Morgan's Business Solutions Ltd - Accounts

Morgan's Business Solutions Ltd - Accounts

MORGAN'S BUSINESS SOLUTIONS LTD - Company Information

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Registered Number: 05517306
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 May 2020

for

MORGAN'S BUSINESS SOLUTIONS LTD

Morgan's Business Solutions Ltd
Contents Page
For the year ended 31 May 2020
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 May 2020.

We have prepared these finance statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.

On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a true and fair view.

You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.

The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.



....................................................
MBS Accountants
Unit 3 Tuffley Park
Lower Tuffley Lane
Gloucester
GL2 5DE
08 October 2020
1
 
 		 Notes
 		 2020
£		   2019
£
Fixed assets      
Tangible fixed assets 2 9,147    12,903 
9,147    12,903 
Current assets      
Debtors: amounts falling due within one year 19,264    12,207 
Cash at bank and in hand 78,216    15,922 
97,480    28,129 
Creditors: amount falling due within one year (50,111)   (34,566)
Net current assets 47,369    (6,437)
 
Total assets less current liabilities 56,516    6,466 
Creditors: amount falling due after more than one year (50,000)   - 
Provisions for liabilities (3)   - 
Net assets 6,513    6,466 
 

Capital and reserves 		     
Called up share capital 3 100    100 
Profit and loss account 6,413    6,366 
Shareholders funds 6,513    6,466 
 


For the year ended 31 May 2020 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
  2. 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
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 08 October 2020 and were signed on its behalf by:


--------------------------------
Samantha Morgan
Director
2
General Information
Morgan's Business Solutions Ltd is a private company, limited by shares, registered in England and Wales, registration number 05517306, registration address Unit 3 Tuffley Park, Lower Tuffley Lane, Gloucester, GL2 5DE

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sale taxes.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 25% Reducing Balance
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 June 2019 26,174    26,174 
Additions 2,205    2,205 
Disposals (7,104)   (7,104)
At 31 May 2020 21,275    21,275 
Depreciation
At 01 June 2019 13,271    13,271 
Charge for year 2,596    2,596 
On disposals (3,739)   (3,739)
At 31 May 2020 12,128    12,128 
Net book values
Closing balance as at 31 May 2020 9,147    9,147 
Opening balance as at 01 June 2019 12,903    12,903 


3.

Share Capital

Allotted
2020
£		   2019
£
100 Class A shares of £1.00 each 100    100 
100    100 

3