Registered number
04658988
The Morgan Leith Partnership Limited
Unaudited Filleted Accounts
31 March 2024
The Morgan Leith Partnership Limited
Registered number: 04658988
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 4,655 5,178
Current assets
Debtors 5 52,532 56,326
Cash at bank and in hand 3,609 1,605
56,141 57,931
Creditors: amounts falling due within one year 6 (21,234) (37,987)
Net current assets 34,907 19,944
Total assets less current liabilities 39,562 25,122
Provisions for liabilities (519) (654)
Net assets 39,043 24,468
Capital and reserves
Called up share capital 220 220
Profit and loss account 38,823 24,248
Shareholders' funds 39,043 24,468
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G V R Leith
Director
Approved by the board on 28 October 2024
The Morgan Leith Partnership Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 10% straight line
Plant and machinery 33% straight line or 25% reducing balance
Debtors and creditors
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 60,000
At 31 March 2024 60,000
Amortisation
At 1 April 2023 60,000
At 31 March 2024 60,000
Net book value
At 31 March 2024 -
The directors estimated that the goodwill has a life of 5 years so it has been written off in equal instalments accordingly.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 3,305 20,516 23,821
Additions - 579 579
At 31 March 2024 3,305 21,095 24,400
Depreciation
At 1 April 2023 331 18,312 18,643
Charge for the year 330 772 1,102
At 31 March 2024 661 19,084 19,745
Net book value
At 31 March 2024 2,644 2,011 4,655
At 31 March 2023 2,974 2,204 5,178
5 Debtors 2024 2023
£ £
Trade debtors 8,288 45,815
Other debtors 44,244 10,511
52,532 56,326
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,115 22,166
Other taxes and social security costs 15,187 14,615
Other creditors 2,932 1,206
21,234 37,987
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Loan repayable on demand, interest rate of 2.25% 10,510 98,033 (64,299) 44,244
10,510 98,033 (64,299) 44,244
8 Other information
The Morgan Leith Partnership Limited is a private company limited by shares and incorporated in England. Its registered office is:
Creekside Trevissome
Flushing
Falmouth
Cornwall
TR11 5TA
The Morgan Leith Partnership Limited 04658988 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 G V R Leith No description of principal activity 04658988 2022-04-01 2023-03-31 04658988 core:WithinOneYear 2023-03-31 04658988 core:ShareCapital 2023-03-31 04658988 core:RetainedEarningsAccumulatedLosses 2023-03-31 04658988 2023-04-01 2024-03-31 04658988 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04658988 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04658988 bus:Director40 2023-04-01 2024-03-31 04658988 1 2023-04-01 2024-03-31 04658988 core:LandBuildings 2023-04-01 2024-03-31 04658988 core:PlantMachinery 2023-04-01 2024-03-31 04658988 bus:Director1 1 2023-04-01 2024-03-31 04658988 countries:England 2023-04-01 2024-03-31 04658988 bus:FRS102 2023-04-01 2024-03-31 04658988 bus:FilletedAccounts 2023-04-01 2024-03-31 04658988 2024-03-31 04658988 core:WithinOneYear 2024-03-31 04658988 core:ShareCapital 2024-03-31 04658988 core:RetainedEarningsAccumulatedLosses 2024-03-31 04658988 core:Goodwill 2024-03-31 04658988 core:LandBuildings 2024-03-31 04658988 core:PlantMachinery 2024-03-31 04658988 bus:Director1 1 2024-03-31 04658988 2023-03-31 04658988 core:Goodwill 2023-03-31 04658988 core:LandBuildings 2023-03-31 04658988 core:PlantMachinery 2023-03-31 04658988 bus:Director1 1 2023-03-31 iso4217:GBP xbrli:pure