Morrow Gilchrist Associates Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI644521 (Northern Ireland)

Morrow Gilchrist Associates Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2022

Page

Company Information

1

Report of the Accountants

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs S Morrow

J T Gilchrist

REGISTERED OFFICE:

2 Berkeley Hall Lane

Lisburn

Co. Antrim

BT27 5TH

REGISTERED NUMBER:

NI644521 (Northern Ireland)

ACCOUNTANTS:

S.M. Vint & Company

Chartered Certified Accountants

8 Newry Road

Banbridge

Co. Down

BT32 3HN

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 Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2022 set out on pages four to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

S.M. Vint & Company

Chartered Certified Accountants

8 Newry Road

Banbridge

Co. Down

BT32 3HN

6 July 2022

FIXED ASSETS

Intangible assets

4

150,000

180,000

Tangible assets

5

1,085

2,163

151,085

182,163

CURRENT ASSETS

Debtors

6

-

12,300

Cash at bank

62,786

21,457

62,786

33,757

CREDITORS

Amounts falling due within one year

7

35,371

87,758

NET CURRENT ASSETS/(LIABILITIES)

27,415

(54,001

)

TOTAL ASSETS LESS CURRENT LIABILITIES

178,500

128,162

PROVISIONS FOR LIABILITIES

206

411

NET ASSETS

178,294

127,751

CAPITAL AND RESERVES

Called up share capital

6

6

Retained earnings

178,288

127,745

SHAREHOLDERS' FUNDS

178,294

127,751

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 6 July 2022 and were signed on its behalf by:

J T Gilchrist - Director

Mrs S Morrow - Director

1.	STATUTORY INFORMATION

Morrow Gilchrist Associates Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

300,000

AMORTISATION

At 1 April 2021

120,000

Amortisation for year

30,000

At 31 March 2022

150,000

NET BOOK VALUE

At 31 March 2022

150,000

At 31 March 2021

180,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2021

and 31 March 2022

5,584

DEPRECIATION

At 1 April 2021

3,421

Charge for year

1,078

At 31 March 2022

4,499

NET BOOK VALUE

At 31 March 2022

1,085

At 31 March 2021

2,163

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

-

12,300

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

3

2

Taxation and social security

33,050

20,984

Other creditors

2,318

66,772

35,371

87,758