Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 00469059 Mr T J Browning Browning Jones and Morris Limited 9 Ipswich Road, Cardiff CF23 9XX true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 00469059 2022-12-31 00469059 2023-12-31 00469059 2023-01-01 2023-12-31 00469059 frs-core:CurrentFinancialInstruments 2023-12-31 00469059 frs-core:Non-currentFinancialInstruments 2023-12-31 00469059 frs-core:ShareCapital 2023-12-31 00469059 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 00469059 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00469059 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 00469059 frs-bus:SmallEntities 2023-01-01 2023-12-31 00469059 frs-bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00469059 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00469059 1 2023-01-01 2023-12-31 00469059 frs-bus:Director1 2023-01-01 2023-12-31 00469059 frs-countries:EnglandWales 2023-01-01 2023-12-31 00469059 2021-12-31 00469059 2022-12-31 00469059 2022-01-01 2022-12-31 00469059 frs-core:CurrentFinancialInstruments 2022-12-31 00469059 frs-core:Non-currentFinancialInstruments 2022-12-31 00469059 frs-core:ShareCapital 2022-12-31 00469059 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 00469059
D.Morgan & Sons(The Parade)Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Robert Cole & Co
Chartered Certified Accountants
Office 2 Llynfi Enterprise Centre
Heol Ty Gwyn Industrial Estate
Maesteg
CF34 0BQ
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of D.Morgan & Sons(The Parade)Limited For The Year Ended 31 December 2023
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of D.Morgan & Sons(The Parade)Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of D.Morgan & Sons(The Parade)Limited , as a body, in accordance with the terms of our engagement letter dated 18 June 2013. Our work has been undertaken solely to prepare for your approval the accounts of D.Morgan & Sons(The Parade)Limited and state those matters that we have agreed to state to the director of D.Morgan & Sons(The Parade)Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D.Morgan & Sons(The Parade)Limited and its director as a body for our work or for this report.
It is your duty to ensure that D.Morgan & Sons(The Parade)Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of D.Morgan & Sons(The Parade)Limited . You consider that D.Morgan & Sons(The Parade)Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of D.Morgan & Sons(The Parade)Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
17 September 2024
Robert Cole & Co
Chartered Certified Accountants
Office 2 Llynfi Enterprise Centre
Heol Ty Gwyn Industrial Estate
Maesteg
CF34 0BQ
Page 1
Page 2
Balance Sheet
Registered number: 00469059
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 386,505 392,500
386,505 392,500
CURRENT ASSETS
Stocks 5 751,362 -
Debtors 6 1,796 -
Cash at bank and in hand 12,296 5,299
765,454 5,299
Creditors: Amounts Falling Due Within One Year 7 (891,352 ) (138,380 )
NET CURRENT ASSETS (LIABILITIES) (125,898 ) (133,081 )
TOTAL ASSETS LESS CURRENT LIABILITIES 260,607 259,419
Creditors: Amounts Falling Due After More Than One Year 8 (15,250 ) (15,250 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,578 ) (15,380 )
NET ASSETS 230,779 228,789
CAPITAL AND RESERVES
Allotted, called up and fully paid share capital 25,000 25,000
Profit and Loss Account 205,779 203,789
SHAREHOLDERS' FUNDS 230,779 228,789
Page 2
Page 3
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.
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 T J Browning
Director
17 September 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
D.Morgan & Sons(The Parade)Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00469059 . The registered office is 9 Ipswich Road, Cardiff, CF23 9AQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are presented in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Significant judgements and estimations
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.
No significant judgements have had to be made by the directors in preparing these financial statements, other than:
The directors have made key assumptions in the determination of the fair value of investment properties in respect of the state of the property market in the location where the property is situated, and in respect of the range of fair value estimates of the assets.
2.3. Turnover
Turnover represents the value of rents received and other income derived from its property portfolio.
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Financial Instruments
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, 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.
2.7. 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 year 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 asset reflects 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.
2.8. Consolidation
In the opinion of the directors, the company and its parent comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
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4. Investment Property
2023
£
Fair Value
As at 1 January 2023 392,500
Additions 161,505
Disposals (163,281 )
Fair value adjustments (4,219 )
As at 31 December 2023 386,505
The investment properties were purchased at market value in 2012, 2013 & 2023 and are initially recorded at cost (therefore market value).
During 2016 and 2018, the directors reviewed the fair values of the investment properties held at that time and made revaluation adjustments with reference to the value of actual sales of similar properties in those years.
The historical cost of investment properties is £309,777 (2022: £311,553).
5. Stocks
2023 2022
£ £
Work in progress 751,362 -
6. Debtors
2023 2022
£ £
Due within one year
Other taxes and social security 1,796 -
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,878 -
Other creditors 2,801 2,851
Amounts owed to parent undertaking 886,673 135,529
891,352 138,380
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Non-equity preference shares 15,250 15,250
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
2023 2022
£ £
Other Creditors 15,250 15,250
9. Reserves
Included within the Profit and loss account are non-distributable reserves amounting to £62,150 (2022: £65,567) which relate to fair value adjustments for the revaluation of investment properties. These fair value adjustments are not taxable until any gain/loss is realised.
10. Related Party Transactions
As a wholly-owned subsidiary, the company has taken advantage the exemption from Section 33 of FRS 102 and has not disclosed transactions with its parent company.
11. Ultimate Parent Undertaking and Controlling Party
The company is a wholly-owned subsidiary of Browning Jones & Morris Limited, a company registered in England & Wales, who's registered office is 9 Ipswich Road, Cardiff, CF23 9AQ.
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