Registered number
05238466
Morgan Scott Accountants Ltd
Filleted Accounts
30 April 2024
Morgan Scott Accountants Ltd
Registered number: 05238466
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 300,000 150,000
Tangible assets 4 3,898 4,313
303,898 154,313
Current assets
Stocks 116,008 95,965
Debtors 5 43,055 33,898
Cash at bank and in hand 38,563 71,178
197,626 201,041
Creditors: amounts falling due within one year 6 (189,237) (196,113)
#NAME? 8,389 4,928
Total assets less current liabilities 312,287 159,241
Creditors: amounts falling due after more than one year 7 (19,167) (29,167)
Provisions for liabilities (975) (1,208)
#NAME? 292,145 128,866
Capital and reserves
Called up share capital 103 103
Revaluation reserve 8 206,468 56,468
Profit and loss account 85,574 72,295
Shareholders' funds 292,145 128,866
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
D Morgan
Director
Approved by the board on 8 August 2024
Morgan Scott Accountants Ltd
Notes to the Accounts
for the year ended 30 April 2024
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.
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 the following rates:-
Plant and machinery 15% reducing balance
Work in progress
Work in progress is measured at cost which is calculated based on the future expected fee of a client.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 233,830
Additions 150,000
At 30 April 2024 383,830
Amortisation
At 1 May 2023 83,830
At 30 April 2024 83,830
Net book value
At 30 April 2024 300,000
At 30 April 2023 150,000
Goodwill is being written off in line with reflecting a fair value at the balance sheet date.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 7,518
Additions 663
Disposals (734)
At 30 April 2024 7,447
Depreciation
At 1 May 2023 3,205
Charge for the year 667
On disposals (323)
At 30 April 2024 3,549
Net book value
At 30 April 2024 3,898
At 30 April 2023 4,313
5 Debtors 2024 2023
£ £
Trade debtors 37,437 27,743
Other debtors 5,618 6,155
43,055 33,898
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 19,398 20,441
Trade creditors 91,931 102,842
Taxation and social security costs 50,957 48,481
Other creditors 26,951 24,349
189,237 196,113
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 19,167 29,167
8 Revaluation reserve 2024 2023
£ £
At 1 May 2023 56,468 -
#NAME? 150,000 56,468
At 30 April 2024 206,468 56,468
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D Morgan
Directors loan account 17,349 (55,092) 55,312 17,569
A Scott
Directors loan account 7,000 (32,930) 35,312 9,382
24,349 (88,022) 90,624 26,951
10 Controlling party
The company is controlled by its directors.
11 Other information
Morgan Scott Accountants Ltd is a private company limited by shares and incorporated in England. Its registered office is:
4 High Street
Stanley
Co Durham
DH9 0DQ
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