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Company No: 05682464 (England and Wales)

ANDREW MORTON ASSOCIATES LIMITED

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

ANDREW MORTON ASSOCIATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ANDREW MORTON ASSOCIATES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
ANDREW MORTON ASSOCIATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 93,926 94,711
93,926 94,711
Current assets
Debtors 5 104,134 69,972
Cash at bank and in hand 104,018 88,959
208,152 158,931
Creditors: amounts falling due within one year 6 ( 80,743) ( 56,032)
Net current assets 127,409 102,899
Total assets less current liabilities 221,335 197,610
Provision for liabilities 7 ( 5,779) ( 4,988)
Net assets 215,556 192,622
Capital and reserves
Called-up share capital 500 500
Profit and loss account 215,056 192,122
Total shareholders' funds 215,556 192,622

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 Andrew Morton Associates Limited (registered number: 05682464) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mr A J Morton
Director

24 October 2024

ANDREW MORTON ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ANDREW MORTON ASSOCIATES 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

Andrew Morton Associates 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 80 Grove Lane, Holt, NR25 6ED, 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 10 years straight line
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:

Leasehold improvements depreciated over the life of the lease
Fixtures and fittings 25 % reducing balance
Office equipment 10 years straight line
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 20,000 20,000
At 31 March 2024 20,000 20,000
Accumulated amortisation
At 01 April 2023 20,000 20,000
At 31 March 2024 20,000 20,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 April 2023 101,739 24,469 5,331 131,539
Additions 0 1,918 0 1,918
At 31 March 2024 101,739 26,387 5,331 133,457
Accumulated depreciation
At 01 April 2023 13,976 21,786 1,066 36,828
Charge for the financial year 1,017 1,153 533 2,703
At 31 March 2024 14,993 22,939 1,599 39,531
Net book value
At 31 March 2024 86,746 3,448 3,732 93,926
At 31 March 2023 87,763 2,683 4,265 94,711

5. Debtors

2024 2023
£ £
Trade debtors 24,752 22,539
Amounts owed by directors 20,768 17,229
Prepayments and accrued income 58,614 30,204
104,134 69,972

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 3,977 2,978
Accruals 3,773 3,187
Taxation and social security 62,349 44,601
Other creditors 10,644 5,266
80,743 56,032

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 4,988) ( 5,405)
(Charged)/credited to the Income Statement ( 791) 417
At the end of financial year ( 5,779) ( 4,988)

8. Financial commitments

Commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,437 (2023 - £10,914). Contributions totalling £nil (2023 - £73) were payable to the fund at the reporting date.

9. Related party transactions

At the year end the directors owed the Company £20,768 which was repaid shortly after the year end (2023 - £17,229 owed by the directors to the Company).