Digby Morris Ltd - Period Ending 2017-11-30
Digby Morris Ltd - Period Ending 2017-11-30
Registration number:
for the Year Ended
Pages for filing with Registrar
The Tramshed
25 Lower Park Row
Bristol
BS1 5BN
Digby Morris Ltd
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Digby Morris Ltd
Company Information
Director |
N R Morris |
Registered office |
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Registered number |
04953518 |
Accountants |
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Digby Morris Ltd
(Registration number: 04953518)
Balance Sheet as at 30 November 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Total equity |
( |
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For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Digby Morris Ltd
(Registration number: 04953518)
Balance Sheet as at 30 November 2017
Approved and authorised by the
.........................................
N R Morris
Director
Page 3 |
Digby Morris Ltd
Statement of Changes in Equity for the Year Ended 30 November 2017
Share capital |
Profit and loss account |
Total |
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At 1 December 2016 |
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Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 30 November 2017 |
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( |
( |
Share capital |
Profit and loss account |
Total |
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At 1 December 2015 |
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Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 30 November 2016 |
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Page 4 |
Digby Morris Ltd
Notes to the Financial Statements for the Year Ended 30 November 2017
Statutory information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
These accounts for the year ended 30 November 2017 are the first financial statements for Digby Morris Limited to be prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS102) as applied to smaller entities by the adoption of Section 1A of FRS 102. The financial statements for the year ended 30 November 2017 were prepared in accordance with the Financial Reporting Standard for Smaller Entities (FRSSE) (effective January 2015). The date of transition to FRS 102 was 1 December 2015.
Some of the FRS102 recognition, measurement, presentation and disclosure requirements and accounting policy choices differ from FRSSE. Consequently, the directors have amended certain accounting policies to comply with FRS102.
The reported financial position and financial performance for the previous year are not affected by the transition to FRS102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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Digby Morris Ltd
Notes to the Financial Statements for the Year Ended 30 November 2017
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% on cost |
Fixtures and fittings |
15% on cost |
Page 6 |
Digby Morris Ltd
Notes to the Financial Statements for the Year Ended 30 November 2017
Impairment of non-financial assets
The company assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates the recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revalued decrease.
An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 7 |
Digby Morris Ltd
Notes to the Financial Statements for the Year Ended 30 November 2017
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Termination benefits are recognised immediately as an expenses when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taxation |
Tax charged/(credited) in the income statement
2017 |
2016 |
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Current taxation |
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UK corporation tax |
( |
- |
Page 8 |
Digby Morris Ltd
Notes to the Financial Statements for the Year Ended 30 November 2017
Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 December 2016 |
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Additions |
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At 30 November 2017 |
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Depreciation |
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At 1 December 2016 |
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Charge for the year |
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At 30 November 2017 |
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Carrying amount |
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At 30 November 2017 |
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At 30 November 2016 |
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Debtors: amounts falling due within one year |
2017 |
2016 |
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Trade debtors |
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- |
Other debtors |
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Directors' loan accounts |
47,530 |
48,119 |
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Page 9 |
Digby Morris Ltd
Notes to the Financial Statements for the Year Ended 30 November 2017
Creditors: amounts falling due within one year |
Note |
2017 |
2016 |
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Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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Ordinary of £1 each |
1 |
1 |
1 |
1 |
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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- |
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Page 10 |
Digby Morris Ltd
Notes to the Financial Statements for the Year Ended 30 November 2017
Related party transactions |
Transactions with directors |
During the year Mr N Morris, a director and shareholder, received loans from the company of £5,155 (2016: £67,813) and introduced loans of £5,744 (2016: £45,748) into the company. The balance due to the company by Mr N Morris at 30 November 2017 was £47,530 (2016: £48,119).
The loan is interest free with no fixed payment date.
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