Registered number
12121112
Moreissh Ltd
Filleted Accounts
31 July 2023
Moreissh Ltd
Registered number: 12121112
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,200 2,400
Tangible assets 4 12,480 2,208
13,680 4,608
Current assets
Stocks 99,950 78,520
Debtors 5 995 995
Cash at bank and in hand 12,068 10,791
113,013 90,306
Creditors: amounts falling due within one year 6 (109,296) (71,556)
Net current assets 3,717 18,750
Total assets less current liabilities 17,397 23,358
Creditors: amounts falling due after more than one year 7 (29,260) (40,655)
Net liabilities (11,863) (17,297)
Capital and reserves
Called up share capital 1 1
Profit and loss account (11,864) (17,298)
Shareholder's funds (11,863) (17,297)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Nikiben Bharatkumar Shah
Director
Approved by the board on 18 October 2023
Moreissh Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 25% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 6,000
At 31 July 2023 6,000
Amortisation
At 1 August 2022 3,600
Provided during the year 1,200
At 31 July 2023 4,800
Net book value
At 31 July 2023 1,200
At 31 July 2022 2,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Fixtures & Fittings Motor vehicles Total
£ £ £
Cost
At 1 August 2022 2,660 - 2,660
Additions - 14,137 14,137
At 31 July 2023 2,660 14,137 16,797
Depreciation
At 1 August 2022 452 - 452
Charge for the year 331 3,534 3,865
At 31 July 2023 783 3,534 4,317
Net book value
At 31 July 2023 1,877 10,603 12,480
At 31 July 2022 2,208 - 2,208
5 Debtors 2023 2022
£ £
Trade debtors 995 995
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 62,729 33,331
Obligations under finance lease and hire purchase contracts 14,137 -
Trade creditors 22,207 31,437
Taxation and social security costs 6,523 3,719
Other creditors 3,700 3,069
109,296 71,556
7 Creditors: amounts falling due after one year 2023 2022
£ £
Director's Loan Account ** 29,260 40,655
** The Company enjoys full support from the Director, who has no intention of making any substantial withdrawal from the loan to it, and as such these accounts have been prepared on the basis of there being no going concern issues.
8 Other information
Moreissh Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 Main Street
Huthwaite
Sutton-in-Ashfield
NG17 2QW
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