T.C. Morgan Construction Ltd - Limited company accounts 20.1

REGISTERED NUMBER: 07477309 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31st March 2020

for

T.C. Morgan Construction Ltd

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

T C Morgan

SECRETARY:

REGISTERED OFFICE:

Unit 7 The Old Sawmills

Eardisley

Herefordshire

HR6 3NS

REGISTERED NUMBER:

07477309 (England and Wales)

ACCOUNTANTS:

Hay Accountancy Services

Castle Street

Hay-on-Wye

Herefordshire

HR3 5DF

The director presents his report with the financial statements of the company for the year ended 31st March 2020.

INCORPORATION

The company was incorporated on 23rd December 2010 .

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of construction of commercial buildings

DIRECTOR

T C Morgan held office during the whole of the period from 1st April 2019 to the date of this report.

The director, being eligible, offers himself for election at the forthcoming first Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

T C Morgan - Director

13th January 2021

TURNOVER

686,476

Cost of sales

268,087

GROSS PROFIT

418,389

Distribution costs

97,432

Administrative expenses

130,852

228,284

OPERATING PROFIT

4

190,105

Interest receivable and similar income

41

190,146

Interest payable and similar expenses

1,893

PROFIT BEFORE TAXATION

188,253

Tax on profit

39,379

PROFIT FOR THE FINANCIAL
YEAR

148,874

FIXED ASSETS

Tangible assets

5

145,711

CURRENT ASSETS

Stocks

4,859

Debtors

6

39,480

Cash at bank

346,608

390,947

CREDITORS

Amounts falling due within one year

7

195,594

NET CURRENT ASSETS

195,353

TOTAL ASSETS LESS CURRENT
LIABILITIES

341,064

ACCRUALS AND DEFERRED INCOME

3,250

NET ASSETS

337,814

CAPITAL AND RESERVES

Called up share capital

1,000

Retained earnings

336,814

337,814

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 13th January 2021 and were signed by:

T C Morgan - Director

1.	STATUTORY INFORMATION

T.C. Morgan Construction Ltd is a private company, limited by shares , registered in England and Wales. 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.

Tangible fixed assets

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 3 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

£

Depreciation - owned assets

30,856

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1st April 2019

-

111,581

Additions

53,136

33,350

86,486

Disposals

-

(21,500

)

(21,500

)

At 31st March 2020

53,136

123,431

176,567

DEPRECIATION

Charge for year

-

30,856

At 31st March 2020

-

30,856

NET BOOK VALUE

At 31st March 2020

53,136

92,575

145,711

At 31st March 2019

-

111,581

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR

£

Trade debtors

39,480

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

45,632

Taxation and social security

61,350

Other creditors

88,612

195,594