Morgan Wright Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08488984 (England and Wales)

MORGAN WRIGHT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A G Collison

Mr A J Wright

REGISTERED OFFICE:

7 St John Street

Mansfield

Nottinghamshire

NG18 1QH

REGISTERED NUMBER:

08488984 (England and Wales)

ACCOUNTANTS:

ApC

Chartered Accountants

7 St John Street

Mansfield

Nottinghamshire

NG18 1QH

FIXED ASSETS

Tangible assets

5

9,373

12,781

CURRENT ASSETS

Stocks

89,853

106,982

Debtors

6

113,870

133,470

Cash at bank

24,998

27,917

228,721

268,369

CREDITORS

Amounts falling due within one year

7

158,487

204,666

NET CURRENT ASSETS

70,234

63,703

TOTAL ASSETS LESS CURRENT LIABILITIES

79,607

76,484

CREDITORS

Amounts falling due after more than one year

8

-

(14,504

)

PROVISIONS FOR LIABILITIES

(1,781

)

(2,428

)

NET ASSETS

77,826

59,552

CAPITAL AND RESERVES

Called up share capital

64

64

Retained earnings

77,762

59,488

77,826

59,552

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2020 and were signed on its behalf by:

Mrs A G Collison - Director

1.	STATUTORY INFORMATION

Morgan Wright Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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

Turnover represents the value excluding Value Added Tax of goods and services provided to customers during the year. In respect of goods and services provided, all income is taken to profit and loss at the same point as the right to receive consideration has been acquired.

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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33.33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2019

250

787

28,121

29,158

Additions

-

-

1,065

1,065

At 31 March 2020

250

787

29,186

30,223

DEPRECIATION

At 1 April 2019

37

218

16,122

16,377

Charge for year

32

85

4,356

4,473

At 31 March 2020

69

303

20,478

20,850

NET BOOK VALUE

At 31 March 2020

181

484

8,708

9,373

At 31 March 2019

213

569

11,999

12,781

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

105,187

101,297

VAT

-

3,473

Prepayments and accrued income

8,683

28,700

113,870

133,470

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other loans

14,504

33,604

Trade creditors

81,337

103,515

Corporation tax

9,768

6,042

Social security and other taxes

384

572

VAT

8,399

-

Pension Control

163

-

Directors' current accounts

42,474

59,545

Accruals and deferred income

1,458

1,388

158,487

204,666

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other loans - 1-2 years

-

14,504