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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
Page
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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
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Morgan Machinery Ltd Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
17,955 
17,955 
Tangible assets
1,249,503 
1,351,223 
1,267,458 
1,369,178 
Current assets
Inventories
2,241,300 
3,057,573 
Debtors
495,459 
468,386 
Cash at bank and in hand
1,318,366 
561,299 
4,055,125 
4,087,258 
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 
Capital and reserves
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
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Morgan Machinery Ltd Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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Morgan Machinery Ltd Notes to the Accounts for the year ended 28 February 2023
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 March 2022
17,955 
At 28 February 2023
17,955 
Amortisation
At 1 March 2022
- 
At 28 February 2023
- 
Net book value
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 
Depreciation
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 
Net book value
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 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
296,759 
298,858 
Other debtors
198,700 
169,528 
495,459 
468,386 
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 
- 
Accruals
4,495 
4,495 
847,454 
341,543 
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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).
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