Mogers Drewett Services Limited 10707159 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is the supply of staff and other administrative services to Mogers Drewett LLP. Digita Accounts Production Advanced 6.30.9574.0 true 10707159 2022-06-01 2023-05-31 10707159 2023-05-31 10707159 core:CurrentFinancialInstruments 2023-05-31 10707159 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10707159 bus:SmallEntities 2022-06-01 2023-05-31 10707159 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 10707159 bus:FullAccounts 2022-06-01 2023-05-31 10707159 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 10707159 bus:RegisteredOffice 2022-06-01 2023-05-31 10707159 bus:Director2 2022-06-01 2023-05-31 10707159 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10707159 core:UKTax 2022-06-01 2023-05-31 10707159 countries:EnglandWales 2022-06-01 2023-05-31 10707159 2021-06-01 2022-05-31 10707159 2022-05-31 10707159 core:CurrentFinancialInstruments 2022-05-31 10707159 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 10707159 core:UKTax 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 10707159

Prepared for the registrar

Mogers Drewett Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Mogers Drewett Services Limited

(Registration number: 10707159)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

732,072

634,744

Cash at bank and in hand

 

111,719

46,015

 

843,791

680,759

Creditors: Amounts falling due within one year

6

(316,408)

(272,778)

Net assets

 

527,383

407,981

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

527,382

407,980

Shareholders' funds

 

527,383

407,981

For the financial year ending 31 May 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.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 February 2024 and signed on its behalf by:
 


F G Collins
Director

 

Mogers Drewett Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Spring House
East Mill Lane
Sherborne
DT9 3DP

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover represents amounts receivable, net of value added tax, for the provision of staff and other administrative services to Mogers Drewett LLP, a limited liability partnership providing legal services.

 

Mogers Drewett Services Limited

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Mogers Drewett Services Limited

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 67 (2022 - 69).

 

Mogers Drewett Services Limited

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

 

4

Taxation

Tax charged in the profit and loss account

2023
 £

2022
 £

Current taxation

UK corporation tax

31,743

35,128

 

5

Debtors

2023
 £

2022
 £

Trade debtors

647,402

609,529

Prepayments

22,009

20,054

VAT debtor

62,661

5,161

 

732,072

634,744

 

6

Creditors

2023
 £

2022
 £

Due within one year

Trade creditors

12,788

9,414

Social security and other taxes

48,853

63,372

Outstanding defined contribution pension costs

14,172

14,284

Accrued expenses

208,852

150,580

Corporation tax liability

31,743

35,128

316,408

272,778