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Registered number: 12361648
















MURRAY PLYMOUTH TPS (DEVON) LTD




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023


































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MURRAY PLYMOUTH TPS (DEVON) LTD
REGISTERED NUMBER:12361648

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
85,200
99,400

Tangible assets
 5 
84,702
48,087

  
169,902
147,487

Current assets
  

Debtors: amounts falling due within one year
 6 
239,643
107,711

Cash at bank and in hand
 7 
149,713
215,308

  
389,356
323,019

Creditors: amounts falling due within one year
 8 
(128,869)
(90,937)

Net current assets
  
 
 
260,487
 
 
232,082

Total assets less current liabilities
  
430,389
379,569

  

Net assets
  
430,389
379,569


Capital and reserves
  

Called up share capital 
 10 
1,000
1,000

Share premium account
  
221,000
221,000

Profit and loss account
  
208,389
157,569

  
430,389
379,569


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr K Murray
Director

Date: 8 July 2024

The notes on pages 2 to 9 form part of these financial statements.
Page 1


MURRAY PLYMOUTH TPS (DEVON) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Murray Plymouth TPS (Devon) Limited is a private company limited by shares, incorporated in England, United Kingdom. The address of its registered office is 44 Millbay Road, Plymouth, Devon, United Kingdom, PL1 3FQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Murray Holdings (SW) Limited as at 31/12/2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Page 2


MURRAY PLYMOUTH TPS (DEVON) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3


MURRAY PLYMOUTH TPS (DEVON) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Intangible assets

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4


MURRAY PLYMOUTH TPS (DEVON) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
4%
Plant and machinery
-
10-33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Assets purchased from group companies are depreciated based on the original cost to the group to ensure the rates used continue to reflect the useful economic life of the assets.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

  
 
Page 5


MURRAY PLYMOUTH TPS (DEVON) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the period was 22 (2022: 24).


4.


Intangible assets




Goodwill

£



COST


At 1 January 2023
142,000



At 31 December 2023

142,000



AMORTISATION


At 1 January 2023
42,600


Charge for the period on owned assets
14,200



At 31 December 2023

56,800



NET BOOK VALUE



At 31 December 2023
85,200



At 31 December 2022
99,400



Page 6


MURRAY PLYMOUTH TPS (DEVON) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Total

£
£
£



COST OR VALUATION


At 1 January 2023
11,000
83,526
94,526


Additions
-
47,503
47,503



At 31 December 2023

11,000
131,029
142,029



DEPRECIATION


At 1 January 2023
8,039
38,400
46,439


Charge for the period on owned assets
1,190
9,698
10,888



At 31 December 2023

9,229
48,098
57,327



NET BOOK VALUE



At 31 December 2023
1,771
82,931
84,702



At 31 December 2022
2,961
45,126
48,087




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
1,771
2,961

1,771
2,961



6.


Debtors

2023
2022
£
£


Trade debtors
135,435
67,365

Amounts owed by group undertakings
90,543
20,000

Other debtors
11,330
9,316

Prepayments and accrued income
-
10,250

Deferred taxation
2,335
780

239,643
107,711


Page 7


MURRAY PLYMOUTH TPS (DEVON) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
149,713
215,308

149,713
215,308



8.


Creditors: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
8,510
9,879

Amounts owed to group undertakings
-
15,635

Corporation tax
22,353
16,379

Other taxation and social security
43,109
36,448

Other creditors
1,280
1,280

Accruals and deferred income
53,617
11,316

128,869
90,937


9.


Deferred taxation




2023


£






At beginning of year
780


Charged to profit or loss
1,555



AT END OF YEAR
2,335
The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
2,335
780

2,335
780

Page 8


MURRAY PLYMOUTH TPS (DEVON) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,000 (2022: 1,000) Ordinary shares of £1.00 each
1,000
1,000



11.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £7,617 (2022: £6,631). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date.


12.


Related party transactions

As a wholly owned subsidiary undertaking of Murray Holdings (SW) Limited, the company has taken advantage of the exemption in FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group. 


13.


Controlling party

The company is a wholly owned subsidiary of Murray (Plymouth) Limited, a company incorporated in England and the ultimate controlling party is Mr K Murray.
The parent undertaking of the largest group to consolidate these financial statements is Murray Holdings (SW) Limited (registered in England & Wales - 06749035), the consolidated accounts of which are available at Companies House, Cardiff.


14.


Auditors' information

The financial statements have been audited by Bishop Fleming LLP, Chartered Accountants and Statutory Auditors. The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 10 July 2024 by Fleur Lewis FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

 
Page 9