Registered number:
Unaudited
For the year ended
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Morgan Jones Limited
Company Information
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Morgan Jones Limited
Contents
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Morgan Jones Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Morgan Jones Limited for the year ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Morgan Jones Limited for the year ended 31 March 2017 which comprise the balance sheet and the related notes from the Company accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/
members/regulations-standards-and-guidance/
.
This report is made solely to the board of directors of Morgan Jones Limited, as a body, in accordance with the terms of our engagement letter dated
19 September 2013. Our work has been undertaken solely
to prepare for your approval the financial statements of Morgan Jones Limited and state those matters that we have agreed to state to the board of directors of Morgan Jones Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Morgan Jones Limited and its board of directors, as a body, for our work or for this report.
It is your duty to ensure that Morgan Jones 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 or loss of Morgan Jones Limited. You consider that Morgan Jones Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
Page 1
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Morgan Jones Limited
Registered number:
04381807
Balance sheet
As at
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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Morgan Jones Limited
Registered number:
04381807
Balance sheet
(continued)
As at
31 March 2017
The notes on pages 4 to 9 form part of these financial statements.
Page 3
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Morgan Jones Limited
Notes to the financial statements
For the year ended 31 March 2017
Morgan Jones Limited is a limited liability company incorporated in England. The registered office is 41 High Street, Broadstairs, Kent, CT10 1JR.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The financial statements are rounded to the nearest pound.
The policies applied under the entity's previous accounting framework are not materially different to FRS102 and have not impacted on equity or profit or loss.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
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Morgan Jones Limited
Notes to the financial statements
For the year ended 31 March 2017
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a combination of the straight-line method and reducing balance method.
Depreciation is provided on the following basis:
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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
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Morgan Jones Limited
Notes to the financial statements
For the year ended 31 March 2017
2.
Accounting policies (continued)
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2015 to continue to be charged over the period to the first market rent review rather than the term of the lease.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.
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Morgan Jones Limited
Notes to the financial statements
For the year ended 31 March 2017
Page 7
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Morgan Jones Limited
Notes to the financial statements
For the year ended 31 March 2017
Page 8
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Morgan Jones Limited
Notes to the financial statements
For the year ended 31 March 2017
The company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £28,088 (2016: £23,718). Contributions totalling £5,072 (2016: £3,164) were payable to the fund at the balance sheet date and are included in creditors.
The company is jointly controlled by Mr J Clarke and Mrs JA Clarke.
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