Murphy Wealth Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC445032 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

MURPHY WEALTH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

A V Murphy

B J Murphy

N J Law

REGISTERED OFFICE:

Paxton House

11 Woodside Crescent

Glasgow

G3 7UL

REGISTERED NUMBER:

SC445032 (Scotland)

ACCOUNTANTS:

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

FIXED ASSETS

Intangible assets

4

9,816

-

Tangible assets

5

7,766

4,059

17,582

4,059

CURRENT ASSETS

Stocks

38,760

-

Debtors

6

43,089

73,545

Cash at bank and in hand

167,076

132

248,925

73,677

CREDITORS

Amounts falling due within one year

7

123,267

58,445

NET CURRENT ASSETS

125,658

15,232

TOTAL ASSETS LESS CURRENT LIABILITIES

143,240

19,291

CAPITAL AND RESERVES

Called up share capital

9

101

100

Retained earnings

143,139

19,191

SHAREHOLDERS' FUNDS

143,240

19,291

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 5 July 2018 and were signed on its behalf by:

A V Murphy - Director

1.	STATUTORY INFORMATION

Murphy Wealth Limited is a private company, limited by shares , registered in Scotland. The company's registered number

and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting

estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors

are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the

preparation of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes.

Turnover includes revenue earned from the rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of

completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated

contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be

estimated reliably.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost

includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be

capable of operating in the manner intended by management.

Depreciation is charged to profit or loss on the following basis:

Fixtures & Fittings - 15% reducing balance

Computer equipment - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate,

or if there is an indication of a significant change since the last reporting date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the

recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.

Any impairment loss is recognised immediately as an expense within profit or loss.

Stocks

Work in progress is valued at the lower of cost and estimated selling price less costs to sell.

In respect of work in progress, cost includes a relevant proportion of overheads according to the stage of contract

completion.

Financial instruments

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other

creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition

they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade

debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business

terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt

instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or

loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the

asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective

interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current

effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets

carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the

balance sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

Provisions

A provision is recognised when company has a legal or constructive obligation as a result of a past event and it is probable

that an outflow of economic benefits will be required to settle the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2017 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

Additions

12,270

At 31 March 2018

12,270

AMORTISATION

Amortisation for year

2,454

At 31 March 2018

2,454

NET BOOK VALUE

At 31 March 2018

9,816

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2017

4,122

829

4,951

Additions

4,375

1,174

5,549

At 31 March 2018

8,497

2,003

10,500

DEPRECIATION

At 1 April 2017

618

274

892

Charge for year

1,182

660

1,842

At 31 March 2018

1,800

934

2,734

NET BOOK VALUE

At 31 March 2018

6,697

1,069

7,766

At 31 March 2017

3,504

555

4,059

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Other debtors

19,780

-

Directors' current accounts

18,811

70,283

Prepayments

4,498

3,262

43,089

73,545

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

-

26,255

Trade creditors

7,753

10,674

Credit card

2,467

2,171

Tax

100,552

10,487

Social security and other taxes

7,615

5,531

Other creditors

788

577

Directors' current accounts

627

-

Accrued expenses

3,465

2,750

123,267

58,445

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.18

31.3.17

£

£

Within one year

15,864

19,037

Between one and five years

-

15,864

15,864

34,901

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

49

Ordinary A

£1

49

49

51

Ordinary B

£1

51

51

1

Ordinary C

£1

1

-

101

100

1 Ordinary C share of £1 was allotted and fully paid for cash at par during the year.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2018 and 31 March 2017:

31.3.18

31.3.17

£

£

A V Murphy

Balance outstanding at start of year

19,642

-

Amounts advanced

154,169

35,527

Amounts repaid

(155,000

)

(15,885

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

18,811

19,642

B J Murphy

Balance outstanding at start of year

50,641

-

Amounts advanced

240,099

85,970

Amounts repaid

(291,367

)

(35,329

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(627

)

50,641

During the year, interest was charged at any overdrawn balance at the statutory rate of 2.5%.

11.	RELATED PARTY DISCLOSURES

12.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors 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 Income Statement and certain other primary statements and the Report of the Directors are

not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Murphy Wealth Limited for the year ended 31 March 2018 which comprise the Statement of Income and Retained

Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Murphy Wealth Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Murphy Wealth Limited and state those matters that we have agreed to state to the Board of Directors of Murphy Wealth Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Murphy Wealth Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Murphy Wealth Limited. You consider that Murphy Wealth 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 financial statements of Murphy Wealth 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 financial statements.

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

5 July 2018