D.Morgan & Sons(The Parade)Limited
D.Morgan & Sons(The Parade)Limited
Registered number: 00469059
Financial Statements
For The Year Ended
31 December 2020
Robert Cole & Co
Chartered Certified Accountants
Office 2 Llynfi Enterprise Centre
Heol Ty Gwyn Industrial Estate
Maesteg
CF34 0BQ
D.Morgan & Sons(The Parade)Limited
Financial Statements
For The Year Ended
31 December 2020
Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
D.Morgan & Sons(The Parade)Limited
Balance Sheet
As at
31 December 2020
Balance Sheet
Registered number:
00469059
2020 | 2019 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 4 |
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NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 5 |
( |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Allotted, called up and fully paid share capital |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 233,724 | 226,813 | |||
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D.Morgan & Sons(The Parade)Limited
Balance Sheet (continued)
As at
31 December 2020
Directors' responsibilities:
-
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 6 form part of these financial statements.
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D.Morgan & Sons(The Parade)Limited
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Critical accounting estimates and judgements
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
No significant judgements have had to be made by the directors in preparing these financial statements, other than:
The directors have made key assumptions in the determination of the fair value of investment properties in respect of the state of the property market in the location where the property is situated, and in respect of the range of fair value estimates of the assets.
1.2.
Turnover
Turnover represents the value of rents received and other income derived from its property portfolio.
1.3.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.4.
Financial Instruments
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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D.Morgan & Sons(The Parade)Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.6.
Consolidation
In the opinion of the directors, the company and its parent comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2019: NIL)
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D.Morgan & Sons(The Parade)Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
3.
Tangible Assets
Investment Properties | |
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£ | |
Cost or Valuation | |
As at
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Revaluation | - |
As at
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Net Book Value | |
As at
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As at
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The investment properties were purchased at market value in 2012 and 2013 and were initially recorded at cost (therefore market value).
During 2016 and 2018, the directors reviewed the fair values of the investment properties held and made revaluation adjustments with reference to the value of actual sales of similar properties in those years.
The historical cost of investment properties is £311,553 (2019: £311,553).
4.
Creditors: Amounts Falling Due Within One Year
2020 | 2019 | ||
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£ | £ | ||
Corporation tax |
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Other creditors |
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Amounts owed to parent undertaking |
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5.
Creditors: Amounts Falling Due After More Than One Year
2020 | 2019 | ||
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£ | £ | ||
Non-equity preference shares |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
2020 | 2019 | ||
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£ | £ | ||
Other Creditors | 15,250 | 15,250 |
Page 5
D.Morgan & Sons(The Parade)Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
6.
Reserves
Included within the Profit and loss account are non-distributable reserves amounting to £65,567 (2019: £65,567) which relate to fair value adjustments for the revaluation of investment properties. These fair value adjustments are not taxable until any gain/loss is realised.
7.
Related Party Transactions
As a wholly-owned subsidiary, the company has taken advantage the exemption from Section 33 of FRS 102 and has not disclosed transactions with its parent company.
8.
Ultimate Parent Undertaking and Controlling Party
The company is a wholly-owned subsidiary of Browning Jones & Morris Limited, a company registered in England & Wales, who's registered office is 9 Ipswich Road, Cardiff, CF23 9XX.
9.
Audit Information
The auditors report on the account of D.Morgan & Sons(The Parade)Limited for the year ended 31 December 2020 was unqualified
The auditor's report was signed by
Robert Roger Cole
(Senior Statutory Auditor)
for and on behalf of
Robert Cole & Co
, Statutory Auditor
Office 2 Llynfi Enterprise Centre
Heol Ty Gwyn Industrial Estate
Maesteg
CF34 0BQ
|
10.
General Information
D.Morgan & Sons(The Parade)Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
00469059
. The registered office is 9 Ipswich Road, Cardiff, CF23 9XX.
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