Company registration number 02669100 (England and Wales)
MORGAN CONVERTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
MORGAN CONVERTORS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
MORGAN CONVERTORS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
31 January 2024
31 December 2022
Notes
£
£
£
£
Current assets
Debtors
3
1
192,948
Cash at bank and in hand
202,983
13,521
202,984
206,469
Creditors: amounts falling due within one year
4
(34,190)
(87,623)
Net current assets
168,794
118,846
Capital and reserves
Called up share capital
5
3
3
Profit and loss reserves
168,791
118,843
Total equity
168,794
118,846
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 February 2024 and are signed on its behalf by:
Mr C M Chamberlain
Director
Company registration number 02669100 (England and Wales)
MORGAN CONVERTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
Morgan Convertors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 42 Roman Way, Longridge Road, Preston, Lancashire, PR2 5BD.
1.1
Reporting period
The reporting period has been extended to 13 months to the date of cessation of trading.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
MORGAN CONVERTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
3
3
3
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
59,697
Other debtors
1
133,251
1
192,948
Other debtors include prepaid expenses of £nil (2022 - £121,155).
4
Creditors: amounts falling due within one year
2024
2022
£
£
Taxation and social security
33,365
86,623
Other creditors
825
1,000
34,190
87,623
5
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
3
3
3
3