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MORRIS AND BATES LIMITED

Registered Number
07393758
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

MORRIS AND BATES LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

BATES, Christopher Wyn
BATES, Nia Catherine
JONES, Annwen Mair
MORRIS, Richard John

Company Secretary

MORRIS, Richard John

Registered Address

Swyddfa Morris & Bates
Ffordd Alexandra
Aberystwyth
SY23 1PT

Registered Number

07393758 (England and Wales)
MORRIS AND BATES LIMITED
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets5800,000800,000
Tangible assets64741,740
800,474801,740
Current assets
Stocks8160,264183,770
Debtors9177,169181,941
Cash at bank and on hand145,299198,614
482,732564,325
Creditors amounts falling due within one year10(728,176)(751,723)
Net current assets (liabilities)(245,444)(187,398)
Total assets less current liabilities555,030614,342
Creditors amounts falling due after one year(180,090)(209,243)
Provisions for liabilities(140)(140)
Net assets374,800404,959
Capital and reserves
Called up share capital129129
Profit and loss account374,671404,830
Shareholders' funds374,800404,959
The financial statements were approved and authorised for issue by the Board of Directors on 16 November 2023, and are signed on its behalf by:
MORRIS, Richard John
Director
Registered Company No. 07393758
MORRIS AND BATES LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Intangible assets policy
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is represented by the value in holding of will books of clients and it is the directors' opinion that this value is sufficiently consistent not to warrant any impairment.
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
These financial statements have been prepared on a going concern basis.
4.Employee information

20232022
Average number of employees during the year1614
5.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 22800,000800,000
At 31 March 23800,000800,000
Net book value
At 31 March 23800,000800,000
At 31 March 22800,000800,000
6.Property, plant and equipment

Plant & machinery

Fixtures & fittings

Total

£££
Cost or valuation
At 01 April 2228335,56235,845
At 31 March 2328335,56235,845
Depreciation and impairment
At 01 April 2226933,83634,105
Charge for year31,2631,266
At 31 March 2327235,09935,371
Net book value
At 31 March 2311463474
At 31 March 22141,7261,740
7.Description of nature of transactions and balances with related parties
As at the balance sheet date the company owed its directors £438,772 (2022: £423,938). No interest is charged and the amount is repayable in full on demand.
8.Stocks

2023

2022

££
Work in progress150,264173,770
Other stocks10,00010,000
Total160,264183,770
9.Debtors

2023

2022

££
Trade debtors / trade receivables61,07865,341
Other debtors38,25338,253
Prepayments and accrued income77,83878,347
Total177,169181,941
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables2,5902,577
Bank borrowings and overdrafts74,43974,011
Taxation and social security86,79193,660
Other creditors555,256566,444
Accrued liabilities and deferred income9,10015,031
Total728,176751,723
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.