| Melrose and Morgan Limited |
| Registered number: |
05085202 |
| Balance Sheet |
| as at 31 July 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
290,769 |
|
|
342,702 |
|
| Current assets |
| Stocks |
|
|
51,419 |
|
|
58,497 |
| Debtors |
3 |
|
90,969 |
|
|
121,594 |
| Cash at bank and in hand |
|
|
1,000 |
|
|
1,109 |
|
|
|
143,388 |
|
|
181,200 |
|
| Creditors: amounts falling due within one year |
4 |
|
(668,898) |
|
|
(510,379) |
|
| Net current liabilities |
|
|
|
(525,510) |
|
|
(329,179) |
|
| Total assets less current liabilities |
|
|
|
(234,741) |
|
|
13,523 |
|
| Creditors: amounts falling due after more than one year |
5 |
|
|
- |
|
|
(90,279) |
|
|
|
| Net liabilities |
|
|
|
(234,741) |
|
|
(76,756) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1,398 |
|
|
1,398 |
| Share premium |
|
|
|
152,583 |
|
|
152,583 |
| Profit and loss account |
|
|
|
(388,722) |
|
|
(230,737) |
|
| Shareholders' funds |
|
|
|
(234,741) |
|
|
(76,756) |
|
|
|
|
|
|
|
|
| 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 30 April 2018 |
|
| Melrose and Morgan Limited |
| Notes to the Accounts |
| for the year ended 31 July 2017 |
|
|
| 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 |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 August 2016 |
418,266 |
|
206,658 |
|
14,995 |
|
639,919 |
|
Additions |
- |
|
5,662 |
|
- |
|
5,662 |
|
Disposals |
- |
|
(28,839) |
|
(14,995) |
|
(43,834) |
|
At 31 July 2017 |
418,266 |
|
183,481 |
|
- |
|
601,747 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2016 |
191,129 |
|
92,004 |
|
14,084 |
|
297,217 |
|
Charge for the year |
32,852 |
|
23,832 |
|
911 |
|
57,595 |
|
On disposals |
- |
|
(28,839) |
|
(14,995) |
|
(43,834) |
|
At 31 July 2017 |
223,981 |
|
86,997 |
|
- |
|
310,978 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2017 |
194,285 |
|
96,484 |
|
- |
|
290,769 |
|
At 31 July 2016 |
227,137 |
|
114,654 |
|
911 |
|
342,702 |
|
|
| 3 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
9,717 |
|
5,956 |
|
Rent deposit |
|
|
|
|
36,980 |
|
36,980 |
|
Prepayments |
|
|
|
|
33,394 |
|
65,271 |
|
Other debtors |
10,878 |
|
13,387 |
|
|
|
|
|
|
90,969 |
|
121,594 |
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
36,980 |
|
36,980 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans and overdrafts |
65,606 |
|
48,328 |
|
Trade creditors |
272,394 |
|
300,554 |
|
Taxation and social security costs |
97,217 |
|
71,020 |
|
Pension liabilities |
1,877 |
|
2,515 |
|
Deferred income |
6,679 |
|
12,149 |
|
Accruals |
11,008 |
|
9,022 |
|
Short terms loans |
155,330 |
|
- |
|
Other creditors |
58,787 |
|
66,791 |
|
|
|
|
|
|
668,898 |
|
510,379 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Other creditors |
- |
|
90,279 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Other financial commitments |
2017 |
|
2016 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
128,087 |
|
131,400 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Post balance sheet events |
|
|
On the 21 September 2017, the company issued an additional 315,112 A Ordinary £0.01 shares for a total consideration of £ 451,052 and issued further 175,000 A Ordinary £0.01 shares on 1 February 2018, for a total consideration of £100,000. to provide additional capital to the business for further growth and expansion.
Following the issue of shares, Starnevesse Ltd became the majority shareholder and controlling party with 75% of the share capital and voting rights |
|
|
| 8 |
Related party transactions |
|
|
Included in creditors due within one year are loans of £nil (2016: £11,102) due to Mr I James and £28,682 ( 2016: £10,497) due to Mr N Selby, directors of the company. In addition, there are loans of 21,350 (2016: £15,600) due each to Mrs M James and Mrs H Hall, the mother and sister of Mr I James.
The company's directors have also provided a personal guarantee of £100,000 in respect of the company's bank loan. |
|
|
| 9 |
Other information |
|
|
Melrose and Morgan Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
3rd Floor |
|
114a Cromwell Road |
|
London |
|
SW7 4AG |
