 7DX.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Consequently, actual results may differ from these estimates. Significant Judgements To be a key judgement, the subject matter must relate to something other than assumptions about the future or making estimates and typically relate to significant issues in applying accounting standards where management applied judgement in situations where a different judgement might have led to a materially different accounting treatment. Going concern In order to assess whether it is appropriate for the company to be reported as a going concern, the director applies judgement, having undertaken appropriate enquiries and having considered the business activities and the company's principal risks and uncertainties. In arriving at this judgement there are a large number of assumptions and estimates involved. This includes management's expectations of revenue, timing and quantum of any future capital expenditure and estimates and cost of future funding. Revaluation reserve During the prior period, the company disposed of a property which had been owned for over 40 years and which had been revalued, along with other properties, in December 2003. With the lapse of time, accurate historic cost information relating to the property was not available and, therefore, in calculating the amount of the revaluation reserve attributable to that property, the director was required to exercise judgement. The company had previously treated an investment property as part of property, plant and equipment due to the undue cost and effort required to ascertain the fair value of the investment property at each year end. This meant that depreciation was charged on the investment property. In the period under review, the investment property has been subject to a fair value valuation by the director and has been separately classified as an investment property. This means that depreciation is not charged on the investment property. The accumulated depreciation previously charged on the investment property has been transferred to the revaluation reserve. Key Sources of Estimation Uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. They are, by nature, subjective and result in a risk that a material adjustment to the carrying amount of assets or liabilities may be required as a result of changes in those assumptions or estimates in the next period. The key estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Revenue recognition Revenue comprises the fair value of consideration received or receivable for the sale of goods. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. Depreciation The company's statement of financial position reflects a tangible fixed asset class which is subject to depreciation. Depreciation rates are based upon the expected economic lives of the related tangible fixed assets. Any variation in the useful economic lives of the asset class will have an impact on the balance sheet and financial position of the company. The useful economic lives of tangible fixed assets are uncertain and, therefore, the actual economic life of an asset may be shorter or longer than expected. There have been no significant revisions to the estimated lives during the current financial year. Bad debts The company assesses whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost - these include trade debtors. If there is objective evidence of impairment, the company recognises a bad debt in its statement of income immediately. However, it in making that assessment, events may subsequently occur which could indicate that a trade debtor has become impaired, or a previously impaired debt has become recoverable. Investment property The company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The director has reviewed the fair value of the investment property at the balance sheet date by assessing available information on comparable properties. The information available to the director is limited and the determined fair value of the investment property is sensitive to factors such as the relative condition of properties, the fact that values may differ within a small geographical area, the estimated yield as well as the long term vacancy rate, and specific factors relating to properties, such as adjoining ownership. An independent valuation to determine fair value was last carried out on 31 December 2003. The company has owned its investment property for over 40 years. With the lapse of time, accurate historic cost information relating to the investment property is not available and, therefore, in calculating the comparable historic cost and accumulated depreciation attributable to that property, the director has been required to estimate the historic cost by apportioning the cost of the company's original property portfolio using the relative market values at December 2003.
Revenue recognition
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.
Income 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.
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
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. The director considers that there are no grounds for reducing the carrying value of tangible fixed assets.
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:
Property
-
2% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% reducing balance
The company does not calculate depreciation on the value of land upon which any property resides.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 abridged 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 as a finance cost 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 4 (2022: 4 ).
5. Tangible assets
£
Cost
At 1st March 2022
933,435
Additions
450
---------
At 28th February 2023
933,885
---------
Depreciation
At 1st March 2022
586,395
Charge for the year
14,288
---------
At 28th February 2023
600,683
---------
Carrying amount
At 28th February 2023
333,202
---------
At 28th February 2022
347,040
---------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 28th February 2023
Aggregate cost
35,467
Aggregate depreciation
(24,018)
--------
Carrying value
11,449
--------
At 28th February 2022
Aggregate cost
35,467
Aggregate depreciation
(23,308)
--------
Carrying value
12,159
--------
6. Impairment loss on property, plant and equipment
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.
7. Charges on assets
Bank borrowing is secured by mortgages and charges over company owned lands, properties and assets.
8. Director's advances, credits and guarantees
During the year, the company made interest-free advances to the director amounting to £24,637 (2022 - £8,095). These were repayable on demand. The company received repayments of £25,554 (2022 - £8,095).
9. Related party transactions
The company has an unsecured, interest free loan provided by family members of key management personnel. The loan is repayable upon demand. At the balance sheet date, £20,000 (2022 - £20,000) remained due by the company.
10. Controlling party
The company was under the control of Mr. G. Moore throughout the current and previous year.