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REGISTERED NUMBER: 03833402 (England and Wales)

















Unaudited Financial Statements for the Year Ended 30 April 2023

for

Morgan & Quinn Limited

Morgan & Quinn Limited (Registered number: 03833402)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Morgan & Quinn Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: D Morgan
G Quinn
C A Quinn
L Quinn





REGISTERED OFFICE: 1 Church Street
Goole
North Humberside
DN14 5BA





REGISTERED NUMBER: 03833402 (England and Wales)





ACCOUNTANTS: Sutton McGrath Hartley Limited
5 Westbrook Court
Sharrowvale Road
Sheffield
S11 8YZ

Morgan & Quinn Limited (Registered number: 03833402)

Statement of Financial Position
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,946 50,789
Tangible assets 5 378,854 396,488
383,800 447,277

CURRENT ASSETS
Stocks 6 170,574 158,172
Debtors 7 401,263 306,545
Cash at bank 169,582 276,553
741,419 741,270
CREDITORS
Amounts falling due within one year 8 468,780 421,202
NET CURRENT ASSETS 272,639 320,068
TOTAL ASSETS LESS CURRENT LIABILITIES 656,439 767,345

CREDITORS
Amounts falling due after more than one
year

9

(265,032

)

(317,174

)

PROVISIONS FOR LIABILITIES 12 (18,381 ) (22,174 )
NET ASSETS 373,026 427,997

CAPITAL AND RESERVES
Called up share capital 13 20 20
Retained earnings 373,006 427,977
SHAREHOLDERS' FUNDS 373,026 427,997

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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.

Morgan & Quinn Limited (Registered number: 03833402)

Statement of Financial Position - continued
30 April 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 3 October 2023 and were signed on its behalf by:




D Morgan - Director



G Quinn - Director


Morgan & Quinn Limited (Registered number: 03833402)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Morgan & Quinn 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 20% on cost, 15% on reducing balance and 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.


Morgan & Quinn Limited (Registered number: 03833402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 22 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 May 2022
and 30 April 2023 852,050 14,362 866,412
AMORTISATION
At 1 May 2022 810,947 4,676 815,623
Amortisation for year 41,103 4,740 45,843
At 30 April 2023 852,050 9,416 861,466
NET BOOK VALUE
At 30 April 2023 - 4,946 4,946
At 30 April 2022 41,103 9,686 50,789

Morgan & Quinn Limited (Registered number: 03833402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2022 358,711 86,069 15,437
Additions 14,737 973 5,349
Disposals - (2,411 ) -
At 30 April 2023 373,448 84,631 20,786
DEPRECIATION
At 1 May 2022 78,930 64,224 12,572
Charge for year 10,021 4,514 1,355
Eliminated on disposal - (2,361 ) -
At 30 April 2023 88,951 66,377 13,927
NET BOOK VALUE
At 30 April 2023 284,497 18,254 6,859
At 30 April 2022 279,781 21,845 2,865

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 177,074 18,906 656,197
Additions - 479 21,538
Disposals - - (2,411 )
At 30 April 2023 177,074 19,385 675,324
DEPRECIATION
At 1 May 2022 85,887 18,096 259,709
Charge for year 22,799 433 39,122
Eliminated on disposal - - (2,361 )
At 30 April 2023 108,686 18,529 296,470
NET BOOK VALUE
At 30 April 2023 68,388 856 378,854
At 30 April 2022 91,187 810 396,488

6. STOCKS
2023 2022
£    £   
Stocks 170,574 158,172

Morgan & Quinn Limited (Registered number: 03833402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 332,275 237,124
Amounts owed by group undertakings 59,800 67,463
Prepayments and accrued income 9,188 1,958
401,263 306,545

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 31,323 29,818
Hire purchase contracts (see note 11) 19,394 19,394
Trade creditors 276,075 244,573
Taxation and social security 66,714 73,251
Other creditors 75,274 54,166
468,780 421,202

The bank loan and overdraft are secured by fixed and floating charges over all the properties and assets. Hire purchase liabilities are secured on the related asset financed.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 10) 224,466 257,214
Hire purchase contracts (see note 11) 40,566 59,960
265,032 317,174

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 94,769 115,896

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 31,323 29,818

Amounts falling due between one and two years:
Bank loans - 1-2 years 31,657 29,818

Morgan & Quinn Limited (Registered number: 03833402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

10. LOANS - continued
2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 98,040 111,500

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 94,769 115,896

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 19,394 19,394
Between one and five years 40,566 59,960
59,960 79,354

Non-cancellable operating leases
2023 2022
£    £   
Within one year 4,964 4,964
Between one and five years 21,697 26,661
26,661 31,625

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 18,381 22,174

Deferred
tax
£   
Balance at 1 May 2022 22,174
Provided during year (3,793 )
Balance at 30 April 2023 18,381

Morgan & Quinn Limited (Registered number: 03833402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20 Ordinary £1 20 20

14. RELATED PARTY DISCLOSURES

Two of the directors jointly own a property which is rented by the company. The company paid £30,000 in rent during the year (2022: £30,000). The property is in the name of D&G Properties (Yorkshire) Ltd, a company owned jointly by the directors. The balance owed from D&G Properties (Yorkshire) Ltd at the year end was £59,800 (2022: £66,463).