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REGISTERED NUMBER: 02086312 (England and Wales)

















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Morgan Roofing Limited

Morgan Roofing Limited (Registered number: 02086312)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Morgan Roofing Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: D W Morgan
N D Morgan
A J Morgan





SECRETARY: R Davies





REGISTERED OFFICE: Woodside Works
Usk
Monmouthshire
NP5 1SS





REGISTERED NUMBER: 02086312 (England and Wales)





ACCOUNTANTS: Guilfoyle Sage LLP
Chartered Accountants
21 Gold Tops
Newport
South Wales
NP20 4PG

Morgan Roofing Limited (Registered number: 02086312)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 357 519

CURRENT ASSETS
Debtors 6 335,442 475,170
Cash at bank 12,735 11,028
348,177 486,198
CREDITORS
Amounts falling due within one year 7 332,408 470,560
NET CURRENT ASSETS 15,769 15,638
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,126

16,157

PROVISIONS FOR LIABILITIES 68 114
NET ASSETS 16,058 16,043

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 15,058 15,043
SHAREHOLDERS' FUNDS 16,058 16,043

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Morgan Roofing Limited (Registered number: 02086312)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 22 May 2025 and were signed on its behalf by:




N D Morgan - Director



A J Morgan - Director


Morgan Roofing Limited (Registered number: 02086312)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Morgan Roofing Limited is a private company, limited by shares and is incorporated in England and Wales. The company's registered number is 02086312 and the address of its registered office is Woodside Works, Usk, Monmouthshire, NP15 1SS.

These financial statements are the company's separate financial statements, covering the year to 31 May 2024 and are presented in Sterling (£), the company's functional currency, rounded to the nearest pound.

The accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

2. STATEMENT OF COMPLIANCE

The individual financial statements of Morgan Roofing Limited have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover, revenue recognition and amounts recoverable on contracts
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax.

Turnover represents the fair value of the sale of materials and services of labour (excluding value added tax) provided during the year on client projects. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on labour time spent, skills and expertise provided and expenditure incurred.

Uninvoiced turnover on client projects is included in amounts recoverable on contracts. Where on-account billings exceed revenue recognised on client projects, the excess is included as payments on account in creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 10% on cost


Morgan Roofing Limited (Registered number: 02086312)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Turnover, revenue recognition and amounts recoverable on contracts
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax.

Turnover represents the fair value of the sale of materials and services of labour (excluding value added tax) provided during the year on client projects. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on labour time spent, skills and expertise provided and expenditure incurred.

Uninvoiced turnover on client projects is included in amounts recoverable on contracts. Where on-account billings exceed revenue recognised on client projects, the excess is included as payments on account in creditors.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Morgan Roofing Limited (Registered number: 02086312)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 1,245
DEPRECIATION
At 1 June 2023 726
Charge for year 162
At 31 May 2024 888
NET BOOK VALUE
At 31 May 2024 357
At 31 May 2023 519

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Amounts recoverable on contracts 253,656 207,912
Other debtors 81,786 267,258
335,442 475,170

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 6,451 1,775
Taxation and social security 31 36
Other creditors 325,926 468,749
332,408 470,560

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

Morgan Roofing Limited (Registered number: 02086312)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

9. RELATED PARTY DISCLOSURES

Included in expenditure is £18,161 (2023:£201,424) purchased from a related party.

At the year end, included in creditors is the sum of £323,531(2023:£466,355) and included in debtors is the sum of £334,854 (2023: £461,144) owed to and by entities under the common control of key management personnel. There is no fixed repayment date on these amounts outstanding and no interest has been charged.