| Melrose and Morgan Limited |
| Registered number: |
05085202 |
| Balance Sheet |
| as at 31 July 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
274,414 |
|
|
290,769 |
|
| Current assets |
| Stocks |
|
|
51,617 |
|
|
51,419 |
| Debtors |
3 |
|
169,361 |
|
|
90,969 |
| Cash at bank and in hand |
|
|
8,897 |
|
|
1,000 |
|
|
|
229,875 |
|
|
143,388 |
|
| Creditors: amounts falling due within one year |
4 |
|
(355,453) |
|
|
(668,898) |
|
| Net current liabilities |
|
|
|
(125,578) |
|
|
(525,510) |
|
| Net assets/(liabilities) |
|
|
|
148,836 |
|
|
(234,741) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
11,024 |
|
|
1,398 |
| Share premium |
|
|
|
940,785 |
|
|
152,583 |
| Profit and loss account |
|
|
|
(802,973) |
|
|
(388,722) |
|
| Shareholders' funds |
|
|
|
148,836 |
|
|
(234,741) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Ian G James |
| Director |
| Approved by the board on 31 May 2019 |
|
| Melrose and Morgan Limited |
| Notes to the Accounts |
| for the year ended 31 July 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Motor vehicles |
4-10 years on a straight line basis |
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
2-10 years on a straight line basis |
|
Fixtures, fittings, tools and equipment |
3-10 years on a straight line basis |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Tangible fixed assets |
|
|
|
|
Leasehold improvements |
|
Fixtures, fittings and machinery |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 August 2017 |
418,266 |
|
183,481 |
|
601,747 |
|
Additions |
8,126 |
|
28,006 |
|
36,132 |
|
Disposals |
- |
|
(1,175) |
|
(1,175) |
|
At 31 July 2018 |
426,392 |
|
210,312 |
|
636,704 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2017 |
223,981 |
|
86,997 |
|
310,978 |
|
Charge for the year |
29,892 |
|
21,819 |
|
51,711 |
|
On disposals |
- |
|
(399) |
|
(399) |
|
At 31 July 2018 |
253,873 |
|
108,417 |
|
362,290 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2018 |
172,519 |
|
101,895 |
|
274,414 |
|
At 31 July 2017 |
194,285 |
|
96,484 |
|
290,769 |
|
|
| 3 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors |
14,389 |
|
9,717 |
|
Rent deposit |
|
|
|
|
36,980 |
|
36,980 |
|
Prepayments |
|
|
|
|
70,633 |
|
33,394 |
|
Vat refund |
|
|
|
|
10,972 |
|
- |
|
Other debtors |
36,387 |
|
10,878 |
|
|
|
|
|
|
169,361 |
|
90,969 |
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
36,980 |
|
36,980 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans and overdrafts |
13 |
|
65,606 |
|
Trade creditors |
245,227 |
|
272,394 |
|
Taxation and social security costs |
26,873 |
|
97,217 |
|
Pension liabilities |
1,392 |
|
1,877 |
|
Deferred income |
- |
|
6,679 |
|
Accruals |
53,850 |
|
11,008 |
|
Short terms loans |
10,000 |
|
155,330 |
|
Other creditors |
18,098 |
|
58,787 |
|
|
|
|
|
|
355,453 |
|
668,898 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Other financial commitments |
2018 |
|
2017 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
241,008 |
|
128,087 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Related party transactions |
|
|
Included in creditors due within one year are loans of £nil (2017: £28,682) due to Mr N Selby and £10,000 (2017: £nil) due to Ms K Cimesa, directors of the company. |
|
|
| 7 |
Controlling party |
|
|
The Company is controlled by Starnevesse Limited who owns 85.75% of the share capital and voting rights. The ultimate controlling party is Richard Thompson by virtue of his control and ownership of Starnevesse Limited. |
|
|
| 8 |
Other information |
|
|
Melrose and Morgan Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit 23 Hartland Road Arches |
|
Hartland Road |
|
London |
|
NW1 8HR |
