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REGISTERED NUMBER: SC235186 (Scotland)






































Morton Ward Limited

Unaudited Financial Statements

for the Year Ended 31st August 2023






Morton Ward Limited (Registered number: SC235186)






Contents of the Financial Statements
for the year ended 31st August 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 7


Morton Ward Limited

Company Information
for the year ended 31st August 2023







Directors: S J Morton
Mrs H J Morton
E J Morton





Secretary: Mrs H J Morton





Registered office: 12A Timber Bush
Edinburgh
Midlothian
EH6 6QH





Registered number: SC235186 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Morton Ward Limited (Registered number: SC235186)

Balance Sheet
31st August 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 26,811 12,360
26,811 12,360

Current assets
Stocks 150 150
Debtors 6 203,923 159,994
Cash at bank 152,067 105,092
356,140 265,236
Creditors
Amounts falling due within one year 7 159,893 125,944
Net current assets 196,247 139,292
Total assets less current liabilities 223,058 151,652

Provisions for liabilities 3,911 468
Net assets 219,147 151,184

Capital and reserves
Called up share capital 100 100
Retained earnings 219,047 151,084
Shareholders' funds 219,147 151,184

Morton Ward Limited (Registered number: SC235186)

Balance Sheet - continued
31st August 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th March 2024 and were signed on its behalf by:





S J Morton - Director


Morton Ward Limited (Registered number: SC235186)

Notes to the Financial Statements
for the year ended 31st August 2023

1. Statutory information

Morton Ward Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts.

Goodwill
Acquired goodwill was fully written off in equal annual instalments over its estimated useful economic life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Office equipment - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, bank overdrafts and directors' loans.

Directors' loans (being repayable on demand), trade debtors, trade creditors, bank overdrafts and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.


Morton Ward Limited (Registered number: SC235186)

Notes to the Financial Statements - continued
for the year ended 31st August 2023

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings 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
Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

Pensions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors and stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern
The directors have considered the company's financial position for a period of 12 months and beyond from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably.

3. Employees and directors

The average number of employees during the year was 7 (2022 - 8 ) .

Morton Ward Limited (Registered number: SC235186)

Notes to the Financial Statements - continued
for the year ended 31st August 2023

4. Intangible fixed assets
Goodwill
£   
Cost
At 1st September 2022
and 31st August 2023 80,000
Amortisation
At 1st September 2022
and 31st August 2023 80,000
Net book value
At 31st August 2023 -
At 31st August 2022 -

5. Tangible fixed assets
Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1st September 2022 31,957 20,841 22,395 75,193
Additions - - 29,050 29,050
Disposals (2,434 ) - (16,170 ) (18,604 )
At 31st August 2023 29,523 20,841 35,275 85,639
Depreciation
At 1st September 2022 26,231 16,579 20,023 62,833
Charge for year 4,277 1,066 7,922 13,265
Eliminated on disposal (2,434 ) - (14,836 ) (17,270 )
At 31st August 2023 28,074 17,645 13,109 58,828
Net book value
At 31st August 2023 1,449 3,196 22,166 26,811
At 31st August 2022 5,726 4,262 2,372 12,360

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 133,915 102,355
Amounts recoverable on contract 14,000 15,600
Other debtors 56,008 42,039
203,923 159,994

Morton Ward Limited (Registered number: SC235186)

Notes to the Financial Statements - continued
for the year ended 31st August 2023

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 4,466 3,423
Trade creditors 13,466 8,711
Taxation and social security 55,531 43,835
Other creditors 86,430 69,975
159,893 125,944

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 4,466 3,423

The Royal Bank of Scotland hold a Bond and Floating charge over the assets.

9. Other financial commitments

At 31st August 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £8,000 (2022 - £32,000).

10. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31st August 2023 and 31st August 2022:

20232022
££
Director 1
Balance outstanding at start of year31,95928,017
Amounts advanced50,20039,574
Amounts repaid(41,888)(35,632)
Balance outstanding at end of year40,27131,959

This loan is unsecured and repayable on demand. Interest is charged by the company at the official rate published by HMRC.