Morencourt Limited - Period Ending 2022-05-31

Morencourt Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 6

Morencourt Limited

Company Information

Directors

G J Deans A G M Stevenson

Company secretary

H C Marshall

Registered office

Crown Business Centre 20/22 High Street Hawick Roxburghshire TD9 9EH

Solicitors

Burness Paull 50 Lothian Road Festival Square Edinburgh EH3 9WJ

Accountants

Deans Accountants And Business Advisors Ltd Chartered Accountants and Business Advisors 27 North Bridge Street Hawick Borders TD9 9BD

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Morencourt Limited for the Year Ended 31 May 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Morencourt Limited for the year ended 31 May 2022 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Morencourt Limited, as a body, in accordance with the terms of our engagement letter dated 18 July 2001. Our work has been undertaken solely to prepare for your approval the accounts of Morencourt Limited and state those matters that we have agreed to state to the Board of Directors of Morencourt Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Morencourt Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Morencourt Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Morencourt Limited. You consider that Morencourt Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Morencourt Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Borders
TD9 9BD

9 February 2023

Morencourt Limited

(Registration number: SC121018)
Balance Sheet as at 31 May 2022

	Note	2022 £	2021 £
Current assets
Debtors	4	72,018	70,440
Cash at bank and in hand		362	362
		72,380	70,802
Creditors: Amounts falling due within one year	5	(21,646)	(20,730)
Net assets		50,734	50,072
Capital and reserves
Called up share capital	6	100	100
Retained earnings		50,634	49,972
Shareholders' funds		50,734	50,072

For the financial year ending 31 May 2022 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 February 2023 and signed on its behalf by:
 

......................................... A G M Stevenson Director

Morencourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1	General information

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

The address of its registered office is:
Crown Business Centre
20/22 High Street
Hawick
Roxburghshire
TD9 9EH
Scotland

These financial statements were authorised for issue by the Board on 9 February 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

Revenue recognition

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

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.

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.

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.

Morencourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

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.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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 it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4

Debtors

Current	2022 £	2021 £
Trade debtors	361	361
Other debtors	71,657	70,079
	72,018	70,440

Morencourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

5

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Trade creditors	5,021	4,408
Taxation and social security	14,938	14,395
Accruals and deferred income	-	240
Other creditors	1,687	1,687
	21,646	20,730

6	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

7	Related party transactions

Transactions with directors

2022	At 1 June 2021 £	Advances to director £	At 31 May 2022 £
A G M Stevenson
Loans are unsecured and have no fixed repayment terms. Loans attract interest of 2.25% and 2.0% per annum	56,516	1,030	57,546

2021	At 1 June 2020 £	Advances to director £	At 31 May 2021 £
A G M Stevenson
Loans are unsecured and have no fixed repayment terms. Loans attract interest of 2.25% and 2.0% per annum	54,409	2,107	56,516