Morgan Dunn Enterprises Limited 31/03/2019 iXBRL

Morgan Dunn Enterprises Limited 31/03/2019 iXBRL

MORGAN DUNN ENTERPRISES LIMITED - Company Information

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Company registration number: 00640280
Morgan Dunn Enterprises Limited
Unaudited filleted financial statements
31 March 2019
Morgan Dunn Enterprises Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Morgan Dunn Enterprises Limited
Directors and other information
Directors Mrs P.M. Dunn
Miss J. Dunn
Miss P. Dunn
Secretary Mrs P M Dunn
Company number 00640280
Registered office 82 West Street
Rochford
Essex
SS4 1AS
Accountant Andrew Murphy Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Morgan Dunn Enterprises Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Morgan Dunn Enterprises Limited
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Morgan Dunn Enterprises Limited for the year ended 31 March 2019 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales, I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Morgan Dunn Enterprises Limited, as a body, in accordance with the terms of my engagement letter dated 6 June 2008. My work has been undertaken solely to prepare for your approval the financial statements of Morgan Dunn Enterprises Limited and state those matters that we have agreed to state to the board of directors of Morgan Dunn Enterprises Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Morgan Dunn Enterprises Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Morgan Dunn Enterprises Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Morgan Dunn Enterprises Limited. You consider that Morgan Dunn Enterprises Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Morgan Dunn Enterprises Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Andrew Murphy Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
26 April 2019
Morgan Dunn Enterprises Limited
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 6 302,849 302,849
Investments 7 150,000 150,000
_______ _______
452,849 452,849
Current assets
Debtors 8 7,563 -
Cash at bank and in hand 42,848 83,049
_______ _______
50,411 83,049
Creditors: amounts falling due
within one year 9 ( 61,078) ( 53,255)
_______ _______
Net current (liabilities)/assets ( 10,667) 29,794
_______ _______
Total assets less current liabilities 442,182 482,643
_______ _______
Net assets 442,182 482,643
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 442,082 482,543
_______ _______
Shareholders funds 442,182 482,643
_______ _______
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.
Directors 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 directors acknowledge 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 April 2019 , and are signed on behalf of the board by:
Mrs P.M. Dunn
Director
Company registration number: 00640280
Morgan Dunn Enterprises Limited
Statement of changes in equity
Year ended 31 March 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2017 100 469,030 469,130
Profit for the year 145,513 145,513
_______ _______ _______
Total comprehensive income for the year - 145,513 145,513
Dividends paid and payable ( 132,000) ( 132,000)
_______ _______ _______
Total investments by and distributions to owners - ( 132,000) ( 132,000)
_______ _______ _______
At 31 March 2018 and 1 April 2018 100 482,543 482,643
Profit for the year 184,539 184,539
_______ _______ _______
Total comprehensive income for the year - 184,539 184,539
Dividends paid and payable ( 225,000) ( 225,000)
_______ _______ _______
Total investments by and distributions to owners - ( 225,000) ( 225,000)
_______ _______ _______
At 31 March 2019 100 442,082 442,182
_______ _______ _______
Morgan Dunn Enterprises 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 82 West Street, Rochford, Essex, SS4 1AS.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Tax on profit
Major components of tax expense
2019 2018
£ £
Current tax:
UK current tax expense 43,287 34,133
_______ _______
Tax on profit 43,287 34,133
_______ _______
5. Dividends
Equity dividends
2019 2018
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 225,000 132,000
_______ _______
6. Tangible assets
Long leasehold property Total
£ £
Cost
At 1 April 2018 and 31 March 2019 302,849 302,849
_______ _______
Depreciation
At 1 April 2018 and 31 March 2019 - -
_______ _______
Carrying amount
At 31 March 2019 302,849 302,849
_______ _______
At 31 March 2018 302,849 302,849
_______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2018 and 31 March 2019 150,000 150,000
_______ _______
Impairment
At 1 April 2018 and 31 March 2019 - -
_______ _______
Carrying amount
At 31 March 2019 150,000 150,000
_______ _______
At 31 March 2018 150,000 150,000
_______ _______
The market valuation of the investment is £138,725 (2018 : £137,227). The directors do not expect this to be a permanent diminution in value.
8. Debtors
2019 2018
£ £
Trade debtors 7,563 -
_______ _______
9. Creditors: amounts falling due within one year
2019 2018
£ £
Corporation tax 43,350 34,124
Social security and other taxes 14,303 15,036
Other creditors 3,425 4,095
_______ _______
61,078 53,255
_______ _______
10. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs P.M. Dunn ( 1,435) ( 1,965) 2,735 ( 665)
_______ _______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs P.M. Dunn ( 19,727) ( 133,964) 152,256 ( 1,435)
_______ _______ _______ _______
12. Controlling party
The directors are the controlling party of the company, who own the shares equally between them.