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Company registration number: 01844002
Morley Group Limited
Pages for filing with Registrar
31 January 2023
Morley Group Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Morley Group Limited
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 247,411 248,615
_______ _______
247,411 248,615
Current assets
Debtors 7 489,657 478,305
Cash at bank and in hand 35,008 28,167
_______ _______
524,665 506,472
Creditors: amounts falling due
within one year 8 ( 14,631) ( 10,571)
_______ _______
Net current assets 510,034 495,901
_______ _______
Total assets less current liabilities 757,445 744,516
Provisions for liabilities - ( 1,204)
_______ _______
Net assets 757,445 743,312
_______ _______
Capital and reserves
Called up share capital 332,830 332,830
Capital redemption reserve 402,620 402,620
Profit and loss account 21,995 7,862
_______ _______
Shareholders funds 757,445 743,312
_______ _______
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:
Peter Morley
Director
Company registration number: 01844002
Morley Group Limited
Statement of changes in equity
Year ended 31 January 2023
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 February 2021 434,895 300,555 121,295 856,745
Profit for the year 2,142 2,142
_______ _______ _______ _______
Total comprehensive income for the year - - 2,142 2,142
Redemption of shares ( 102,065) 102,065 ( 115,575) ( 115,575)
_______ _______ _______ _______
Total investments by and distributions to owners ( 102,065) 102,065 ( 115,575) ( 115,575)
_______ _______ _______ _______
At 31 January 2022 and 1 February 2022 332,830 402,620 7,862 743,312
Profit for the year 14,133 14,133
_______ _______ _______ _______
Total comprehensive income for the year - - 14,133 14,133
_______ _______ _______ _______
At 31 January 2023 332,830 402,620 21,995 757,445
_______ _______ _______ _______
Morley Group Limited
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Albion Row, Newcastle upon Tyne, NE6 1PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director of the company is satisfied that there are no material uncertainties concerning the company's ability to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements continue to be prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 3,031 831
Adjustments in respect of previous periods ( 349) -
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 1,204) ( 204)
_______ _______
Tax on profit 1,478 627
_______ _______
6. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1 February 2022 and 31 January 2023 243,801 23,780 267,581
_______ _______ _______
Depreciation
At 1 February 2022 - 18,966 18,966
Charge for the year - 1,204 1,204
_______ _______ _______
At 31 January 2023 - 20,170 20,170
_______ _______ _______
Carrying amount
At 31 January 2023 243,801 3,610 247,411
_______ _______ _______
At 31 January 2022 243,801 4,814 248,615
_______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 February 2022 and 31 January 2023 243,801
_______
7. Debtors
2023 2022
£ £
Trade debtors 5,100 5,100
Other debtors 484,557 473,205
_______ _______
489,657 478,305
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 3,031 831
Other creditors 11,600 9,740
_______ _______
14,631 10,571
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Peter Morley 259,460 16,000 ( 9,000) 266,460
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Peter Morley 359,680 - ( 100,220) 259,460
_______ _______ _______ _______