Morfitt Waste Management Limited 31/03/2019 iXBRL

Morfitt Waste Management Limited 31/03/2019 iXBRL

PIERCY PROPERTIES LIMITED - Company Information

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Company registration number: 07570527
Morfitt Waste Management Limited
Unaudited filleted financial statements
31 March 2019
Morfitt Waste Management Limited
Contents
Balance sheet
Notes to the financial statements
Morfitt Waste Management Limited
Balance sheet
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 6 172,129 194,513
Investments 7 1,401,017 1,401,017
_______ _______
1,573,146 1,595,530
Current assets
Debtors 8 77,032 56,239
Cash at bank and in hand 84,350 160,236
_______ _______
161,382 216,475
Creditors: amounts falling due
within one year 9 ( 74,958) ( 79,613)
_______ _______
Net current assets 86,424 136,862
_______ _______
Total assets less current liabilities 1,659,570 1,732,392
Provisions for liabilities 10 ( 8,720) ( 12,434)
_______ _______
Net assets 1,650,850 1,719,958
_______ _______
Capital and reserves
Called up share capital 12 1 1
Profit and loss account 1,650,849 1,719,957
_______ _______
Shareholders funds 1,650,850 1,719,958
_______ _______
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 December 2019 , and are signed on behalf of the board by:
R E Hunter
Director
Company registration number: 07570527
Morfitt Waste Management Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Grange, Lower Piercy Farm, Dalton Piercy, Hartlepool, TS27 3HY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 33 % reducing balance
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).
5. Tax on profit
Major components of tax expense
2019 2018
£ £
Current tax:
UK current tax expense 8,757 24,182
Adjustments in respect of previous periods - 5
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 3,714) ( 5,930)
_______ _______
Tax on profit 5,043 18,257
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2018: higher than) the standard rate of corporation tax in the UK of - % (2018: -%).
2019 2018
£ £
Profit before taxation 23,703 98,055
_______ _______
Adjustments in respect of prior periods - 5
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2018 and 31 March 2019 141,909 85,720 698 75,324 303,651
_______ _______ _______ _______ _______
Depreciation
At 1 April 2018 12,837 33,385 134 62,782 109,138
Charge for the year 2,838 8,572 186 10,788 22,384
_______ _______ _______ _______ _______
At 31 March 2019 15,675 41,957 320 73,570 131,522
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2019 126,234 43,763 378 1,754 172,129
_______ _______ _______ _______ _______
At 31 March 2018 129,072 52,335 564 12,542 194,513
_______ _______ _______ _______ _______
The director has considered the fair value of the freehold properties owned by the company at the year end and considers the valuation in the financial statements to be materially correct.
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2018 and 31 March 2019 1,401,017 1,401,017
_______ _______
Impairment
At 1 April 2018 and 31 March 2019 - -
_______ _______
Carrying amount
At 31 March 2019 1,401,017 1,401,017
_______ _______
At 31 March 2018 1,401,017 1,401,017
_______ _______
The directors have reviewed the carrying value of investment properties and have concluded that in their opinion the open market valuation of the properties equals book cost given the recent acquisition dates of the properties.
8. Debtors
2019 2018
£ £
Trade debtors 3,488 17,832
Other debtors 73,544 38,407
_______ _______
77,032 56,239
_______ _______
9. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 26,272 17,049
Corporation tax 8,757 24,182
Social security and other taxes 12,838 8,147
Other creditors 27,091 30,235
_______ _______
74,958 79,613
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 April 2018 12,434 12,434
Charges against provisions ( 3,714) ( 3,714)
_______ _______
At 31 March 2019 8,720 8,720
_______ _______
11. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2019 2018
£ £
Included in provisions (note 10) 8,720 12,434
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2019 2018
£ £
Accelerated capital allowances 8,720 12,424
_______ _______
12. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary shares shares of £ - each (2018: £ 1.00 ) - - 1 1
_______ _______ _______ _______
13. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
R E Hunter - 44,235 44,235
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
R E Hunter - - -
_______ _______ _______