REGISTERED NUMBER: |
A & L Morgan Ltd |
Unaudited Financial Statements |
for the Year Ended 31 March 2018 |
REGISTERED NUMBER: |
A & L Morgan Ltd |
Unaudited Financial Statements |
for the Year Ended 31 March 2018 |
A & L Morgan Ltd (Registered number: 06027544) |
Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
A & L Morgan Ltd |
Company Information |
for the Year Ended 31 March 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Amberley Court |
Sutton St Nicholas |
Hereford |
Herefordshire |
HR1 3BX |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
A & L Morgan Ltd |
The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements |
and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of A & L Morgan Ltd for the year ended 31 March 2018 which comprise the Profit and Loss |
Account, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of A & L Morgan Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A & L Morgan Ltd and state those matters that we have agreed to state to the Board of Directors of A & L Morgan Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A & L Morgan Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that A & L Morgan Ltd 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 A & L Morgan Ltd. You consider that A & L Morgan Ltd 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 A & L Morgan Ltd. 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. |
trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Amberley Court |
Sutton St Nicholas |
Hereford |
Herefordshire |
HR1 3BX |
A & L Morgan Ltd (Registered number: 06027544) |
Balance Sheet |
31 March 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
A & L Morgan Ltd (Registered number: 06027544) |
Balance Sheet - continued |
31 March 2018 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved for issue by the Board of Directors on behalf by: |
A & L Morgan Ltd (Registered number: 06027544) |
Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
1. | STATUTORY INFORMATION |
A & L Morgan Ltd is a |
registered number and registered office address can be found on the Company Information page. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have considered the financial requirements of the company and consider that it will be able to |
operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate |
to prepare accounts on the going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
The company has the following biological assets within stock which are valued as disclosed: |
Livestock - valued at their estimated cost with reference to current market values |
Crops in store - valued at their estimated cost with reference to current market values |
Growing crop - valued at the cost of inputs and cultivations up to the period end |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
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. |
A & L Morgan Ltd (Registered number: 06027544) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
3. | ACCOUNTING POLICIES - continued |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2017 |
Additions |
At 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
A & L Morgan Ltd (Registered number: 06027544) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
5. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2017 |
Additions |
At 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
7. | STOCKS |
2018 | 2017 |
£ | £ |
Stores valuation | 42,085 | 28,470 |
Raw materials valuation |
Livestock valuation |
A & L Morgan Ltd (Registered number: 06027544) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
L & D Morgan |
VAT |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
Corporation tax payable |
Other creditors |
Directors' current accounts | 20,879 | 26,114 |
Accruals and deferred income |
Balances due to directors are repayable on demand and are interest free. |
10. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax |
Accelerated Capital Allowances | 65,604 | 56,244 |
Deferred |
tax |
£ |
Balance at 1 April 2017 |
Provided during year |
Balance at 31 March 2018 |
11. | FINANCIAL COMMITMENTS |
Total financial commitments which are not included in the balance sheet amount to £13,817 (2017 - £41,451). |
The financial commitments are due over the next 12 months and relate to land and property rent. |
12. | RELATED PARTY DISCLOSURES |
During the period £100,000 was advanced to L&D Morgan, a partnership of which two of the directors are |
partners. This amount was repaid to the company shortly after the year end. No interest was charged on this |
balance. |