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Company No: 05369686 (England and Wales)

MORRISSEY BUILDERS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

MORRISSEY BUILDERS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

MORRISSEY BUILDERS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
MORRISSEY BUILDERS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 122,348 106,051
Investment property 4 308,000 308,000
430,348 414,051
Current assets
Stocks 40,000 40,000
Debtors 5 697,548 548,781
Cash at bank and in hand 52,490 30,390
790,038 619,171
Creditors: amounts falling due within one year 6 ( 847,381) ( 727,843)
Net current liabilities (57,343) (108,672)
Total assets less current liabilities 373,005 305,379
Creditors: amounts falling due after more than one year 7 ( 17,509) ( 32,554)
Provision for liabilities ( 68,031) ( 48,442)
Net assets 287,465 224,383
Capital and reserves
Called-up share capital 150 150
Profit and loss account 287,315 224,233
Total shareholders' funds 287,465 224,383

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Morrissey Builders Limited (registered number: 05369686) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Morrissey
Director
J S Morrissey
Director

08 October 2024

MORRISSEY BUILDERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
MORRISSEY BUILDERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Morrissey Builders Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Summerhill House, 1 Sculthorpe, Road, Fakenham, Norfolk, NR21 9HA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 2 % reducing balance
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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 intro a seperate legal 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 12

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 February 2023 51,561 188,108 173,402 9,233 422,304
Additions 0 0 40,460 970 41,430
Disposals 0 ( 15,377) ( 4,908) ( 183) ( 20,468)
At 31 January 2024 51,561 172,731 208,954 10,020 443,266
Accumulated depreciation
At 01 February 2023 2,715 179,386 125,312 8,840 316,253
Charge for the financial year 868 2,180 21,078 341 24,467
Disposals 0 ( 14,819) ( 4,805) ( 178) ( 19,802)
At 31 January 2024 3,583 166,747 141,585 9,003 320,918
Net book value
At 31 January 2024 47,978 5,984 67,369 1,017 122,348
At 31 January 2023 48,846 8,722 48,090 393 106,051
Leased assets included above:
Net book value
At 31 January 2024 0 0 10,097 0 10,097
At 31 January 2023 0 0 13,462 0 13,462

4. Investment property

Investment property
£
Valuation
As at 01 February 2023 308,000
As at 31 January 2024 308,000

Valuation

The 2024 valuations were made by the directors, on an open market value for existing use basis.

5. Debtors

2024 2023
£ £
Trade debtors 694,565 542,622
Prepayments 2,485 3,157
VAT recoverable 0 2,504
Other debtors 498 498
697,548 548,781

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 95,857 39,065
Trade creditors 84,276 48,895
Amounts owed to connected companies 175,705 175,760
Amounts owed to directors 331,014 372,524
Other loans 43,549 43,634
Accruals 7,140 5,935
Taxation and social security 103,973 37,027
Obligations under finance leases and hire purchase contracts 4,317 4,316
Other creditors 1,550 687
847,381 727,843

The hire purchase liabilities are secured on the assets which they were used to purchase.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 14,271 25,000
Obligations under finance leases and hire purchase contracts 3,238 7,554
17,509 32,554

The hire purchase liabilities are secured on the assets which they were used to purchase.