Company Registration No. 00977186 (England and Wales)
D K Moriarty Limited
Unaudited financial statements
for the year ended 30 April 2024
Pages for filing with Registrar
D K Moriarty Limited
Company information
Directors
N K P Moriarty
T M Moriarty
S B Moriarty
Secretary
S B Moriarty
Company number
00977186
Registered office
Eastgates
Moorside
Colchester
CO1 3TJ
Business address
Eastgates Industrial Estate
Moorside
Colchester
Essex
CO1 2TJ
D K Moriarty Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
D K Moriarty Limited
Balance sheet
As at 30 April 2024
Company registration no. 00977186
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
483,683
444,143
Current assets
Stocks
393,567
375,177
Debtors
5
749,685
696,394
Cash at bank and in hand
470,796
403,661
1,614,048
1,475,232
Creditors: amounts falling due within one year
6
(550,157)
(436,499)
Net current assets
1,063,891
1,038,733
Total assets less current liabilities
1,547,574
1,482,876
Provisions for liabilities
(60,012)
(47,619)
Net assets
1,487,562
1,435,257
Capital and reserves
Called up share capital
7
2,380
2,380
Capital redemption reserve
120
120
Profit and loss reserves
1,485,062
1,432,757
Total equity
1,487,562
1,435,257
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
T M Moriarty
Director
D K Moriarty Limited
Notes to the financial statements
For the year ended 30 April 2024
- 2 -
1
Accounting policies
Company information
D K Moriarty Limited is a private company limited by shares incorporated in England and Wales. The registered office is Eastgates, Moorside, Colchester, CO1 3TJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Plant and machinery
10% straight line
Fixtures, fittings & office equipment
10% straight line
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
D K Moriarty Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 3 -
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.
1.6
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 current liabilities.
1.7
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt.
Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.
Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
D K Moriarty Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
46
47
D K Moriarty Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings & office equipment
Total
£
£
£
£
Cost
At 1 May 2023
489,795
808,328
122,796
1,420,919
Additions
38,452
60,453
98,905
At 30 April 2024
489,795
846,780
183,249
1,519,824
Depreciation and impairment
At 1 May 2023
243,180
628,443
105,153
976,776
Depreciation charged in the year
9,712
41,666
7,987
59,365
At 30 April 2024
252,892
670,109
113,140
1,036,141
Carrying amount
At 30 April 2024
236,903
176,671
70,109
483,683
At 30 April 2023
246,615
179,885
17,643
444,143
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
731,909
679,631
Other debtors
17,776
16,763
749,685
696,394
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
130,810
88,585
Corporation tax
57,442
48,755
Other taxation and social security
74,451
80,955
Other creditors
287,454
218,204
550,157
436,499
D K Moriarty Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 6 -
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,880 'A' Ordinary shares of £1 each
1,880
1,880
Preference share capital
Issued and fully paid
500 'B' Ordinary shares of £1 each
500
500
Preference shares classified as equity
500
500
Total equity share capital
2,380
2,380