Morrinson & Co Limited Small abridged accounts

MORRINSON & CO LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Morrinson & Co Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08163614

Morrinson & Co Limited

Filleted Unaudited Abridged Financial Statements

31 December 2016

Morrinson & Co Limited

Abridged Financial Statements

Year ended 31 December 2016

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Morrinson & Co Limited

Abridged Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Investments	4		–	6,470

Current assets

Debtors	–	89,336
Cash at bank and in hand	2,138	452
	-------	--------
	2,138	89,788

Creditors: amounts falling due within one year	23,337		126,937
	--------		---------
Net current liabilities		21,199	37,149
		--------	--------
Total assets less current liabilities		( 21,199)	( 30,679)
		--------	--------
Net liabilities		( 21,199)	( 30,679)
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 21,299)	( 30,779)
	--------	--------
Members deficit	( 21,199)	( 30,679)
	--------	--------

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 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 December 2016 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 .

Morrinson & Co Limited

Abridged Statement of Financial Position (continued)

31 December 2016

These abridged financial statements were approved by the board of directors and authorised for issue on 26 September 2017 , and are signed on behalf of the board by:

S E A Morrinson

Director

Company registration number: 08163614

Morrinson & Co Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Repton Manor, Repton Avenue, Ashford, TN23 3GP, Kent.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

4. Investments

	£
Cost
At 1 January 2016	6,470
Disposals	( 6,470)
	-------
At 31 December 2016	–
	-------
Impairment
At 1 January 2016 and 31 December 2016	–
	-------
Carrying amount
At 31 December 2015	6,470
	-------

5. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2016
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
S E A Morrinson	( 124,937)	101,600	( 23,337)
	---------	---------	--------

	2015
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
S E A Morrinson	( 37,737)	( 87,200)	( 124,937)
	--------	--------	---------

6. Related party transactions

The company was under the control of S E A Morrinson , director, by virtue of owning 60% of the issued share capital of the company.

7. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.