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Registered number: 13482708
Morris Property Maintenance Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Lisa M Stretton Chartered Accountant
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13482708
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 121,720 177,281
121,720 177,281
CURRENT ASSETS
Debtors 5 94,785 113,794
Cash at bank and in hand 26,607 151,283
121,392 265,077
Creditors: Amounts Falling Due Within One Year 6 (103,879 ) (162,155 )
NET CURRENT ASSETS (LIABILITIES) 17,513 102,922
TOTAL ASSETS LESS CURRENT LIABILITIES 139,233 280,203
Creditors: Amounts Falling Due After More Than One Year 7 (56,132 ) (92,093 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,196 ) (25,850 )
NET ASSETS 65,905 162,260
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 65,904 162,259
SHAREHOLDERS' FUNDS 65,905 162,260
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Charles Morris
Director
10/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Morris Property Maintenance Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13482708 . The registered office is 85 Sorrel Drive, Kingsbury, Tamworth, B78 2PJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% Straight line
Motor Vehicles 25% Straight line
Computer Equipment 33% Straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss Account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
Manufacturing 15 11
17 13
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 17,627 225,784 4,515 247,926
Additions 8,858 38,395 1,275 48,528
Disposals - (40,000 ) - (40,000 )
As at 30 June 2024 26,485 224,179 5,790 256,454
...CONTINUED
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Depreciation
As at 1 July 2023 6,265 63,346 1,034 70,645
Provided during the period 7,385 62,139 1,643 71,167
Disposals - (7,078 ) - (7,078 )
As at 30 June 2024 13,650 118,407 2,677 134,734
Net Book Value
As at 30 June 2024 12,835 105,772 3,113 121,720
As at 1 July 2023 11,362 162,438 3,481 177,281
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 84,748 104,194
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 86,439 111,461
Prepayments and accrued income 969 2,333
Corporation tax recoverable assets 7,377 -
94,785 113,794
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 45,581 50,550
Trade creditors - 2,739
Bank loans and overdrafts 10,540 -
Corporation tax - 31,340
Other taxes and social security 8,914 10,545
VAT 17,530 38,752
Other creditors 2,290 11,420
Pension creditor 1,491 1,915
Accruals and deferred income 2,310 2,970
Director's loan account 15,223 11,924
103,879 162,155
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 56,132 92,093
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 45,581 50,550
Later than one year and not later than five years 56,132 92,093
101,713 142,643
101,713 142,643
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Charles Morris 20,000 48,250
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