Company registration number 11609665 (England and Wales)
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
COMPANY INFORMATION
Directors
Mr P J Rawnson
Mr C Rawnson
Mr K J Rawnson
Mrs V A Rawnson
Secretary
Ms N C Rawnson
Company number
11609665
Registered office
South Way
Walworth Industrial Estate
Andover
Hampshire
SP10 5JT
Auditor
Azets Audit Services
Athenia House
10-14 Andover Road
Winchester
Hampshire
United Kingdom
SO23 7BS
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Fair review of the business

The group has had challenging year. Performance of the group’s manufacturing subsidiary, MRT Castings Ltd, has been frustrated by dramatic increases in input costs, and a softening of demand, principally due to the global economic situation. The group’s property activities have remained stable.

 

MRT had enjoyed exceptional performance in 2020/21 due to the significant growth in demand for medical device components during the Covid pandemic. Over the two years since then, the business has been in a period of transition, as the company scaled back production from the extremes of 2020/21, whilst also moving into its new purpose built foundry facility. This transition had been expected, and planned, however over the past 12 months, despite strong growth of new business, macro-economic trends have caused an unexpected softening of demand from some established customers, and there has been a dramatic increase in input costs. Unprecedented rises in energy costs, material costs, and inflationary pressure on labour costs, have had a sudden and adverse effect on productivity.

 

In the year ahead, cost control at MRT will remain a priority, as will reviews of our pricing on existing work to accurately pass recent inflationary cost pressure which cannot be offset by productivity improvements, on to their customers. Overheads are planned to reduce as they will vacate some under-utilised production space.

 

MRT is in a strong competitive position in the market. Their modern facilities, broad customer base, and agile production capacity are proving attractive to potential new customers who are seeking to re-shore supply to the UK, or to re-source from existing UK suppliers during a period of instability amongst many of our competitors. Their strong reputation for engineering and design for manufacture is proving attractive to new customers requiring development support, technical solutions and high-quality ongoing supply. This stands the business in good stead to resume steady growth over the coming years.

 

Automation will continue to provide opportunities for enhanced productivity and increased capacity, so any new developments will consider synergies with such technologies.

 

MRT continues to operate a robust, ISO certified management system for quality, environmental and health & safety management. The company continues to invest in developing skills within the workforce, and over the past year has made several key appointments to strengthen the senior leadership team as other members of that group have moved towards retirement.

 

We are satisfied that there are sufficient resources available to continue trading for the foreseeable future.

 

We are grateful for the continued support of the Group’s employees, clients, suppliers and business partners.

Financial instruments, risk management, objectives and policies

The group had no financial instruments at the balance sheet date other than cash and financial instruments such as debtors, creditors and hire purchase contracts that arise from its operations.

 

The group is exposed to a variety of financial risks which result from its operating activities. The board is responsible for coordinating the group's risk management and focuses on securing the group's short to medium term cash flows.

 

The group does not actively engage in the trading of financial assets and has no financial derivatives. The group seeks to manage risks to ensure sufficient liquidity is available to meet its foreseeable needs. Regular contact is maintained with the group's bankers to ensure that sufficient funding is available for the group's needs if required.

 

MORRIS RAWNSON AND TAYLOR GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Key performance indicators

The key performance indicators by which the business monitors itself are turnover levels, gross profit, gross profit margin, and profit / (loss) before tax.

 

2023 2022

 

Turnover          £8,505,402        £8,629,068

Gross profit          £2,748,833        £2,793,899

Gross profit margin     32.3%         32.4%

(Loss) / profit before tax     (£249,942)         £52,782

By order of the board

Ms N C Rawnson
Secretary
15 August 2023
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The group is engaged in the manufacture, machining and finishing of non ferrous castings and assembly of associated products.

 

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £346,200. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P J Rawnson
Mr C Rawnson
Mr K J Rawnson
Mrs V A Rawnson
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

 

 

MORRIS RAWNSON AND TAYLOR GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

By order of the board
Ms N C Rawnson
Secretary
15 August 2023
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MORRIS RAWNSON AND TAYLOR GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Morris Rawnson and Taylor Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

MORRIS RAWNSON AND TAYLOR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MORRIS RAWNSON AND TAYLOR GROUP LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MORRIS RAWNSON AND TAYLOR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MORRIS RAWNSON AND TAYLOR GROUP LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Jon Noble (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
16 August 2023
Chartered Accountants
Statutory Auditor
Athenia House
10-14 Andover Road
Winchester
Hampshire
United Kingdom
SO23 7BS
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
8,505,402
8,629,068
Cost of sales
(5,756,569)
(5,835,169)
Gross profit
2,748,833
2,793,899
Distribution costs
(96,998)
(79,353)
Administrative expenses
(2,935,841)
(2,660,606)
Operating (loss)/profit
4
(284,006)
53,940
Interest receivable and similar income
8
34,140
55
Interest payable and similar expenses
9
(76)
(1,213)
(Loss)/profit before taxation
(249,942)
52,782
Tax on (loss)/profit
10
84,012
(165,980)
Loss for the financial year
(165,930)
(113,198)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
5,752,302
5,895,757
Current assets
Stocks
15
856,769
880,565
Debtors
16
1,415,342
1,357,987
Cash at bank and in hand
3,182,888
3,722,501
5,454,999
5,961,053
Creditors: amounts falling due within one year
17
(831,444)
(884,811)
Net current assets
4,623,555
5,076,242
Total assets less current liabilities
10,375,857
10,971,999
Provisions for liabilities
Deferred tax liability
19
659,555
743,567
(659,555)
(743,567)
Net assets
9,716,302
10,228,432
Capital and reserves
Called up share capital
22
600
600
Capital redemption reserve
80
80
Merger reserve
672,146
672,146
Profit and loss reserves
9,043,476
9,555,606
Total equity
9,716,302
10,228,432
The financial statements were approved by the board of directors and authorised for issue on 15 August 2023 and are signed on its behalf by:
15 August 2023
Mr P J Rawnson
Director
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,020,000
2,020,000
Investments
13
400
400
2,020,400
2,020,400
Current assets
Debtors
16
25,080
-
0
Cash at bank and in hand
2,775,330
2,883,290
2,800,410
2,883,290
Creditors: amounts falling due within one year
17
(8,362)
(17,179)
Net current assets
2,792,048
2,866,111
Total assets less current liabilities
4,812,448
4,886,511
Provisions for liabilities
Deferred tax liability
19
54,736
45,891
(54,736)
(45,891)
Net assets
4,757,712
4,840,620
Capital and reserves
Called up share capital
22
600
600
Profit and loss reserves
4,757,112
4,840,020
Total equity
4,757,712
4,840,620

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profits for the year was £263,292 (2022 - £410,830)

The financial statements were approved by the board of directors and authorised for issue on 15 August 2023 and are signed on its behalf by:
15 August 2023
Mr P J Rawnson
Director
Company Registration No. 11609665
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2021
600
80
672,146
10,003,409
10,676,235
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
-
-
(113,198)
(113,198)
Dividends
11
-
-
-
(334,605)
(334,605)
Balance at 31 March 2022
600
80
672,146
9,555,606
10,228,432
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
-
(165,930)
(165,930)
Dividends
11
-
-
-
(346,200)
(346,200)
Balance at 31 March 2023
600
80
672,146
9,043,476
9,716,302
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
600
4,763,795
4,764,395
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
410,830
410,830
Dividends
11
-
(334,605)
(334,605)
Balance at 31 March 2022
600
4,840,020
4,840,620
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
263,292
263,292
Dividends
11
-
(346,200)
(346,200)
Balance at 31 March 2023
600
4,757,112
4,757,712
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
159,321
645,260
Interest paid
(76)
(1,213)
Income taxes refunded/(paid)
31,197
(1,189,645)
Net cash inflow/(outflow) from operating activities
190,442
(545,598)
Investing activities
Purchase of tangible fixed assets
(506,780)
(441,818)
Proceeds on disposal of tangible fixed assets
94,246
-
Interest received
34,140
55
Net cash used in investing activities
(378,394)
(441,763)
Financing activities
Payment of finance leases obligations
(5,461)
(78,858)
Dividends paid to equity shareholders
(346,200)
(334,605)
Net cash used in financing activities
(351,661)
(413,463)
Net decrease in cash and cash equivalents
(539,613)
(1,400,824)
Cash and cash equivalents at beginning of year
3,722,501
5,123,325
Cash and cash equivalents at end of year
3,182,888
3,722,501
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
1
Accounting policies
Company information

Morris Rawnson and Taylor Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is South Way, Walworth Industrial Estate, Andover, Hampshire, SP10 5JT.

 

The group consists of Morris Rawnson and Taylor Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of leasehold land and buildings at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Morris Rawnson and Taylor Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Not depreciated as held at valuation
Leasehold improvements
5% straight line
Plant and equipment
20% straight line, and 15% - 20% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

 

 

 

 

 

 

MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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 apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock Provision

A stock provision is applied to the value of stock at the following rates;

Stock Valuation

The valuation of stock includes an estimated element on overhead costs which is calculated as follows: The machine hours used to produce the stock line are multiplied by an estimated overhead cost per hour associated with utilising the machine.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Supply of metal castings, machined components, and associated tooling
8,505,402
8,629,068
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
5,570,539
3,951,658
Europe
2,856,674
4,611,859
Rest of the World
78,189
65,551
8,505,402
8,629,068
2023
2022
£
£
Other revenue
Interest income
34,140
55
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
581,918
591,645
Depreciation of tangible fixed assets held under finance leases
-
9,474
(Profit)/loss on disposal of tangible fixed assets
(25,929)
756
Operating lease charges
155,805
169,266
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,750
3,850
Audit of the financial statements of the company's subsidiaries
12,750
10,975
17,500
14,825
For other services
Taxation compliance services
2,100
1,950
All other non-audit services
4,250
3,925
6,350
5,875
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
5
5
4
4
Production
58
58
-
-
Admin
13
9
-
-
Total
76
72
4
4
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,026,873
2,639,136
-
0
-
0
Social security costs
342,888
300,822
-
-
Pension costs
120,602
109,822
-
0
-
0
3,490,363
3,049,780
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
348,456
408,619
Company pension contributions to defined contribution schemes
4,000
7,193
352,456
415,812
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
199,799
235,860
Company pension contributions to defined contribution schemes
4,000
4,000

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 2).

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
31,012
55
Other interest income
3,128
-
Total income
34,140
55
9
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
76
1,213
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(31,164)
Deferred tax
Origination and reversal of timing differences
(84,012)
17,132
Changes in tax rates
-
0
178,456
Adjustment in respect of prior periods
-
0
1,556
Total deferred tax
(84,012)
197,144
Total tax (credit)/charge
(84,012)
165,980

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(249,942)
52,782
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(47,489)
10,029
Tax effect of expenses that are not deductible in determining taxable profit
981
62
Depreciation on assets not qualifying for tax allowances
1,063
1,063
Deferred tax adjustments in respect of prior years
-
0
1,556
Change in deferred tax rate
-
0
178,456
Super deduction element of capital allowances
(18,404)
(25,186)
Difference between deferred tax rate and corporation tax rate
(20,163)
-
Taxation (credit)/charge
(84,012)
165,980

Factors that may affect future tax charges

 

Finance Act 2021 includes legislation to increase the main rate of corporation tax from 19% to 25% from 1 April 2023. The full anticipated effect of these changes is reflected in the above deferred tax balances.

11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
346,200
334,605
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2022
3,350,263
684,790
7,508,817
197,436
11,741,306
Additions
-
0
-
0
277,395
229,385
506,780
Disposals
-
0
-
0
(160,667)
(156,625)
(317,292)
At 31 March 2023
3,350,263
684,790
7,625,545
270,196
11,930,794
Depreciation and impairment
At 1 April 2022
1,330,263
70,864
4,337,931
106,491
5,845,549
Depreciation charged in the year
-
0
34,888
516,324
30,706
581,918
Eliminated in respect of disposals
-
0
-
0
(153,295)
(95,680)
(248,975)
At 31 March 2023
1,330,263
105,752
4,700,960
41,517
6,178,492
Carrying amount
At 31 March 2023
2,020,000
579,038
2,924,585
228,679
5,752,302
At 31 March 2022
2,020,000
613,926
3,170,886
90,945
5,895,757
Company
Leasehold land and buildings
£
Cost or valuation
At 1 April 2022 and 31 March 2023
3,350,263
Depreciation and impairment
At 1 April 2022 and 31 March 2023
1,330,263
Carrying amount
At 31 March 2023
2,020,000
At 31 March 2022
2,020,000

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
-
0
53,688
-
0
-
0

Land and buildings with a carrying amount of £2,020,000 is based on the director's latest assessment of fair value as at 31 March 2023, which is based on recent valuations and known market conditions.

MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12
Tangible fixed assets
(Continued)
- 24 -

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £3,171,679 (2022 - £3,216,325), being cost £3,350,263 (2022 - £3,350,263) and depreciation £178,584 (2022 - £133,938).

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
400
400
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
400
Carrying amount
At 31 March 2023
400
At 31 March 2022
400
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
MRT Castings Limited
South Way, Walworth Industrial Estate, Andover, Hampshire, SP10 5JT
Ordinary
100.00
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
49,543
80,149
-
-
Work in progress
116,537
191,112
-
-
Finished goods and goods for resale
690,689
609,304
-
0
-
0
856,769
880,565
-
-
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,307,444
1,183,691
-
0
-
0
Corporation tax recoverable
-
0
31,197
-
0
-
0
Other debtors
400
22,400
-
0
-
0
Prepayments and accrued income
107,498
120,699
25,080
-
0
1,415,342
1,357,987
25,080
-
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
18
-
0
5,461
-
0
-
0
Trade creditors
476,267
580,511
-
0
-
0
Other taxation and social security
209,344
146,716
1,392
12,194
Deferred income
20
-
0
65,400
-
0
-
0
Other creditors
31,971
49,914
720
-
0
Accruals and deferred income
113,862
36,809
6,250
4,985
831,444
884,811
8,362
17,179
18
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
5,461
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
765,271
747,177
Tax losses
(100,711)
-
Unpaid pension creditor
(5,005)
(3,610)
659,555
743,567
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
54,736
45,891
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
743,567
45,891
(Credit)/charge to profit or loss
(84,012)
8,845
Liability at 31 March 2023
659,555
54,736

The deferred tax liability set out above is expected to reverse in future years and relates to accelerated capital allowances that are expected to mature over time, unutilised tax losses, and an unpaid pension creditor.

20
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
-
65,400
-
-
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
120,602
109,822
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
21
Retirement benefit schemes
(Continued)
- 27 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
570
570
570
570
Ordinary A of £1 each
30
30
30
30
600
600
600
600
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
152,746
152,746
24,288
24,288
Between two and five years
153,395
279,771
97,152
97,152
In over five years
2,038,757
2,062,116
2,038,757
2,062,116
2,344,898
2,494,633
2,160,197
2,183,556
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
-
262,517
-
-
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
559,543
665,444
Transactions with related parties
Dividends paid
2023
2022
£
£
Company
Third Generation Holdings Limited
17,310
45,615
Directors and close family members of Directors
328,890
288,990
Other information

A motor vehicle was sold for £13,500 to a director during the year ended 31 March 2023. The motor vehicle had a net book value of £11,397 at the date of disposal resulting in a profit on disposal of £2,103.

26
Cash generated from group operations
2023
2022
£
£
Loss for the year after tax
(165,930)
(113,198)
Adjustments for:
Taxation (credited)/charged
(84,012)
165,980
Finance costs
76
1,213
Investment income
(34,140)
(55)
(Gain)/loss on disposal of tangible fixed assets
(25,929)
756
Depreciation and impairment of tangible fixed assets
581,918
601,119
Movements in working capital:
Decrease in stocks
23,796
588,078
Increase in debtors
(88,552)
(76,315)
Increase/(decrease) in creditors
17,494
(499,485)
Decrease in deferred income
(65,400)
(22,833)
Cash generated from operations
159,321
645,260
MORRIS RAWNSON AND TAYLOR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 29 -
27
Analysis of changes in net funds - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
3,722,501
(539,613)
3,182,888
Obligations under finance leases
(5,461)
5,461
-
3,717,040
(534,152)
3,182,888
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