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COMPANY REGISTRATION NUMBER: 11099779
Morgan Homes Developments Ltd
Filleted Unaudited Financial Statements
31 December 2023
Morgan Homes Developments Ltd
Financial Statements
Year ended 31 December 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Morgan Homes Developments Ltd
Officers and Professional Advisers
The board of directors
Mr J Gravell
Mr P Morgan
Registered office
Service Centre
Pembrey Road
Kidwelly
Wales
SA17 4TF
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Morgan Homes Developments Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
107,814
CURRENT ASSETS
Debtors
6
204,817
37,348
Cash at bank and in hand
45,103
335,389
---------
---------
249,920
372,737
CREDITORS: amounts falling due within one year
7
125,826
267,947
---------
---------
NET CURRENT ASSETS
124,094
104,790
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
124,094
212,604
CREDITORS: amounts falling due after more than one year
8
83,031
PROVISIONS
26,954
---------
---------
NET ASSETS
124,094
102,619
---------
---------
CAPITAL AND RESERVES
Called up share capital
9
100
100
Profit and loss account
123,994
102,519
---------
---------
SHAREHOLDERS FUNDS
124,094
102,619
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Morgan Homes Developments Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr J Gravell
Mr J Gravell
Director
Company registration number: 11099779
Morgan Homes Developments Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. GENERAL INFORMATION
Morgan Homes Developments Ltd is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The principal activity for the company is other building completion and finishing.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 December 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Work in progress provision The company develops and sells residential property. As a result it is necessary to consider the recoverability of the cost of work in progress and the associated provision required. When calculating the work in progress provision, management considers the nature and condition of the work in progress, as well as applying assumptions around anticipated saleability. Accounting for construction contracts Recognition of turnover and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to costs and value of work performed to date and to be performed in bringing contracts to completion, including satisfaction of maintenance responsibilities. These estimates are made by reference to recovery of pre-contract costs, surveys of progress against the construction programme, changes in work scope, the contractual terms under which the work is being performed including the recoverability of any unagreed income from variations on the likely outcome of discussions on claims, costs incurred and external certification of the work performed. The company has the appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorization. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 7 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Construction contracts When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to date of sale. Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 2 (2022: 2)
5. TANGIBLE ASSETS
Motor vehicles
£
Cost
At 1 January 2023
115,120
Disposals
( 115,120)
---------
At 31 December 2023
---------
Depreciation
At 1 January 2023
7,306
Charge for the year
23,024
Disposals
( 30,330)
---------
At 31 December 2023
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
107,814
---------
6. DEBTORS
2023
2022
£
£
Other debtors
204,817
37,348
---------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,176
718
Corporation tax
29,730
76,145
Other creditors
94,920
191,084
---------
---------
125,826
267,947
---------
---------
The aggregate of secured liabilities falling due within one year is £Nil (2022: £14,279).
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
83,031
----
--------
The aggregate of secured liabilities falling due after more than one year is £Nil (2022: £83,031).
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
50
50
50
50
Ordinary B shares of £ 1 each
50
50
50
50
----
----
----
----
100
100
100
100
----
----
----
----
10. RELATED PARTY TRANSACTIONS
During the year the company entered into transactions with related parties as follows: Other related parties
2023 2022
£ £
Balance owing to other related parties 143,090 143,090
--------- ---------
2023 2022
£ £
Balances owing from related parties 204,463 22,373
--------- --------
No interest was charged on any of the outstanding amounts.