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REGISTERED NUMBER: 00790920 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

G.T.MORRISON LIMITED

G.T.MORRISON LIMITED (REGISTERED NUMBER: 00790920)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2017




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G.T.MORRISON LIMITED

COMPANY INFORMATION
for the year ended 31 March 2017







DIRECTORS: Mrs A M Magnus
Mrs P C Hinchley
Mr J T Magnus
Mr A P Magnus



SECRETARY: Mrs A M Magnus



REGISTERED OFFICE: The Sawmills
Felthorpe
Norwich
Norfolk
NR10 4BH



REGISTERED NUMBER: 00790920 (England and Wales)



ACCOUNTANTS: Sexty & Co
Chartered Certified Accountants
124 Thorpe Road
Norwich
Norfolk
NR1 1RS



BANKERS: HSBC Bank Plc
155 Mile Cross Lane
Norwich
Norfolk
NR6 5BE

G.T.MORRISON LIMITED (REGISTERED NUMBER: 00790920)

BALANCE SHEET
31 March 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 117,782 106,717
Investment property 5 4,635,000 2,232,756
4,752,782 2,339,473

CURRENT ASSETS
Stocks 108,353 135,682
Debtors 6 93,974 105,101
Cash at bank and in hand 25,816 16,857
228,143 257,640
CREDITORS
Amounts falling due within one year 7 895,779 869,936
NET CURRENT LIABILITIES (667,636 ) (612,296 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,085,146

1,727,177

PROVISIONS FOR LIABILITIES 386,200 17,300
NET ASSETS 3,698,946 1,709,877

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 8 3,688,946 1,699,877
SHAREHOLDERS' FUNDS 3,698,946 1,709,877

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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.

G.T.MORRISON LIMITED (REGISTERED NUMBER: 00790920)

BALANCE SHEET - continued
31 March 2017


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15 December 2017 and were signed on
its behalf by:





Mrs A M Magnus - Director


G.T.MORRISON LIMITED (REGISTERED NUMBER: 00790920)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2017

1. STATUTORY INFORMATION

G.T.Morrison Limited is a private company, limited by shares , registered in England and Wales. The
company's registered number and registered office address can be found on the Company
Information page.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding
discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 12.5% on cost
Fixtures and fittings - 12.5% on cost
Motor vehicles - 25% on cost

Investment property and land is not depreciated, however trading property is depreciated at 2% and
10% on cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from
changes in fair value is recognised in profit or loss.

Stocks
Stock has been valued at the lower of cost, including a proportion of the appropriate labour and
overheads, or net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,
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.

G.T.MORRISON LIMITED (REGISTERED NUMBER: 00790920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2017

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4. TANGIBLE FIXED ASSETS
Freehold Fixtures
land and Plant and and Motor
buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2016 72,874 204,127 19,337 28,495 324,833
Additions - 25,194 635 - 25,829
At 31 March 2017 72,874 229,321 19,972 28,495 350,662
DEPRECIATION
At 1 April 2016 9,167 170,364 17,590 20,995 218,116
Charge for year 1,171 9,272 571 3,750 14,764
At 31 March 2017 10,338 179,636 18,161 24,745 232,880
NET BOOK VALUE
At 31 March 2017 62,536 49,685 1,811 3,750 117,782
At 31 March 2016 63,707 33,763 1,747 7,500 106,717

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2016 2,232,756
Revaluations 2,402,244
At 31 March 2017 4,635,000
NET BOOK VALUE
At 31 March 2017 4,635,000
At 31 March 2016 2,232,756

Fair value at 31 March 2017 is represented by:

£   
Valuation in 2017 3,393,386
Cost 1,241,614
4,635,000

The investment property was valued on an open market basis by the Directors.

G.T.MORRISON LIMITED (REGISTERED NUMBER: 00790920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2017

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade debtors 48,966 66,662
Other debtors 45,008 38,439
93,974 105,101

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade creditors 230,692 184,811
Taxation and social security 3,394 13,818
Other creditors 661,693 671,307
895,779 869,936

8. RESERVES

Included within retained earnings is £3,008,386 of non distributable reserves.

9. RELATED PARTY DISCLOSURES

Other creditors includes the following amounts owed to directors and other related parties:
2017 2016
£    £   

Mrs A M Magnus 77,507 89,231
Mrs P C Hinchley 91,916 91,916
Mr J T Magnus - -
Mr A P Magnus - -

DurDuring the year, the company entered into transactions with the following companies in which Mrs A M Magnus, Mrs P C Hinchley, Mr J T Magnus and Mr A P Magnus are directors and shareholders:
1. Hevingham Development Co Ltd provided building materials and services of £29,180 (2016
£29,140) at full market value. G.T. Morrison Limited provided materials and services of £13,263 at full
market value. A total of £274,413 (2016 £258,497) was owed at the balance sheet date.
2. G.T. Morrison Limited provided materials and services of £13,380 to Horsford Development at full
market value. A total of £4,784 (2016 £18,164) was owed at the balance sheet date.
3. Dog Lane Blockworks Ltd was owed £200,000 (2016 £200,000) at the balance sheet date.

G.T.MORRISON LIMITED (REGISTERED NUMBER: 00790920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2017

10. FIRST YEAR ADOPTION

The company adopted FRS 102 during the year. A summary of the adjustments arising on transition
are given below:-

Revaluation reserve

On transition to FRS 102, the revaluation reserve relating to the revaluations of investment property
has been transferred to retained earnings.

Deferred tax on the revaluation of assets

Under previous UK GAAP the company was not required to provide for taxation on revaluations,
unless the company had entered into a binding sale agreement at the year end. Under FRS 102
deferred taxation is provided on the temporary difference arising from the revaluation. A deferred tax
charge of £15,000 was recognised on transition to FRS 102.