Morley Decorations Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09383374 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

MORLEY DECORATIONS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

Report of the Accountants

6

FIXED ASSETS

Intangible assets

4

-

5,000

Tangible assets

5

-

148

-

5,148

CURRENT ASSETS

Debtors

6

1,094

2,089

Cash at bank

8,099

139

9,193

2,228

CREDITORS

Amounts falling due within one year

7

11,554

2,926

NET CURRENT LIABILITIES

(2,361

)

(698

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,361

)

4,450

PROVISIONS FOR LIABILITIES

-

28

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

(2,364

)

4,419

SHAREHOLDERS' FUNDS

(2,361

)

4,422

(2,361

)

4,450

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2021 and were signed by:

B W G Morley - Director

1.	STATUTORY INFORMATION

Morley Decorations Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

09383374

Registered office:

Sovereign House

22 Shelley Road

WORTHING

West Sussex

BN11 1TU

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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 1 (2020 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 29 February 2020

10,000

Disposals

(10,000

)

At 28 February 2021

-

AMORTISATION

At 29 February 2020

5,000

Eliminated on disposal

(5,000

)

At 28 February 2021

-

NET BOOK VALUE

At 28 February 2021

-

At 28 February 2020

5,000

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 29 February 2020

393

Disposals

(393

)

At 28 February 2021

-

DEPRECIATION

At 29 February 2020

245

Eliminated on disposal

(245

)

At 28 February 2021

-

NET BOOK VALUE

At 28 February 2021

-

At 28 February 2020

148

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

1,094

2,089

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

1,797

9

Other creditors

9,757

2,917

11,554

2,926

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2021 and 28 February 2020:

2021

2020

£

£

B W G Morley

Balance outstanding at start of year

-

6,705

Amounts advanced

-

137

Amounts repaid

-

(6,842

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28 February 2021 set out on pages two to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Barrett & Monetaire

Sovereign House

22 Shelley Road

WORTHING

West Sussex

BN11 1TU

30 September 2021