Company Registration No. 4132808 (England and Wales)
Morgan Machinery Ltd
Unaudited accounts
for the year ended 28 February 2023
Morgan Machinery Ltd
Unaudited accounts
Contents
Morgan Machinery Ltd
Company Information
for the year ended 28 February 2023
Directors
David Morgan
Suzanne Morgan
Company Number
4132808 (England and Wales)
Registered Office
76 Glebe Lane
Barming
Maidstone
Kent
ME16 9BD
United Kingdom
Accountants
Bowyer Pounds & Co
76 Glebe Lane
Barming
Maidstone
Kent
ME16 9BD
Morgan Machinery Ltd
Statement of financial position
as at 28 February 2023
Intangible assets
17,955
17,955
Tangible assets
1,249,503
1,351,223
Inventories
2,241,300
3,057,573
Cash at bank and in hand
1,318,366
561,299
Creditors: amounts falling due within one year
(847,454)
(341,543)
Net current assets
3,207,671
3,745,715
Total assets less current liabilities
4,475,129
5,114,893
Provisions for liabilities
Deferred tax
(280,201)
(232,280)
Net assets
4,194,928
4,882,613
Called up share capital
2
2
Profit and loss account
4,194,926
4,882,611
Shareholders' funds
4,194,928
4,882,613
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by
David Morgan
Director
Company Registration No. 4132808
Morgan Machinery Ltd
Notes to the Accounts
for the year ended 28 February 2023
Morgan Machinery Ltd is a private company, limited by shares, registered in England and Wales, registration number 4132808. The registered office is 76 Glebe Lane, Barming, Maidstone, Kent, ME16 9BD, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance basis
Motor vehicles
25% reducing balance basis
Fixtures & fittings
15% reducing balance basis
Computer equipment
33% straight line basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Morgan Machinery Ltd
Notes to the Accounts
for the year ended 28 February 2023
4
Intangible fixed assets
Goodwill
At 28 February 2023
17,955
At 28 February 2023
17,955
At 28 February 2022
17,955
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 March 2022
128,699
1,639,379
266,553
860
-
2,035,491
Additions
-
445,694
209,260
-
116
655,070
Disposals
-
(838,651)
-
-
-
(838,651)
At 28 February 2023
128,699
1,246,422
475,813
860
116
1,851,910
At 1 March 2022
-
483,496
200,643
129
-
684,268
Charge for the year
-
89,630
21,274
110
10
111,024
On disposals
-
(192,885)
-
-
-
(192,885)
At 28 February 2023
-
380,241
221,917
239
10
602,407
At 28 February 2023
128,699
866,181
253,896
621
106
1,249,503
At 28 February 2022
128,699
1,155,883
65,910
731
-
1,351,223
Amounts falling due within one year
Trade debtors
296,759
298,858
Other debtors
198,700
169,528
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
833,453
319,690
Taxes and social security
9,306
17,358
Loans from directors
200
-
Morgan Machinery Ltd
Notes to the Accounts
for the year ended 28 February 2023
8
Average number of employees
During the year the average number of employees was 6 (2022: 5).