Company registration number 12178188 (England and Wales)
GERAINT MORGAN LEGACY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
GERAINT MORGAN LEGACY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
GERAINT MORGAN LEGACY LIMITED
BALANCE SHEET
AS AT
28 AUGUST 2021
28 August 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
1
1
Current assets
Debtors
4
2,468,199
2,811,119
Investments
5
1,729,535
Cash at bank and in hand
2,019,333
799,874
6,217,067
3,610,993
Creditors: amounts falling due within one year
6
(1,626,603)
(783,011)
Net current assets
4,590,464
2,827,982
Net assets
4,590,465
2,827,983
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
4,590,464
2,827,982
Total equity
4,590,465
2,827,983
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 23 June 2022
Mr D S Lewis
Director
Company Registration No. 12178188
GERAINT MORGAN LEGACY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 AUGUST 2021
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 28 August 2019
Year ended 28 August 2020:
Profit and total comprehensive income for the year
-
3,332,982
3,332,982
Issue of share capital
1
-
1
Dividends
-
(505,000)
(505,000)
Balance at 28 August 2020
1
2,827,982
2,827,983
Year ended 28 August 2021:
Profit and total comprehensive income for the year
-
3,084,585
3,084,585
Dividends
-
(1,322,103)
(1,322,103)
Balance at 28 August 2021
1
4,590,464
4,590,465
GERAINT MORGAN LEGACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 AUGUST 2021
- 3 -
1
Accounting policies
Company information
Geraint Morgan Legacy Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
C/O UHY Hacker Young, Lanyon House, Mission Court, Newport, NP20 2DW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.4
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GERAINT MORGAN LEGACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 AUGUST 2021
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
3
Investment
2021
£
Fair value
At 29 August 2020 and 28 August 2021
1
The fair value of the investment has been arrived at on the basis of a valuation
made during the recent purchase of the investment from a third party.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,023,402
858,718
Other debtors
1,444,797
1,952,401
2,468,199
2,811,119
GERAINT MORGAN LEGACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 AUGUST 2021
- 5 -
5
Current asset investments
2021
2020
£
£
Other investments
1,729,535
6
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
1,622,139
781,811
Other creditors
4,464
1,200
1,626,603
783,011
7
Related party transactions
The company has an existing loan with Gwent Holdings Limited, the parent company of Gwent Investments Limited,a company in which Mr D S Lewis is the director. At the year end a balance of £1,308,148 (2020: £1,308,148) remained outstanding: being included in debtors amounts falling due within one year.
T
he company
has an existing
loan
with
S L Recycling Limited, a company in which a family member is the director. At the
year
end a balance of £135,000
(2020: £135,000)
remained outstanding
:
being included in debtors
amounts falling due within one year.
8
Directors' transactions
Dividends totalling £1,322,103 (2020 - £505,000) were paid in the year in respect of shares held by the company's director.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr D S Lewis -
2.15
507,604
2,535,257
8,777
(1,322,103)
1,729,535
507,604
2,535,257
8,777
(1,322,103)
1,729,535