Morgan Minimoto Limited 04705640 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Karting Digita Accounts Production Advanced 6.30.9574.0 Software true true 04705640 2022-04-01 2023-03-31 04705640 2023-03-31 04705640 bus:Director2 1 2023-03-31 04705640 core:RetainedEarningsAccumulatedLosses 2023-03-31 04705640 core:ShareCapital 2023-03-31 04705640 core:CurrentFinancialInstruments 2023-03-31 04705640 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04705640 core:Non-currentFinancialInstruments 2023-03-31 04705640 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04705640 core:Goodwill 2023-03-31 04705640 core:MotorVehicles 2023-03-31 04705640 core:OfficeEquipment 2023-03-31 04705640 core:PlantMachinery 2023-03-31 04705640 bus:SmallEntities 2022-04-01 2023-03-31 04705640 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04705640 bus:FullAccounts 2022-04-01 2023-03-31 04705640 bus:RegisteredOffice 2022-04-01 2023-03-31 04705640 bus:Director2 2022-04-01 2023-03-31 04705640 bus:Director2 1 2022-04-01 2023-03-31 04705640 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04705640 core:Goodwill 2022-04-01 2023-03-31 04705640 core:MotorVehicles 2022-04-01 2023-03-31 04705640 core:OfficeEquipment 2022-04-01 2023-03-31 04705640 core:PlantMachinery 2022-04-01 2023-03-31 04705640 core:OtherRelatedParties 2022-04-01 2023-03-31 04705640 countries:AllCountries 2022-04-01 2023-03-31 04705640 2022-03-31 04705640 bus:Director2 1 2022-03-31 04705640 core:Goodwill 2022-03-31 04705640 core:MotorVehicles 2022-03-31 04705640 core:OfficeEquipment 2022-03-31 04705640 core:PlantMachinery 2022-03-31 04705640 2021-04-01 2022-03-31 04705640 2022-03-31 04705640 bus:Director2 1 2022-03-31 04705640 core:RetainedEarningsAccumulatedLosses 2022-03-31 04705640 core:ShareCapital 2022-03-31 04705640 core:CurrentFinancialInstruments 2022-03-31 04705640 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 04705640 core:Non-currentFinancialInstruments 2022-03-31 04705640 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 04705640 core:MotorVehicles 2022-03-31 04705640 core:OfficeEquipment 2022-03-31 04705640 core:PlantMachinery 2022-03-31 04705640 bus:Director2 1 2021-04-01 2022-03-31 04705640 bus:Director2 1 2021-03-31 iso4217:GBP xbrli:pure

Filleted

Registration number: 04705640

Morgan Minimoto Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Morgan Minimoto Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Morgan Minimoto Limited

Company Information

Director

Mr Nigel Morgan

Registered office

Fforest View
Llanfihangel-Ar-Arth
Pencader
Carmarthenshire
SA39 9HU

 

Morgan Minimoto Limited

(Registration number: 04705640)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

74,593

63,481

Current assets

 

Debtors

7

9,316

53,839

Cash at bank and in hand

 

17,522

38,099

 

26,838

91,938

Creditors: Amounts falling due within one year

8

(58,050)

(64,069)

Net current (liabilities)/assets

 

(31,212)

27,869

Total assets less current liabilities

 

43,381

91,350

Creditors: Amounts falling due after more than one year

8

(15,778)

(22,302)

Provisions for liabilities

(13,546)

-

Net assets

 

14,057

69,048

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

13,957

68,948

Total equity

 

14,057

69,048

For the financial year ending 31 March 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 and the option not to file the Profit and Loss Account has been taken.

 

Morgan Minimoto Limited

(Registration number: 04705640)
Balance Sheet as at 31 March 2023

Approved and authorised by the director on 23 August 2023
 

.........................................
Mr Nigel Morgan
Director

   
     
 

Morgan Minimoto Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Fforest View
Llanfihangel-Ar-Arth
Pencader
Carmarthenshire
SA39 9HU

These financial statements were authorised for issue by the director on 23 August 2023.

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.

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.

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.

 

Morgan Minimoto Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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

Motor vehicles

20% reducing balance

Plant and machinery

20% reducing balance

Office equipment

33% 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.

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.

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 at amortised cost using the effective interest method, 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.

 

Morgan Minimoto Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 10).

 

Morgan Minimoto Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

19,079

16,207

 

Morgan Minimoto Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

60,000

60,000

At 31 March 2023

60,000

60,000

Amortisation

At 1 April 2022

60,000

60,000

At 31 March 2023

60,000

60,000

Carrying amount

At 31 March 2023

-

-

Revalued assets for the year ended 31 March 2022

6

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

96,321

4,981

43,720

145,022

Additions

28,890

1,301

-

30,191

At 31 March 2023

125,211

6,282

43,720

175,213

Depreciation

At 1 April 2022

69,168

3,629

8,744

81,541

Charge for the year

11,209

875

6,995

19,079

At 31 March 2023

80,377

4,504

15,739

100,620

Carrying amount

At 31 March 2023

44,834

1,778

27,981

74,593

At 31 March 2022

27,153

1,352

34,976

63,481

7

Debtors

 

Morgan Minimoto Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Other debtors

9,316

53,839

9,316

53,839

 

Morgan Minimoto Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

7,188

7,188

Trade creditors

 

8,830

12,872

Taxation and social security

 

9,872

-

Other related parties

 

28,985

31,293

Corporation tax liability

 

-

9,316

Other creditors

 

3,175

3,400

 

58,050

64,069

Due after one year

 

Loans and borrowings

10

15,778

22,302

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

15,778

22,302

9

Share capital

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,778

22,302

2023
£

2022
£

Current loans and borrowings

Bank borrowings

7,188

7,188

 

Morgan Minimoto Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

11

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Nigel Morgan

Interest free loan repayable on demand

(14,548)

3,600

(505)

(11,453)

         
       

 

2022

At 1 April 2021
£

Repayments by director
£

At 31 March 2022
£

Mr Nigel Morgan

Interest free loan repayable on demand

(14,038)

(510)

(14,548)

       
     

 

Summary of transactions with other related parties

Mrs Patricia Morgan is a 50% shareholder in the company.
 At the year end the company owed Mrs Patricia Morgan an amount of £17,332. (2022 - £16,745)
 This loan is interest free and repayable on demand.