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COMPANY REGISTRATION NUMBER: NI010254
G & W Moore & Co. Limited
Unaudited Abridged Financial Statements
29 February 2024
G & W Moore & Co. Limited
Abridged Financial Statements
Year ended 29th February 2024
Contents
Pages
Director's report
1
Abridged statement of income and retained earnings
2
Abridged statement of financial position
3 to 4
Notes to the abridged financial statements
5 to 11
The following pages do not form part of the abridged financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory abridged financial statements
13
G & W Moore & Co. Limited
Director's Report
Year ended 29th February 2024
The director presents his report and the unaudited abridged financial statements of the company for the year ended 29 February 2024 .
Director
The director who served the company during the year was as follows:
Mr G. Moore
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 November 2024 and signed on behalf of the board by:
Mr G. Moore
C. Moore
Director
Company Secretary
Registered office:
Unit 27 & 28
Windmill Business Park
Windmill Road
Saintfield
BT24 7DX
G & W Moore & Co. Limited
Abridged Statement of Income and Retained Earnings
Year ended 29th February 2024
2024
2023
Note
£
£
Gross profit
165,722
200,547
Distribution costs
63,040
67,397
Administrative expenses
57,345
75,063
---------
---------
Operating profit
45,337
58,087
Other interest receivable and similar income
23
Interest payable and similar expenses
7,915
8,478
---------
---------
Profit before taxation
5
37,445
49,609
Tax on profit
8,136
11,145
--------
--------
Profit for the financial year and total comprehensive income
29,309
38,464
--------
--------
Dividends paid and payable
( 29,378)
( 25,350)
Retained earnings at the start of the year
250,294
237,180
---------
---------
Retained earnings at the end of the year
250,225
250,294
---------
---------
All the activities of the company are from continuing operations.
G & W Moore & Co. Limited
Abridged Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
322,255
333,202
Current assets
Stocks
26,708
22,968
Debtors
64,805
60,718
Cash at bank and in hand
205,502
220,503
---------
---------
297,015
304,189
Creditors: amounts falling due within one year
121,745
117,893
---------
---------
Net current assets
175,270
186,296
---------
---------
Total assets less current liabilities
497,525
519,498
Creditors: amounts falling due after more than one year
153,914
174,834
Provisions
Taxation including deferred tax
2,813
3,797
---------
---------
Net assets
340,798
340,867
---------
---------
Capital and reserves
Called up share capital
19,500
19,500
Revaluation reserve
46,573
46,573
Other reserves
24,500
24,500
Profit and loss account
250,225
250,294
---------
---------
Shareholder funds
340,798
340,867
---------
---------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 29th February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 29th February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
G & W Moore & Co. Limited
Abridged Statement of Financial Position (continued)
29 February 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr G. Moore
Director
Company registration number: NI010254
G & W Moore & Co. Limited
Notes to the Abridged Financial Statements
Year ended 29th February 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 27 & 28, Windmill Business Park, Windmill Road, Saintfield, BT24 7DX.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Consequently, actual results may differ from these estimates. Significant Judgements To be a key judgement, the subject matter must relate to something other than assumptions about the future or making estimates and typically relate to significant issues in applying accounting standards where management applied judgement in situations where a different judgement might have led to a materially different accounting treatment. Going concern In order to assess whether it is appropriate for the company to be reported as a going concern, the director applies judgement, having undertaken appropriate enquiries and having considered the business activities and the company's principal risks and uncertainties. In arriving at this judgement there are a large number of assumptions and estimates involved. This includes management's expectations of revenue, timing and quantum of any future capital expenditure and estimates and cost of future funding. Revaluation reserve During the prior period, the company disposed of a property which had been owned for over 40 years and which had been revalued, along with other properties, in December 2003. With the lapse of time, accurate historic cost information relating to the property was not available and, therefore, in calculating the amount of the revaluation reserve attributable to that property, the director was required to exercise judgement. The company had previously treated an investment property as part of property, plant and equipment due to the undue cost and effort required to ascertain the fair value of the investment property at each year end. This meant that depreciation was charged on the investment property. In the period under review, the investment property has been subject to a fair value valuation by the director and has been separately classified as an investment property. This means that depreciation is not charged on the investment property. The accumulated depreciation previously charged on the investment property has been transferred to the revaluation reserve. Key Sources of Estimation Uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. They are, by nature, subjective and result in a risk that a material adjustment to the carrying amount of assets or liabilities may be required as a result of changes in those assumptions or estimates in the next period. The key estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Revenue recognition Revenue comprises the fair value of consideration received or receivable for the sale of goods. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Depreciation The company's statement of financial position reflects a tangible fixed asset class which is subject to depreciation. Depreciation rates are based upon the expected economic lives of the related tangible fixed assets. Any variation in the useful economic lives of the asset class will have an impact on the balance sheet and financial position of the company. The useful economic lives of tangible fixed assets are uncertain and, therefore, the actual economic life of an asset may be shorter or longer than expected. There have been no significant revisions to the estimated lives during the current financial year. Bad debts The company assesses whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost - these include trade debtors. If there is objective evidence of impairment, the company recognises a bad debt in its statement of income immediately. However, it in making that assessment, events may subsequently occur which could indicate that a trade debtor has become impaired, or a previously impaired debt has become recoverable. Investment property The company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The director has reviewed the fair value of the investment property at the balance sheet date by assessing available information on comparable properties. The information available to the director is limited and the determined fair value of the investment property is sensitive to factors such as the relative condition of properties, the fact that values may differ within a small geographical area, the estimated yield as well as the long term vacancy rate, and specific factors relating to properties, such as adjoining ownership. An independent valuation to determine fair value was last carried out on 31 December 2003. The company has owned its investment property for over 40 years. With the lapse of time, accurate historic cost information relating to the investment property is not available and, therefore, in calculating the comparable historic cost and accumulated depreciation attributable to that property, the director has been required to estimate the historic cost by apportioning the cost of the company's original property portfolio using the relative market values at December 2003.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. The director considers that there are no grounds for reducing the carrying value of tangible fixed assets.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property
-
2% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% reducing balance
The company does not calculate depreciation on the value of land upon which any property resides.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
13,065
14,288
--------
--------
6. Tangible assets
£
Cost
At 1st March 2023
933,885
Additions
2,118
---------
At 29th February 2024
936,003
---------
Depreciation
At 1st March 2023
600,683
Charge for the year
13,065
---------
At 29th February 2024
613,748
---------
Carrying amount
At 29th February 2024
322,255
---------
At 28th February 2023
333,202
---------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 29th February 2024
Aggregate cost
35,467
Aggregate depreciation
(24,727)
--------
Carrying value
10,740
--------
At 28th February 2023
Aggregate cost
35,467
Aggregate depreciation
(24,018)
--------
Carrying value
11,449
--------
7. Impairment loss on property, plant and equipment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
8. Charges on assets
Bank borrowing is secured by mortgages and charges over company owned lands, properties and assets.
9. Related party transactions
The company has an unsecured, interest free loan provided by family members of key management personnel. The loan is repayable upon demand. At the balance sheet date, £20,000 (2023 - £20,000) remained due by the company.
10. Controlling party
The company was under the control of Mr. G. Moore throughout the current and previous year.
G & W Moore & Co. Limited
Management Information
Year ended 29th February 2024
The following pages do not form part of the abridged financial statements.
G & W Moore & Co. Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of G & W Moore & Co. Limited
Year ended 29th February 2024
As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 29th February 2024, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
AUBREY CAMPBELL & COMPANY Chartered Accountants
631 Lisburn Road Belfast BT9 7GT
25 November 2024