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Registration number: 05132779

Morgan Owen Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2022

 

Morgan Owen Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Morgan Owen Developments Limited

Company Information

Directors

S J Spencer

K Spencer

Registered office

74A Station Road East
Oxted
Surrey
RH8 0PG

Accountants

Smart Accounting & Tax Solutions LLP
74A Station Road East
Oxted
Surrey
RH8 0PG

 

Morgan Owen Developments Limited

(Registration number: 05132779)
Balance Sheet as at 30 November 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

338

450

Current assets

 

Stocks

5

49,652

49,652

Debtors

6

154,076

95,909

Cash at bank and in hand

 

-

8,775

 

203,728

154,336

Creditors: Amounts falling due within one year

7

(191,789)

(139,112)

Net current assets

 

11,939

15,224

Total assets less current liabilities

 

12,277

15,674

Creditors: Amounts falling due after more than one year

7

(12,127)

(15,545)

Net assets

 

150

129

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

50

29

Shareholders' funds

 

150

129

 

Morgan Owen Developments Limited

(Registration number: 05132779)
Balance Sheet as at 30 November 2022

For the financial year ending 30 November 2022 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 April 2024 and signed on its behalf by:
 

.........................................
S J Spencer
Director

   
     
 

Morgan Owen Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

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:
74A Station Road East
Oxted
Surrey
RH8 0PG
England

These financial statements were authorised for issue by the Board on 7 April 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The Company met its day to day working capital requirements through the support of its Director. He has indicated that this support will continue for the foreseeable future. On this basis the Director considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this support.

 

Morgan Owen Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises Corporation Tax, based on the Company's taxable profit and chargeable gains. Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% Reducing balance

Computer equipment

25% Reducing balance

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.

 

Morgan Owen Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Morgan Owen Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Morgan Owen Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2021

6,351

2,982

9,333

At 30 November 2022

6,351

2,982

9,333

Depreciation

At 1 December 2021

5,901

2,982

8,883

Charge for the year

112

-

112

At 30 November 2022

6,013

2,982

8,995

Carrying amount

At 30 November 2022

338

-

338

At 30 November 2021

450

-

450

5

Stocks

2022
£

2021
£

Other inventories

49,652

49,652

6

Debtors

Note

2022
£

2021
£

Trade debtors

 

1,452

18,013

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

2,251

2,251

Other debtors

 

150,373

75,645

 

154,076

95,909

 

Morgan Owen Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

755

-

Taxation and social security

 

178,767

126,984

Accruals and deferred income

 

3,907

4,744

Other creditors

 

8,360

7,384

 

191,789

139,112

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

12,127

15,545

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

12,127

15,545

 

Morgan Owen Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

755

-

10

Related party transactions

Loans to related parties

2022

Key management
£

Total
£

At start of period

52,969

52,969

Advanced

79,689

79,689

Repaid

(25,170)

(25,170)

At end of period

107,488

107,488

2021

Key management
£

Total
£

At start of period

51,855

51,855

Advanced

81,499

81,499

Repaid

(80,385)

(80,385)

At end of period

52,969

52,969

Terms of loans to related parties

As at the year end, the Directors owed £107,488 (2021: £52,968) to the Company. The loan is interest free and repayable on demand.