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Registration number: 05132779

Morgan Owen Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Morgan Owen Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Morgan Owen Developments Limited

Company Information

Directors

S J Spencer

K Spencer

Registered office

74A Station Road East
Oxted
Surrey
RH8 0PG

Accountants

Smart Accounting & Tax Solutions LLP 74A Station Road East
Oxted
Surrey
RH8 0PG

 

Morgan Owen Developments Limited

(Registration number: 05132779)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,093

8,124

Current assets

 

Stocks

17,968

39,641

Debtors

5

264,951

203,598

Cash at bank and in hand

 

-

1,021

 

282,919

244,260

Creditors: Amounts falling due within one year

6

(281,655)

(240,447)

Net current assets

 

1,264

3,813

Total assets less current liabilities

 

7,357

11,937

Creditors: Amounts falling due after more than one year

6

(7,193)

(11,804)

Net assets

 

164

133

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

64

33

Shareholders' funds

 

164

133

 

Morgan Owen Developments Limited

(Registration number: 05132779)
Balance Sheet as at 30 November 2024

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 31 August 2025 and signed on its behalf by:
 

.........................................
S J Spencer
Director

   
     
 

Morgan Owen Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
74A Station Road East
Oxted
Surrey
RH8 0PG
England

These financial statements were authorised for issue by the Board on 31 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities within the buildng trade. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises Corporation Tax, based on the Company's taxable profit and chargeable gains. Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Morgan Owen Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Furniture and fittings

25% Reducing balance

Motor vehicles

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Morgan Owen Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Morgan Owen Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

6,351

2,982

10,495

19,828

At 30 November 2024

6,351

2,982

10,495

19,828

Depreciation

At 1 December 2023

6,098

2,982

2,624

11,704

Charge for the year

63

-

1,968

2,031

At 30 November 2024

6,161

2,982

4,592

13,735

Carrying amount

At 30 November 2024

190

-

5,903

6,093

At 30 November 2023

253

-

7,871

8,124

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

-

1,452

Amounts owed by group undertakings and undertakings in which the company has a participating interest

4,231

2,251

Other debtors

 

260,720

199,895

 

264,951

203,598

 

Morgan Owen Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9,059

5,535

Trade creditors

 

438

-

Taxation and social security

 

265,494

222,792

Accruals and deferred income

 

3,907

4,388

Other creditors

 

2,757

7,732

 

281,655

240,447

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100