Year Ended
Registration number:
M and R Morton Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
M and R Morton Limited
Company Information
Directors |
M G E Morton Mrs R J Morton |
Company secretary |
Mrs R J Morton |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
M and R Morton Limited
Balance Sheet
30 September 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Other financial assets |
15 |
15 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
M and R Morton Limited
Balance Sheet
30 September 2017
For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
M G E Morton
Director
Company Registration Number: 03533003
Page 3 |
M and R Morton Limited
Notes to the Financial Statements
Year Ended 30 September 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A, and the Companies Act 2006.
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.
Change in basis of accounting
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 October 2015. There is no material impact on the reported financial position and financial performance.
Group accounts not prepared
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Page 4 |
M and R Morton Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Asset class |
Depreciation method and rate |
Freehold Property |
10% per annum reducing balance |
Plant & Machinery |
25% per annum reducing balance |
Greenhouse |
10% per annum reducing balance |
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Stocks
Livestock and crops in store are valued at 75% of market value. Flower stocks are valued at cost less provision for diminution in value. All other stocks are valued at net realisable value.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal
level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 5 |
M and R Morton Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Tax charged/(credited) in the profit and loss account
2017 |
2016 |
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Current taxation |
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UK corporation tax |
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UK corporation tax adjustment to prior periods |
- |
( |
2,576 |
33,618 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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( |
Tax expense in the income statement |
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Page 6 |
M and R Morton Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Deferred tax
Deferred tax assets and liabilities
2017 |
Liability |
Origination and reversal of timing differences |
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2016 |
Liability |
Origination and reversal of timing differences |
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Page 7 |
M and R Morton Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 October 2016 |
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At 30 September 2017 |
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Amortisation |
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At 1 October 2016 |
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At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Tangible assets |
Land and buildings |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 October 2016 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 30 September 2017 |
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Depreciation |
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At 1 October 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Page 8 |
M and R Morton Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Included within the net book value of land and buildings above is £163,176 (2016 - £181,306) in respect of freehold land and buildings.
Investments |
2017 |
2016 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 October 2016 |
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Provision |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2017 |
2016 |
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Subsidiary undertakings |
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Hitchcock House
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150 Ordinary A shares, 50 Ordinary C shares and 100 Ordinary D shares |
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England and Wales |
The principal activity of Wilsbury Limited is |
The loss for the financial period of Wilsbury Limited was £66,126 and the aggregate amount of capital and reserves at the end of the period was £(66,647). |
Page 9 |
M and R Morton Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Stocks |
2017 |
2016 |
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Crops |
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Other stocks |
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Livestock |
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Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Prepayments |
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Page 10 |
M and R Morton Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
- |
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Accrued expenses |
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Corporation tax |
2,576 |
33,622 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
Finance lease liabilities |
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Security has been given on the aggregate value of finance leases held by the company.
Page 11 |
M and R Morton Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Related party transactions |
Advances to directors |
2017 |
At 1 October 2016 |
Advances to director |
Repayments by director |
At 30 September 2017 |
M G E Morton |
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Interest free loan repayable on demand |
(31,546) |
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( |
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Mrs R J Morton |
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Interest free loan repayable on demand |
(31,547) |
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( |
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2016 |
At 1 October 2015 |
Advances to director |
Repayments by director |
At 30 September 2016 |
M G E Morton |
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Interest free loan repayable on demand |
(66,279) |
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( |
( |
Mrs R J Morton |
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Interest free loan repayable on demand |
(66,279) |
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( |
( |
Summary of transactions with subsidiaries
The financial period end of Wilsbury Limited is 31 March. The loss for the financial period of Wilsbury Limited was £66,126 and the aggregate amount of capital and reserves at the end of the period was (£66,647).
Summary of transactions with other related parties
(An LLP in which the company is a member)
The company's share of the loss for the period to 30 September 2017 was £10,626. As at 30 September 2017 the company's current capital investment in the Limited Liability Partnership was £27,822. At the balance sheet date the amount due from Southampton Marketing & Drying LLP was £27,822 (2016 £38,448).
Page 12 |
M and R Morton Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Loans to related parties
2017 |
Subsidiary |
At start of period |
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Advanced |
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At end of period |
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2016 |
Subsidiary |
Advanced |
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Transition to FRS 102 |
There were no changes to the previously stated equity as at 1 October 2015 and 30 September 2016 or in the profit for the year ended 30 September 2016 as a result of the transition for FRS 102.
Page 13 |