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REGISTERED NUMBER: SC490092 (Scotland)















Unaudited Financial Statements for the Year Ended 31 October 2022

for

Morgan & Reid Limited

Morgan & Reid Limited (Registered number: SC490092)






Contents of the Financial Statements
for the Year Ended 31 October 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Morgan & Reid Limited

Company Information
for the Year Ended 31 October 2022







DIRECTORS: Miss R Morgan
Miss E Cuddeford





REGISTERED OFFICE: Cowan & Partners
60 Constitution Street
Leith
Edinburgh
Lothian
EH6 6RR





REGISTERED NUMBER: SC490092 (Scotland)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

Morgan & Reid Limited (Registered number: SC490092)

Balance Sheet
31 October 2022

31.10.22 31.10.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 52,442 46,351

CURRENT ASSETS
Stocks 24,500 19,750
Debtors 5 485,491 186,413
Cash at bank and in hand 157,008 187,258
666,999 393,421
CREDITORS
Amounts falling due within one year 6 244,060 94,220
NET CURRENT ASSETS 422,939 299,201
TOTAL ASSETS LESS CURRENT
LIABILITIES

475,381

345,552

CREDITORS
Amounts falling due after more than one year 7 394,337 225,105
NET ASSETS 81,044 120,447

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 80,944 120,347
SHAREHOLDERS' FUNDS 81,044 120,447

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 & Reid Limited (Registered number: SC490092)

Balance Sheet - continued
31 October 2022


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 18 October 2023 and were signed on its behalf by:





Miss R Morgan - Director


Morgan & Reid Limited (Registered number: SC490092)

Notes to the Financial Statements
for the Year Ended 31 October 2022

1. STATUTORY INFORMATION

Morgan & Reid Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


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.

The accounts have been prepared on a going concern basis. The directors have confirmed their financial support and that they will assist the company, if required, to meet its obligations as they fall due.

Turnover
Turnover represents net invoiced sale of goods, excluding value added tax. The company's policy is to recognise a sale when substantially all the risks and rewards in connection with the goods have been passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current 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 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.

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.

Debtors and creditors receivable / payable within one year
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.

Morgan & Reid Limited (Registered number: SC490092)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2021 - 27 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 November 2021 32,381 29,513 12,310 1,541 75,745
Additions 967 19,277 - 540 20,784
At 31 October 2022 33,348 48,790 12,310 2,081 96,529
DEPRECIATION
At 1 November 2021 9,587 12,511 6,525 771 29,394
Charge for year 3,564 9,070 1,447 612 14,693
At 31 October 2022 13,151 21,581 7,972 1,383 44,087
NET BOOK VALUE
At 31 October 2022 20,197 27,209 4,338 698 52,442
At 31 October 2021 22,794 17,002 5,785 770 46,351

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.10.21
£    £   
Trade debtors 83,566 24,418
Other debtors 401,925 161,995
485,491 186,413

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.10.21
£    £   
Bank loans and overdrafts 76,304 38,937
Taxation and social security 19,410 14,503
Other creditors 148,346 40,780
244,060 94,220

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.22 31.10.21
£    £   
Bank loans 394,337 225,105