REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 April 2023 |
for |
F W Morgan Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 April 2023 |
for |
F W Morgan Limited |
F W Morgan Limited (Registered number: 06011477) |
Contents of the Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 |
F W Morgan Limited |
Company Information |
for the Year Ended 30 April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
110 Whitchurch Road |
Cardiff |
CF14 3LY |
F W Morgan Limited (Registered number: 06011477) |
Strategic Report |
for the Year Ended 30 April 2023 |
The directors present their strategic report for the year ended 30 April 2023. |
REVIEW OF BUSINESS |
F W Morgan Limited is a major importer and distributor of timber and timber based products in addition to a range of other building materials operating from premises located at Cardiff Docks. The company was incorporated in 2006. |
The directors are pleased with the results achieved and the progress made by the company in a competitive market. The previous year results were exceptional as demand for wood based product during the period whilst the global pandemic COVID -19 affected the economy was high and the company benefited by its stock holding enabling demand to be met in a rising market. |
Analysis of the company's performance is undertaken regularly through management information and the directors observe the usual financial indicators of performance such as gross margin, debtor days, stock holding and bank balances. |
The results for the financial year are set out in the attached profit & loss account. The balance sheet discloses the position of the company as at 30 April 2023 which had net assets of £2,596,165. |
The directors intend to continue the development of the activities of the group by improving on and consolidating their position in a competitive market place, it is planned to increase turnover and profitability in the future. |
F W Morgan Limited (Registered number: 06011477) |
Strategic Report |
for the Year Ended 30 April 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors undertake periodic reviews of the operating risks facing the company. |
Price risk,credit risk,liquidity risk and cash flow risk |
The company is exposed to certain financial risks and its main markets are dependent upon general economic conditions including interest rates and inflation. It is not possible to predict the outcome of such uncertainties but the directors have developed and evaluated strategies and programmes on internal controls to address the principal risks identified. Those identified are controlled as follows : |
Credit Risk : The company's principal assets comprise it's tangible fixed assets, bank balances and receivables. Provisions are made if required for any irrecoverable amounts and impairment provision made where there is an unidentifiable loss event which could give rise to a reduction in the recoverability of cash flows. The company utilizes an Invoice Discounting facility part of which provides for checks on organisations that may result in a credit risk prior to entering into any transactions.Credit limits to customers are subject to regular review. |
Liquidity Risk : In order to maintain liquidity to ensure that there are sufficient funds available for ongoing operations and future developments the company the company uses a mixture of long and short term debt finance to ensure the company has sufficient available funds.. |
Cash Flow Risk : The trading activities of the company are all within the United Kingdom and therefore it is not expected to be exposed to exchange rate fluctuations during the financial year, the director is not concerned as to any impact that the introduction of the Euro might have. |
Regular management accounts are prepared and reviewed by the directors and trends and variances are considered and investigated as to any impact upon the business and it's cash flow. Given the relative straightforward nature of the business, the directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business. |
Exposure to adverse movements in interest rates is not considered by the directors to be a significant risk. |
ON BEHALF OF THE BOARD: |
F W Morgan Limited (Registered number: 06011477) |
Report of the Directors |
for the Year Ended 30 April 2023 |
The directors present their report with the financial statements of the company for the year ended 30 April 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the purchase and sale of timber and other building products. In completing these activities the company also operates a saw mill and timber treatment plant. |
DIVIDENDS |
No interim dividends were paid during the year ended 30 April 2023. |
The directors recommend final dividends per share as follows: |
Ordinary £1 shares 1 shares |
Preference £1 shares 1 shares |
The total distribution of dividends for the year ended 30 April 2023 will be £ |
FUTURE DEVELOPMENTS |
The directors intend to continue the development of the activities of the group by improving on and consolidating their position in a competitive market place, it is planned to increase turnover and profitability in the future. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
GOING CONCERN |
In preparing the financial statements, the directors have considered the current financial position of the company and the likely future cash flows. At the date of signing these financial statements the directors have concluded that it is appropriate to prepare them on a going concern basis. In forming this conclusion the directors have considered the company's strong financial performance of the past few years, prospects for the next few years and they have reviewed projected cash flows across a range of scenarios based upon sensitivities if market demands were to change. |
The company's costs and working capital requirements are carefully managed and the trading activities are forecast to generate positive future cash flows for at least 12 months from the date these financial statements are signed thus e enabling the company to meet its obligations as they fall due. |
The company has adequate facilities in place and has the support of its bank and holding company. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements as this is regarded as totally appropriate. |
F W Morgan Limited (Registered number: 06011477) |
Report of the Directors |
for the Year Ended 30 April 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
Under Section 487(2) of the Companies Act 2006, DHB Accountants Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the financial statements with Companies House whichever is earlier. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
F W Morgan Limited |
Opinion |
We have audited the financial statements of F W Morgan Limited (the 'company') for the year ended 30 April 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
F W Morgan Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
F W Morgan Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
As part of planning our audit, we determined materiality and assessed the risks of material misstatement in the financial statement's, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures , opportunity and motivations for fraud. As part of this discussion we identified the internal controls to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management. |
We gained an understanding of the legal and regulatory frameworks that are applicable to the company and the industry in which it operates, drawing on our wide experience, and considered whether there had been any acts by the company that may have been contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and relevant local laws and regulations. We made enquiries of management with regards to compliance with the above laws and regulations and corroborated where necessary to other necessary evidence. |
Our audit tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. |
We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override on internal controls including testing journals and evaluation of whether there was any evidence of bias by management that represented a risk of material misstatement due to fraud. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, for example, forgery, misrepresentation or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statement's, the less likely we are to become aware of it. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
F W Morgan Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
110 Whitchurch Road |
Cardiff |
CF14 3LY |
F W Morgan Limited (Registered number: 06011477) |
Income Statement |
for the Year Ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,423,682 | 2,253,085 |
OPERATING PROFIT | 4 |
Cost of relocation | 5 |
124,207 | 1,678,616 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
F W Morgan Limited (Registered number: 06011477) |
Other Comprehensive Income |
for the Year Ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
F W Morgan Limited (Registered number: 06011477) |
Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
F W Morgan Limited (Registered number: 06011477) |
Statement of Changes in Equity |
for the Year Ended 30 April 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
F W Morgan Limited (Registered number: 06011477) |
Cash Flow Statement |
for the Year Ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Finance costs paid | (14,302 | ) | (11,300 | ) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (55,563 | ) | - |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in the year | ( |
) |
Movement in loans to group undertakings | (223,000 | ) | (177,000 | ) |
Capital repayments in year |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
1,086,012 |
Cash and cash equivalents at end of year |
2 |
1,260,542 |
1,170,817 |
F W Morgan Limited (Registered number: 06011477) |
Notes to the Cash Flow Statement |
for the Year Ended 30 April 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
Finance costs | 41,602 | 35,187 |
363,638 | 1,867,097 |
Decrease/(increase) in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 1,260,542 | 1,170,817 |
Year ended 30 April 2022 |
30/4/22 | 1/5/21 |
£ | £ |
Cash and cash equivalents | 1,170,817 | 1,086,012 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/5/22 | Cash flow | At 30/4/23 |
£ | £ | £ |
Net cash |
Cash at bank | 1,170,817 | 89,725 | 1,260,542 |
1,170,817 | 1,260,542 |
Debt |
Finance leases | (542,935 | ) | (57,683 | ) | (600,618 | ) |
(542,935 | ) | (57,683 | ) | (600,618 | ) |
Total | 627,882 | 32,042 | 659,924 |
F W Morgan Limited (Registered number: 06011477) |
Notes to the Financial Statements |
for the Year Ended 30 April 2023 |
1. | STATUTORY INFORMATION |
F W Morgan Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in Pounds Sterling which is the functional currency of the company. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily available from other sources. The estimates and assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions in accounting estimates are recognised in the period in which the estimate is revised. |
The following judgements and estimates have had the most significant effect upon amounts recognised in the financial statements: |
Useful Economic lives of tangible assets |
The actual useful lives of tangible fixed assets assessed regularly and may vary depending upon a number of factors such as technical innovation and maintenance programmes. |
Stock Provisioning |
Provision is made fro any items of stock which are considered damaged or obsolete or where estimated net realizable value is expected to fall below cost. Net realizable value is based on both historic experience and assumptions regarding future sales value and consequently is a source of estimation uncertainty. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
F W Morgan Limited (Registered number: 06011477) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
Fixed asset investments |
Fixed asset investments are shown at cost less provision for impairment. Current asset investments are stated at the lower of cost and net realizable value. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
F W Morgan Limited (Registered number: 06011477) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 2 | 4 |
Sales | 8 | 5 |
Mill and Yard | 18 | 18 |
Office | 5 | 3 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
(Profit)/loss on disposal of fixed assets | ( |
) |
Auditors' remuneration |
5. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Cost of relocation | ( |
) | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
Hire purchase |
Other loan interest |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
F W Morgan Limited (Registered number: 06011477) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary £1 shares shares of 1 each |
Final |
Preference £1 shares shares of 1 each |
Final |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
F W Morgan Limited (Registered number: 06011477) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Transfer to ownership | (127,239 | ) | - | (127,239 | ) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
Transfer to ownership | (40,827 | ) | - | (40,827 | ) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
10. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) |
At 30 April 2023 |
PROVISIONS |
At 1 May 2022 | 33,375 |
Provision for year | 6,000 |
Eliminated on disposal | (24,500 | ) |
At 30 April 2023 | 14,875 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Fixed asset investments represents shares in an unlisted company together with a numberplate. |
11. | STOCKS |
2023 | 2022 |
£ | £ |
Raw materials and consumables |
F W Morgan Limited (Registered number: 06011477) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 139,517 | 96,817 |
Other creditors |
Accruals and deferred income |
The amount due to the company's bank is secured by a fixed and floating debenture over the assets of the company.Other creditors is an amount due under Invoice Discounting arrangements and is secured by way of fixed charge over the book debts of the company included in note 9. |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 15) |
F W Morgan Limited (Registered number: 06011477) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
15. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
16. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 183,196 | 181,298 |
Deferred |
tax |
£ |
Balance at 1 May 2022 |
Accelerated capital allowances | 1,898 |
Balance at 30 April 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary £1 shares | 1 | 100,000 | 100,000 |
Preference £1 shares | 1 | 300,000 | 300,000 |
400,000 | 400,000 |
F W Morgan Limited (Registered number: 06011477) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 May 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 April 2023 |
19. | RELATED PARTY DISCLOSURES |
Included within creditors as at 30 April 2023 was £0 (2022: £223,000 ) due to the holding company Brittons Holdings Limited. |
During the year a management charge of £20,000 (2022: £0) has been charged to F W Morgan Limited by the holding company. |
Sales includes £141,572 relating to transactions with companies in which a director and/or shareholder have an interest. |
In addition fixed assets with a net book value of £73,270 have been sold to companies in which a director and/or shareholder have an interest. |
The directors are of the view that these transactions have ben entered into in the normal course of business and on an arms length basis. |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party of the company is considered by the directors to be the shareholders of its holding company, Brittons Holdings Limited, a company incorporated in England and Wales. A copy of their accounts can be obtained from the Registrar of Companies |
21. | SHAREHOLDER'S FUNDS |
Shareholders funds of £2,196,165 (2022 : £2,236,458) are attributable to equity shareholders |