James Morrison Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC204656 (Scotland)

Financial Statements for the Year Ended 31 March 2022

for

JAMES MORRISON LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

JC Morrison

JK Page

M B Page

A Morrison

REGISTERED OFFICE:

12 Traill Drive

Montrose

Angus

DD10 8SW

REGISTERED NUMBER:

SC204656 (Scotland)

ACCOUNTANTS:

Account Tax Ltd

Chartered Certified Accountants

12 Traill Drive

Montrose

Angus

DD10 8SW

FIXED ASSETS

Investments

4

28,000

28,000

CURRENT ASSETS

Stocks

161,619

162,072

Debtors

5

9,250

18

Cash at bank

111,176

43,639

282,045

205,729

CREDITORS

Amounts falling due within one year

6

33,409

5,683

NET CURRENT ASSETS

248,636

200,046

TOTAL ASSETS LESS CURRENT LIABILITIES

276,636

228,046

CAPITAL AND RESERVES

Called up share capital

36

36

Retained earnings

276,600

228,010

SHAREHOLDERS' FUNDS

276,636

228,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2022 and were signed on its behalf by:

M B Page - Director

1.	STATUTORY INFORMATION

James Morrison Ltd is a private company, limited by shares , registered in Scotland. 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.

Work in progress

Work in Progress reflects uninvoiced work at the year end. Thus is valued at its subsequent selling price. Profit is therefore recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 material 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2022

2021

£

£

Fixed asset investment

28,000

28,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

9,250

-

Other debtors

-

18

9,250

18

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

5,353

-

Taxation and social security

21,606

(2,253

)

Other creditors

6,450

7,936

33,409

5,683

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £14,000 were paid to the directors .

The company was under the control of the directors, JC Morrison and JK Page, throughout the current and previous year. Directors, M B Page and A Morrison were appointed on 15th February 2021.

During the year, the company repaid the director net amounts totalling £1,591. As at 31 March 2022, inlcuded within other creditors, is a balance outstanding due to the directors of £5,505 (2021 - £7,096). No interest has been paid on this loan.