Morris & McGinn Limited - Period Ending 2015-12-31

Registration number: 00503067

Morris & McGinn Limited

trading as Morris and McGinn Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

H W Martin & Co LLP
Lloyds Bank Chambers
High Street
Crediton
Devon
EX17 3AH

Morris & McGinn Limited
trading as Morris and McGinn Limited
(Registration number: 00503067)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			112,399			118,931
Investments		2			1,200			-
					113,599			118,931
Current assets
Stocks					283,031			259,879
Debtors					161,396			158,042
Cash at bank and in hand					46,213			18,393
					490,640			436,314
Creditors: Amounts falling due within one year					(154,113)			(141,331)
Net current assets					336,527			294,983
Net assets					450,126			413,914
Capital and reserves
Called up share capital		3			2,000			2,000
Revaluation reserve					76,006			76,006
Profit and loss account					372,120			335,908
Shareholders' funds					450,126			413,914

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 28 September 2016 and signed on its behalf by:

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Morris & McGinn Limited
trading as Morris and McGinn Limited
(Registration number: 00503067)
Abbreviated Balance Sheet at 31 December 2015
......... continued

.........................................
Mr Ross Charles Mcginn
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Morris & McGinn Limited
trading as Morris and McGinn Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold Property	2% on cost
Motor Vehicles	20% reducing balance basis
Plant and Equipment	20% reducing balance basis

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stocks, work in progress and long-term contracts

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 January 2015		258,333			-			258,333
Additions		548			1,200			1,748

Page 3

Morris & McGinn Limited
trading as Morris and McGinn Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

At 31 December 2015		258,881			1,200			260,081
Amortisation
At 1 January 2015		139,402			-			139,402
Charge for the year		7,080			-			7,080
At 31 December 2015		146,482			-			146,482
Net book value
At 31 December 2015		112,399			1,200			113,599
At 31 December 2014		118,931			-			118,931

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		2,000			2,000			2,000			2,000

Page 4