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Company No: 05753390 (England and Wales)

M A MORRIS CONTRACTORS LIMITED

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

M A MORRIS CONTRACTORS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

M A MORRIS CONTRACTORS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
M A MORRIS CONTRACTORS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 144,007 73,375
144,007 73,375
Current assets
Debtors 4 269,562 190,012
Cash at bank and in hand 96,601 106,032
366,163 296,044
Creditors: amounts falling due within one year 5 ( 264,440) ( 205,926)
Net current assets 101,723 90,118
Total assets less current liabilities 245,730 163,493
Creditors: amounts falling due after more than one year 6, 10, 11 ( 119,806) ( 147,802)
Provision for liabilities 7 ( 3,800) ( 5,013)
Net assets 122,124 10,678
Capital and reserves
Called-up share capital 8 60 60
Profit and loss account 122,064 10,618
Total shareholders' funds 122,124 10,678

For the financial year ending 31 March 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 M A Morris Contractors Limited (registered number: 05753390) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

G Morris
Director

28 October 2024

M A MORRIS CONTRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
M A MORRIS CONTRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

M A Morris Contractors 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 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life.

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:

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.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 2,391 100,437 7,789 110,617
Additions 104 143,465 200 143,769
Disposals 0 ( 57,305) 0 ( 57,305)
At 31 March 2024 2,495 186,597 7,989 197,081
Accumulated depreciation
At 01 April 2023 376 29,571 7,295 37,242
Charge for the financial year 517 28,577 169 29,263
Disposals 0 ( 13,431) 0 ( 13,431)
At 31 March 2024 893 44,717 7,464 53,074
Net book value
At 31 March 2024 1,602 141,880 525 144,007
At 31 March 2023 2,015 70,866 494 73,375
Leased assets included above:
Net book value
At 31 March 2024 0 119,901 0 119,901
At 31 March 2023 0 50,142 0 50,142

4. Debtors

2024 2023
£ £
Trade debtors 124,970 47,618
Other debtors 144,592 142,394
269,562 190,012

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 25,681 5,933
Trade creditors 39,523 8,562
Other taxation and social security 80,184 87,896
Obligations under finance leases and hire purchase contracts 11,417 44,626
Other creditors 107,635 58,909
264,440 205,926

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

2024 2023
£ £
Bank loans 29,041 147,802
Obligations under finance leases and hire purchase contracts 90,765 0
119,806 147,802

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 5,013) ( 9,012)
Credited to the Statement of Income and Retained Earnings 1,213 3,999
At the end of financial year ( 3,800) ( 5,013)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
60 Ordinary shares of £ 1.00 each 60 60

9. Related party transactions

The company advanced £232,619 to the directors who repaid £196,338 during the year, leaving a balance at the year end of £37,372 owed by the directors (2023: £1,091 owed by the directors). Interest has been charged at 2.25% and this balance is unsecured.

10. Loans

Analysis of the maturity of loans is given below:

2024 2023
£ £
Loans due within 1 year (113,650) (53,897)
Loans falling due between 1-5 years (29,041) (147,802)
(142,691) (201,699)

11. Operating leases

Rental lease of vehicles

2024 2023
£ £
Falling due within 1 year 11,114 11,114
Falling due between 1-5 years 28,711 39,825
39,825 50,939