Company Registration No. 03620884 (England and Wales)
MORLEY NURSERIES (WAKERING) LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2014
31 December 2014
MORLEY NURSERIES (WAKERING) LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
MORLEY NURSERIES (WAKERING) LTD
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
327,528
337,636
Current assets
Stocks
401,716
395,152
Debtors
23,719
16,793
Cash at bank and in hand
206,171
104,754
631,606
516,699
Creditors: amounts falling due within one year
3
(325,729)
(361,183)
Net current assets
305,877
155,516
Total assets less current liabilities
633,405
493,152
Provisions for liabilities
(11,300)
(11,300)
622,105
481,852
Capital and reserves
Called up share capital
4
100
100
Revaluation reserve
220,715
220,715
Profit and loss account
401,290
261,037
Shareholders' funds
622,105
481,852
For the financial year ended 31 December 2014 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 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 financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 21 September 2015
RB Wright
Mrs L Wright
Director
Director
Company Registration No. 03620884
MORLEY NURSERIES (WAKERING) LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets include fixed plant and equipment which is stated at its open market value at 15 June 2007 less depreciation. In the opinion of the directors, the treatment adopted in the financial statements is necessary in order to give a true and fair view. Other assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixed plant and equipment
0% to 15% reducing balance
Plant and machinery
15% reducing balance
Motor vehicles
25% of reducing balance
1.4
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Stock
Stock is valued at the lower of cost and net realisable value less provision for slow moving and obsolete stock.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
MORLEY NURSERIES (WAKERING) LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 January 2014
529,789
Additions
11,156
At 31 December 2014
540,945
Depreciation
At 1 January 2014
192,153
Charge for the year
21,264
At 31 December 2014
213,417
Net book value
At 31 December 2014
327,528
At 31 December 2013
337,636
3
Creditors: amounts falling due within one year
The company's overdraft facility is secured on the assets of the company. The maximum liability of this guarantee is £
15
0,000
(2013 £150,000)
.
4
Share capital
2014
2013
£
£
Allotted, called up and fully paid
30 Ordinary A shares of £1 each
30
30
30 Ordinary B shares of £1 each
30
30
15 Ordinary C shares of £1 each
15
15
10 Ordinary D shares of £1 each
10
10
5 Ordinary E shares of £1 each
5
5
5 Ordinary F shares of £1 each
5
5
5 Ordinary G shares of £1 each
5
5
100
100