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COMPANY REGISTRATION NUMBER: 10443521
Morecambe Bay Wills and Estates Limited
Filleted Unaudited Financial Statements
31 October 2024
Morecambe Bay Wills and Estates Limited
Financial Statements
Year ended 31 October 2024
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Morecambe Bay Wills and Estates Limited
Officers and Professional Advisers
Director
N Combe
Registered office
10 Aldcliffe Yard
Lancaster
England
LA1 1BF
Accountants
Riverside Accountancy Lancaster Limited
Chartered accountants
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU
Morecambe Bay Wills and Estates Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Morecambe Bay Wills and Estates Limited
Year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Morecambe Bay Wills and Estates Limited for the year ended 31 October 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Morecambe Bay Wills and Estates Limited in accordance with the terms of our engagement letter dated 8 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Morecambe Bay Wills and Estates Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Morecambe Bay Wills and Estates Limited and its director for our work or for this report.
It is your duty to ensure that Morecambe Bay Wills and Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Morecambe Bay Wills and Estates Limited. You consider that Morecambe Bay Wills and Estates Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Morecambe Bay Wills and Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Riverside Accountancy Lancaster Limited Chartered accountants
Suite 2, 2 Mannin Way Lancaster Business Park Caton Road Lancaster LA1 3SU
25 April 2025
Morecambe Bay Wills and Estates Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
1,745
2,778
Investments
7
10,000
--------
-------
11,745
2,778
Current assets
Debtors
8
9,285
4,847
Cash at bank and in hand
13,776
18,068
--------
--------
23,061
22,915
Creditors: amounts falling due within one year
9
34,606
28,898
--------
--------
Net current liabilities
11,545
5,983
--------
-------
Total assets less current liabilities
200
( 3,205)
----
-------
Net assets/(liabilities)
200
( 3,205)
----
-------
Capital and reserves
Called up share capital
10
1
1
Profit and loss account
199
( 3,206)
----
-------
Shareholders funds/(deficit)
200
( 3,205)
----
-------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 October 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Morecambe Bay Wills and Estates Limited
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
N Combe
Director
Company registration number: 10443521
Morecambe Bay Wills and Estates Limited
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Aldcliffe Yard, Lancaster, LA1 1BF, England.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have been rounded to the nearest £.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Computer Equipment
-
Computer Equipment
Office Equipment
-
Office Equipment
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 4 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 November 2023 and 31 October 2024
970
----
Amortisation
At 1 November 2023 and 31 October 2024
970
----
Carrying amount
At 31 October 2024
----
At 31 October 2023
----
6. Tangible assets
Computer Equipment
Office Equipment
Total
£
£
£
Cost
At 1 November 2023
5,171
2,314
7,485
Additions
353
353
Disposals
( 1,060)
( 1,060)
-------
-------
-------
At 31 October 2024
4,111
2,667
6,778
-------
-------
-------
Depreciation
At 1 November 2023
3,572
1,135
4,707
Charge for the year
734
652
1,386
Disposals
( 1,060)
( 1,060)
-------
-------
-------
At 31 October 2024
3,246
1,787
5,033
-------
-------
-------
Carrying amount
At 31 October 2024
865
880
1,745
-------
-------
-------
At 31 October 2023
1,599
1,179
2,778
-------
-------
-------
7. Investments
Shares in participating interests
£
Cost
At 1 November 2023
Additions
10,000
--------
At 31 October 2024
10,000
--------
Impairment
At 1 November 2023 and 31 October 2024
--------
Carrying amount
At 31 October 2024
10,000
--------
At 31 October 2023
--------
8. Debtors
2024
2023
£
£
Trade debtors
6,746
2,067
Other debtors
2,539
2,780
-------
-------
9,285
4,847
-------
-------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,910
4,385
Social security and other taxes
6,874
5,495
Other creditors
23,822
19,018
--------
--------
34,606
28,898
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
11. Related party transactions
Within the year, there was £ 3,000 owed to Kendal Wills Ltd (2023: £NIL).
12. Controlling party
The company is controlled by the director.