Morfeys Removals Limited 06153132 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is Removals Digita Accounts Production Advanced 6.30.9574.0 true true 06153132 2022-05-01 2023-04-30 06153132 2023-04-30 06153132 core:RetainedEarningsAccumulatedLosses 2023-04-30 06153132 core:ShareCapital 2023-04-30 06153132 core:CurrentFinancialInstruments 2023-04-30 06153132 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 06153132 core:Non-currentFinancialInstruments 2023-04-30 06153132 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 06153132 core:Goodwill 2023-04-30 06153132 core:FurnitureFittingsToolsEquipment 2023-04-30 06153132 core:MotorVehicles 2023-04-30 06153132 core:OtherPropertyPlantEquipment 2023-04-30 06153132 bus:SmallEntities 2022-05-01 2023-04-30 06153132 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 06153132 bus:FullAccounts 2022-05-01 2023-04-30 06153132 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 06153132 bus:RegisteredOffice 2022-05-01 2023-04-30 06153132 bus:CompanySecretaryDirector1 2022-05-01 2023-04-30 06153132 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 06153132 core:Goodwill 2022-05-01 2023-04-30 06153132 core:FurnitureFittingsToolsEquipment 2022-05-01 2023-04-30 06153132 core:MotorVehicles 2022-05-01 2023-04-30 06153132 core:OfficeEquipment 2022-05-01 2023-04-30 06153132 core:OtherPropertyPlantEquipment 2022-05-01 2023-04-30 06153132 core:PlantMachinery 2022-05-01 2023-04-30 06153132 countries:EnglandWales 2022-05-01 2023-04-30 06153132 2022-04-30 06153132 core:Goodwill 2022-04-30 06153132 core:FurnitureFittingsToolsEquipment 2022-04-30 06153132 core:MotorVehicles 2022-04-30 06153132 core:OtherPropertyPlantEquipment 2022-04-30 06153132 2021-05-01 2022-04-30 06153132 2022-04-30 06153132 core:RetainedEarningsAccumulatedLosses 2022-04-30 06153132 core:ShareCapital 2022-04-30 06153132 core:CurrentFinancialInstruments 2022-04-30 06153132 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 06153132 core:Non-currentFinancialInstruments 2022-04-30 06153132 core:Non-currentFinancialInstruments core:AfterOneYear 2022-04-30 06153132 core:Goodwill 2022-04-30 06153132 core:FurnitureFittingsToolsEquipment 2022-04-30 06153132 core:MotorVehicles 2022-04-30 06153132 core:OtherPropertyPlantEquipment 2022-04-30 iso4217:GBP xbrli:pure

Registration number: 06153132

Morfeys Removals Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Morfeys Removals Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Morfeys Removals Limited

Company Information

Director

P O Shanks

Company secretary

P O Shanks

Registered office

39 High Street
Battle
East Sussex
TN33 0EE

Accountants

Manningtons
39 High Street
Battle
East Sussex
TN33 0EE

 

Morfeys Removals Limited

(Registration number: 06153132)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

20,000

25,000

Tangible assets

5

318,561

170,941

 

338,561

195,941

Current assets

 

Debtors

6

90,341

76,531

Cash at bank and in hand

 

514,820

579,598

 

605,161

656,129

Creditors: Amounts falling due within one year

7

(28,173)

(99,143)

Net current assets

 

576,988

556,986

Total assets less current liabilities

 

915,549

752,927

Creditors: Amounts falling due after more than one year

7

(63,675)

(63,675)

Provisions for liabilities

(59,345)

(31,221)

Net assets

 

792,529

658,031

Capital and reserves

 

Called up share capital

100

100

Retained earnings

792,429

657,931

Shareholders' funds

 

792,529

658,031

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 October 2023
 

 

Morfeys Removals Limited

(Registration number: 06153132)
Balance Sheet as at 30 April 2023

.........................................
P O Shanks
Company secretary and director

 

Morfeys Removals Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
39 High Street
Battle
East Sussex
TN33 0EE
England

The principal place of business is:
Orchards Farm
Wittersham Road
Iden
Rye
TN31 7KB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Morfeys Removals Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years from acquisition of business in 2007

 

Morfeys Removals Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Morfeys Removals Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2022 - 13).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

100,000

100,000

At 30 April 2023

100,000

100,000

Amortisation

At 1 May 2022

75,000

75,000

Amortisation charge

5,000

5,000

At 30 April 2023

80,000

80,000

Carrying amount

At 30 April 2023

20,000

20,000

At 30 April 2022

25,000

25,000

 

Morfeys Removals Limited

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

5

Tangible assets

Office equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

1,627

231,156

94,908

327,691

Additions

-

220,993

-

220,993

Disposals

-

(49,595)

-

(49,595)

At 30 April 2023

1,627

402,554

94,908

499,089

Depreciation

At 1 May 2022

1,140

133,695

21,915

156,750

Charge for the year

122

33,053

18,248

51,423

Eliminated on disposal

-

(27,645)

-

(27,645)

At 30 April 2023

1,262

139,103

40,163

180,528

Carrying amount

At 30 April 2023

365

263,451

54,745

318,561

At 30 April 2022

487

97,461

72,993

170,941

6

Debtors

2023
£

2022
£

Trade debtors

24,324

35,745

Taxation and social security

53,940

-

Other debtors

12,077

40,786

90,341

76,531

 

Morfeys Removals Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

4,686

6,338

Taxation and social security

7,774

37,097

Accruals and deferred income

1,850

41,850

Other creditors

1,809

1,804

Director loan account

12,054

12,054

28,173

99,143

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

63,675

63,675

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

63,675

63,675