MORGANS FALMOUTH LIMITED Filleted accounts for Companies House (small and micro)

MORGANS FALMOUTH LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12292356

MORGANS FALMOUTH LIMITED

Filleted Unaudited Abridged Financial Statements

31 May 2021

MORGANS FALMOUTH LIMITED

Abridged Statement of Financial Position

31 May 2021

	2021	2020
Note	£	£

Current assets

Stocks	1,198	–
Debtors	–	144
Cash at bank and in hand	30,540	2,856
	--------	-------
	31,738	3,000

Creditors: amounts falling due within one year	10,396	2,000
	--------	-------
Net current assets	21,342	1,000
	--------	-------
Total assets less current liabilities	21,342	1,000
	--------	-------
Net assets	21,342	1,000
	--------	-------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	20,342	–
	--------	-------
Shareholders funds	21,342	1,000
	--------	-------

These abridged 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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 May 2021 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 May 2021 in accordance with Section 444(2A) of the Companies Act 2006.

MORGANS FALMOUTH LIMITED

Abridged Statement of Financial Position (continued)

31 May 2021

These abridged financial statements were approved by the board of directors and authorised for issue on 23 November 2021 , and are signed on behalf of the board by:

A P HOLMES	M A MORGAN
Director	Director

Company registration number: 12292356

MORGANS FALMOUTH LIMITED

Notes to the Abridged Financial Statements

Year ended 31 May 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Barn Cottages, West Kington, Chippenham, SN14 7JE.The address of the company's place of business is 49 Arwenack Street, Falmouth, TR11 3LB.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company. Disclosures in respect of financial instruments have not been presented.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 2 .

5. Related party transactions

The company was under the indirect control of Mr A P Holmes and Miss M A Morgan throughout the current period. Mr Holmes and Miss Morgan are the majority shareholders of the parent company . No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 .

6. Controlling party

The company regards Holmes Morgan Limited, a company incorporated in England with the same registered office, as its ultimate parent company .