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Registered number: 12414114
Mornington Supply Ltd
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 January 2025
Duport Accountants Ltd
Contents
Page
Company Information 1
Director's Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5
Statement of Changes in Equity 6
Notes to the Financial Statements 7—9
Page 1
Company Information
Director Guy Brown
Secretary Guy Brown
Company Number 12414114
Registered Office 10a Mornington Avenue
London
W14 8UJ
Accountants Duport Accountants Ltd
Dragon House
Princes Way
Bridgend
Bridgend
CF31 3AQ
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 31 January 2025.
Directors
The director who held office during the year were as follows:
Guy Brown
Statement of Director's Responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Guy Brown
Director
27/02/2025
Page 2
Page 3
Accountant's Report
Report of the Accountant to the director of Mornington Supply Ltd
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 January 2025.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Signed
27/02/2025
Duport Accountants Ltd
Dragon House
Princes Way
Bridgend
Bridgend
CF31 3AQ
Page 3
Page 4
Profit and Loss Account
2025 2024
Notes £ £
TURNOVER 1,539,720 1,097,060
Cost of sales (933,942 ) (696,425 )
GROSS PROFIT 605,778 400,635
Administrative expenses (28,513 ) (66,576 )
Other operating income - 4
OPERATING PROFIT AND PROFIT BEFORE TAXATION 577,265 334,063
Tax on Profit (144,979 ) (80,060 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 432,286 254,003
The notes on pages 7 to 9 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,286 5,482
Investments 5 10,003 10,003
15,289 15,485
CURRENT ASSETS
Debtors 6 404,107 226,349
Cash at bank and in hand 287,066 206,790
691,173 433,139
Creditors: Amounts Falling Due Within One Year 7 (527,679 ) (123,223 )
NET CURRENT ASSETS (LIABILITIES) 163,494 309,916
TOTAL ASSETS LESS CURRENT LIABILITIES 178,783 325,401
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,041 ) (1,041 )
NET ASSETS 177,742 324,360
CAPITAL AND RESERVES
Called up share capital 8 (499,900 ) 100
Profit and Loss Account 677,642 324,260
SHAREHOLDERS' FUNDS 177,742 324,360
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Guy Brown
Director
27/02/2025
The notes on pages 7 to 9 form part of these financial statements.
Page 5
Page 6
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 February 2023 100 70,257 70,357
Profit for the year and total comprehensive income - 254,003 254,003
As at 31 January 2024 and 1 February 2024 100 324,260 324,360
Profit for the year and total comprehensive income - 432,286 432,286
Dividends paid - (78,904) (78,904)
As at 31 January 2025 (499,900 ) 677,642 177,742
Page 6
Page 7
Notes to the Financial Statements
1. General Information
Mornington Supply Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12414114 . The registered office is 10a Mornington Avenue, London, W14 8UJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Fixtures & Fittings Over 4 years
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: NIL)
- -
Page 7
Page 8
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 February 2024 9,366
Additions 1,107
As at 31 January 2025 10,473
Depreciation
As at 1 February 2024 3,884
Provided during the period 1,303
As at 31 January 2025 5,187
Net Book Value
As at 31 January 2025 5,286
As at 1 February 2024 5,482
5. Investments
Unlisted
£
Cost
As at 1 February 2024 10,003
As at 31 January 2025 10,003
Provision
As at 1 February 2024 -
As at 31 January 2025 -
Net Book Value
As at 31 January 2025 10,003
As at 1 February 2024 10,003
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 404,107 226,349
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 345,248 18,614
Other creditors 1,628 10,724
Taxation and social security 180,803 93,885
527,679 123,223
Page 8
Page 9
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid (499,900 ) 100
Page 9