Company registration number 09545472 (England and Wales)
Morward Limited
Unaudited Financial Statements
For the year ended 30 April 2023
PAGES FOR FILING WITH REGISTRAR
Morward Limited
Contents
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Morward Limited
Balance sheet
For the year ended 30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,738
14,047
Current assets
Stocks
28,000
46,500
Debtors
4
95,559
86,495
Cash at bank and in hand
6,275
2,854
129,834
135,849
Creditors: amounts falling due within one year
5
(185,059)
(149,552)
Net current liabilities
(55,225)
(13,703)
Total assets less current liabilities
(49,487)
344
Creditors: amounts falling due after more than one year
6
-
0
(12,500)
Net liabilities
(49,487)
(12,156)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(49,587)
(12,256)
Total equity
(49,487)
(12,156)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Morward Limited
Balance sheet (Continued)
For the year ended 30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 January 2024 and are signed on its behalf by:
Mr N Hayward
Director
Company registration number 09545472 (England and Wales)
Morward Limited
Notes to the Financial Statements
For the year ended 30 April 2023
- 3 -
1
Accounting policies
Company information

Morward Limited is a private company limited by shares incorporated in England and Wales. The registered office is 60 Holywell Hill, St Albans, Hertfordshire, AL1 1BX.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
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.

1.3
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 improvements
10% straight line
Fixtures and fittings
20% straight line

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 credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company 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).

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Morward Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

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

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.7
Equity instruments

Equity instruments issued by the company 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 company.

1.8
Retirement benefits

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

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2
Employees

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

2023
2022
Number
Number
Total
5
5
Morward Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
- 5 -
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2022 and 30 April 2023
28,671
30,945
59,616
Depreciation and impairment
At 1 May 2022
20,069
25,500
45,569
Depreciation charged in the year
2,867
5,442
8,309
At 30 April 2023
22,936
30,942
53,878
Carrying amount
At 30 April 2023
5,735
3
5,738
At 30 April 2022
8,602
5,445
14,047
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
95,559
86,495
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,197
8,339
Corporation tax
9,698
12,296
Other taxation and social security
164,064
123,917
Other creditors
5,100
5,000
185,059
149,552
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
12,500
7
Directors' transactions

Included in other debtors is £90,110 (2022 - £77,046) due from the director, N Hayward.

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