Oliver Morris Limited - Period Ending 2020-04-30
Oliver Morris Limited - Period Ending 2020-04-30
Registration number:
Oliver Morris Limited
for the Year Ended 30 April 2020
Oliver Morris Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Oliver Morris Limited
(Registration number: 07613314)
Balance Sheet as at 30 April 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Other financial assets |
17,000 |
17,000 |
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Current assets |
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Debtors |
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- |
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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 assets/(liabilities) |
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( |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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Profit and loss account |
( |
( |
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Total equity |
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Oliver Morris Limited
(Registration number: 07613314)
Balance Sheet as at 30 April 2020
For the financial year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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.
Approved and authorised by the
.........................................
Director
Oliver Morris Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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 accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
In light of the rapid global spread of the Coronavirus “COVID-19” in early 2020, the directors have reviewed and stress tested projections and budgets for the next twelve months. Following this review, the directors consider there to be little impact on the Company’s ability to act as a going concern.
The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months.
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.
Government grants
Government grants are accounted for under the accruals model.
Oliver Morris Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Tax
The tax expense for the period comprises current and deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Investment properties |
Nil |
Fixtures and fittings |
20% reducing balance |
Investment property
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 amounts due from customers for merchandise sold or services performed in the ordinary course of business.
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.
Oliver Morris Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
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.
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.
Financial instruments
Recognition and measurement
At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date.
Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Oliver Morris Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Tangible assets |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 May 2019 |
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At 30 April 2020 |
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Depreciation |
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At 1 May 2019 |
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Charge for the year |
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At 30 April 2020 |
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Carrying amount |
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At 30 April 2020 |
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At 30 April 2019 |
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Investment properties |
2020 |
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At 1 May |
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At 30 April |
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There has been no valuation of investment property by an independent valuer.
Investments |
Equity investments |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 May 2019 |
17,000 |
17,000 |
At 30 April 2020 |
17,000 |
17,000 |
Carrying amount |
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At 30 April 2020 |
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17,000 |
At 30 April 2019 |
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17,000 |
Oliver Morris Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Debtors |
Note |
2020 |
2019 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Other debtors |
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- |
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- |
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
40,340 |
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Other creditors |
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Accruals and deferred income |
27,208 |
31,039 |
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Corporation tax |
25,161 |
22,379 |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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2020 |
2019 |
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Due after more than five years |
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After more than five years not by instalments |
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- |
- |
The loans and borrowings are secured on the investment property.
Oliver Morris Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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Included in the loans and borrowings are the following amounts due after more than five years:
Bank loans and overdrafts after five years
The amount of the bank borrowings not due by instalments after five years is £1,368,750.
Financial commitments, guarantees and contingencies |
The company is a member of Zolfenac LLP and is liable to contribute to the assets of the LLP in the event of a winding-up before 1 December 2021. The maximum liability in relation to this undertaking is £103,144. The company does not believe that a winding-up of the LLP is probable and has not made provision for the liability at 30 April 2020.
Related party transactions |
Summary of transactions with other related parties
(A company that is owned and controlled by R T Morris)
During the year Tim Morris Holdings Limited made a loan to the company. No interest is being charged on this loan. At the balance sheet date the amount due to Tim Morris Holdings Limited was £40,340 (2019 - £40,340), however this balance has been written off as at 30 April 2020.
OMPD Limited
(A company in which R T Morris and J E B Oliver are directors and J E B Oliver is a person of significant control)
During the year OMPD Limited received a loan from the company. No interest is being charged on this loan. At the balance sheet date the amount due from OMPD Limited was £50,710 (2019 - £nil).
Oliver Morris Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Non adjusting events after the financial period |
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