Morestaff Limited - Period Ending 2020-12-31

Morestaff Limited - Period Ending 2020-12-31


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Registration number: 04534440

Morestaff Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2020

 

Morestaff Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Morestaff Limited

Company Information

Directors

Mrs Denise Marie Day

Mrs Kirsty Ann Bunyan

Jasmine Day

Registered office

Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

 

Morestaff Limited

(Registration number: 04534440)
Balance Sheet as at 31 December 2020

Note

2020
£

2019
£

Fixed assets

 

Intangible assets

4

25,000

30,000

Tangible assets

5

31,206

35,923

 

56,206

65,923

Current assets

 

Debtors

6

309,731

403,277

Cash at bank and in hand

 

130,517

204,796

 

440,248

608,073

Creditors: Amounts falling due within one year

7

(222,037)

(302,565)

Net current assets

 

218,211

305,508

Total assets less current liabilities

 

274,417

371,431

Creditors: Amounts falling due after more than one year

7

(50,000)

-

Net assets

 

224,417

371,431

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

224,317

371,331

Total equity

 

224,417

371,431

 

Morestaff Limited

(Registration number: 04534440)
Balance Sheet as at 31 December 2020

For the financial year ending 31 December 2020 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 accounts for the year in question in accordance with section 476; and

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 Board on 24 August 2021 and signed on its behalf by:
 

.........................................

Mrs Denise Marie Day
Director

 

Morestaff Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Lawford House
Albert Place
London
N3 1QA
England

The principal place of business is:
Eastgate House
2nd Floor
28-34 Church Street
Dunstable
Beds
LU5 4RU

These financial statements were authorised for issue by the Board on 24 August 2021.

2

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.

The financial statements are presented in Pounds Sterling, which is also the functional currency of the Company. Rounding of amounts is shown to the nearest Pound.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

 

Morestaff Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Tax

The tax expense for the period comprises current 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.

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

Fixtures, fittings and equipment

15% per annum reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% per annum straight line

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.

 

Morestaff Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Morestaff Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 305 (2019 - 305).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2020

50,000

50,000

At 31 December 2020

50,000

50,000

Amortisation

At 1 January 2020

20,000

20,000

Amortisation charge

5,000

5,000

At 31 December 2020

25,000

25,000

Carrying amount

At 31 December 2020

25,000

25,000

At 31 December 2019

30,000

30,000

Goodwill

Intangible assets carried at revalued amounts

The fair value of the company's Goodwill was revalued on 31 December 2016. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £50,000 (2019 - £50,000).

 

Morestaff Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2020

88,392

88,392

Additions

789

789

At 31 December 2020

89,181

89,181

Depreciation

At 1 January 2020

52,469

52,469

Charge for the year

5,506

5,506

At 31 December 2020

57,975

57,975

Carrying amount

At 31 December 2020

31,206

31,206

At 31 December 2019

35,923

35,923

6

Debtors

Note

2020
£

2019
£

Trade debtors

 

100,501

182,039

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

19,120

20,193

Prepayments

 

9,574

27,374

Other debtors

 

180,536

173,671

 

309,731

403,277

 

Morestaff Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

7

Creditors

Creditors: amounts falling due within one year

Note

2020
£

2019
£

Due within one year

 

Trade creditors

 

8,782

37,075

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

37,139

213

Taxation and social security

 

144,209

191,521

Accruals and deferred income

 

24,753

46,011

Other creditors

 

7,154

27,745

 

222,037

302,565

Creditors: amounts falling due after more than one year

Note

2020
£

2019
£

Due after one year

 

Loans and borrowings

9

50,000

-

8

Share capital

Allotted, called up and fully paid shares

 

2020

2019

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2020
£

2019
£

Non-current loans and borrowings

Other borrowings

50,000

-

 

Morestaff Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

10

Dividends

   

2020

 

2019

   

£

 

£

Interim dividend of £660 (2019 - £1,170) per ordinary share

 

66,000

 

117,000

         

11

Related party transactions

Transactions with directors

2020

At 1 January 2020
£

Advances to directors
£

Repayments by director
£

At 31 December 2020
£

Mrs Denise Marie Day

-

58,891

(60,000)

(1,109)

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2020
£

2019
£

Remuneration

22,050

16,000

2019

At 1 January 2019
£

Advances to directors
£

Repayments by director
£

At 31 December 2019
£

Ms Kathleen Doran

Funds borrowed

85,337

31,277

(116,613)

-

         
       

Mrs Denise Marie Day

85,337

38,829

(124,165)

-

         
       

 

Morestaff Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

 

Summary of transactions with parent

Morestaff Holdings Ltd
 Intercompany loan being short-term finance provided.
 The loan bears no interest and there are no fixed terms of repayment
 

Summary of transactions with entities with joint control or significant interest

Allen Day Associates Ltd

 Intercompany loan being short-term finance provided.
 The loan bears no interest and there are no fixed terms of repayment
 

Income and receivables from related parties

2020

Parent
£

Entities with joint control or significant influence
£

Amounts receivable from related party

(37,139)

19,120

2019

Parent
£

Entities with joint control or significant influence
£

Associates
£

Amounts receivable from related party

(213)

19,693

500

Loans from related parties

2020

Parent
£

Total
£

At start of period

(213)

(213)

Advanced

(36,926)

(36,926)

At end of period

(37,139)

(37,139)

2019

Parent
£

Total
£

At start of period

(54,845)

(54,845)

Advanced

171,632

171,632

Repaid

(117,000)

(117,000)

At end of period

(213)

(213)

12

Parent and ultimate parent undertaking

The ultimate controlling party is Morestaff Holdings Ltd.