IRIS Accounts Production v24.1.0.578 00242437 Board of Directors 29.1.23 27.1.24 27.1.24 21.3.2024 true false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh002424372023-01-28002424372024-01-27002424372023-01-292024-01-27002424372022-01-29002424372022-01-302023-01-28002424372023-01-2800242437ns15:EnglandWales2023-01-292024-01-2700242437ns14:PoundSterling2023-01-292024-01-2700242437ns10:Director12023-01-292024-01-2700242437ns10:PrivateLimitedCompanyLtd2023-01-292024-01-2700242437ns10:SmallEntities2023-01-292024-01-2700242437ns10:Audited2023-01-292024-01-2700242437ns10:SmallCompaniesRegimeForDirectorsReport2023-01-292024-01-2700242437ns10:SmallCompaniesRegimeForAccounts2023-01-292024-01-2700242437ns10:FullAccounts2023-01-292024-01-270024243712023-01-292024-01-2700242437ns10:Director22023-01-292024-01-2700242437ns10:Director42023-01-292024-01-2700242437ns10:CompanySecretary12023-01-292024-01-2700242437ns10:RegisteredOffice2023-01-292024-01-2700242437ns5:CurrentFinancialInstruments2024-01-2700242437ns5:CurrentFinancialInstruments2023-01-2800242437ns5:Non-currentFinancialInstruments2024-01-2700242437ns5:Non-currentFinancialInstruments2023-01-2800242437ns5:ShareCapital2024-01-2700242437ns5:ShareCapital2023-01-2800242437ns5:RetainedEarningsAccumulatedLosses2024-01-2700242437ns5:RetainedEarningsAccumulatedLosses2023-01-2800242437ns5:NetGoodwill2023-01-292024-01-2700242437ns5:NetGoodwill2023-01-2800242437ns5:ComputerSoftware2023-01-2800242437ns5:ComputerSoftware2023-01-292024-01-2700242437ns5:NetGoodwill2024-01-2700242437ns5:ComputerSoftware2024-01-2700242437ns5:NetGoodwill2023-01-2800242437ns5:ComputerSoftware2023-01-2800242437ns5:FurnitureFittings2023-01-2800242437ns5:MotorVehicles2023-01-2800242437ns5:ComputerEquipment2023-01-2800242437ns5:FurnitureFittings2023-01-292024-01-2700242437ns5:MotorVehicles2023-01-292024-01-2700242437ns5:ComputerEquipment2023-01-292024-01-2700242437ns5:FurnitureFittings2024-01-2700242437ns5:MotorVehicles2024-01-2700242437ns5:ComputerEquipment2024-01-2700242437ns5:FurnitureFittings2023-01-2800242437ns5:MotorVehicles2023-01-2800242437ns5:ComputerEquipment2023-01-2800242437ns5:CostValuation2023-01-2800242437ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-2700242437ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-2800242437ns5:WithinOneYear2024-01-2700242437ns5:WithinOneYear2023-01-2800242437ns5:BetweenOneFiveYears2024-01-2700242437ns5:BetweenOneFiveYears2023-01-2800242437ns5:AllPeriods2024-01-2700242437ns5:AllPeriods2023-01-28
REGISTERED NUMBER: 00242437 (England and Wales)


















AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

FOR

MORLEYS (BICESTER) LTD

MORLEYS (BICESTER) LTD (REGISTERED NUMBER: 00242437)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 7


MORLEYS (BICESTER) LTD

COMPANY INFORMATION
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024







DIRECTORS: B H Dreesmann
R Abrahams
J Egan


SECRETARY: T James


REGISTERED OFFICE: 472-488 Brixton Road
Brixton
London
SW9 8EH


REGISTERED NUMBER: 00242437 (England and Wales)


SENIOR STATUTORY AUDITOR: Andrew Green LLB FCA


AUDITORS: THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ


BANKERS: Barclays Bank plc
Level 27
One Churchill Place
London
E14 5HP

MORLEYS (BICESTER) LTD (REGISTERED NUMBER: 00242437)

BALANCE SHEET
27 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 89,118 95,898
Tangible assets 6 57,018 65,578
Investments 7 100 100
146,236 161,576

CURRENT ASSETS
Stocks 535,970 738,102
Debtors 8 1,093,285 1,479,896
Cash at bank 321,510 189,577
1,950,765 2,407,575
CREDITORS
Amounts falling due within one year 9 1,002,991 1,396,046
NET CURRENT ASSETS 947,774 1,011,529
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,094,010

1,173,105

CREDITORS
Amounts falling due after more than one year 10 (721,402 ) (843,997 )

PROVISIONS FOR LIABILITIES (11,887 ) (14,914 )
NET ASSETS 360,721 314,194

CAPITAL AND RESERVES
Called up share capital 10,500 10,500
Retained earnings 350,221 303,694
SHAREHOLDERS' FUNDS 360,721 314,194

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2024 and were signed on its behalf by:





R Abrahams - Director


MORLEYS (BICESTER) LTD (REGISTERED NUMBER: 00242437)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024


1. STATUTORY INFORMATION

Morleys (Bicester) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparation and going concern
The financial statements have been prepared under the historical cost convention.

The Directors report another year of sales growth and improved market share with a rise in turnover of £991,969 (2023: £775,837) and an operating profit improvement of £263,272.

The Company continues to be supported by its Parent Company as required.

The accounts have therefore been prepared on a going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Morleys (Bicester) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Morleys Stores Limited, .

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent company and other wholly owned subsidiaries within the group.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and value added taxes.

Revenue from the sale of educational furniture and equipment is recognised when the significant risks and rewards of the goods have passed to the customer, which on deliveries is typically the point where goods are delivered to and accepted by the customer.

Goodwill
Goodwill in relation to the acquisition of certain brands in 2013 has now been fully amortised.

Software costs
Computer software and website development costs are initially measured at cost. After initial recognition, the assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Software costs are being amortised at a rate of 15% per annum on cost.

MORLEYS (BICESTER) LTD (REGISTERED NUMBER: 00242437)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible Fixed Assets are stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost of Tangible Fixed Assets, less their estimated residual value, over their estimated useful lives at the following rates:

Plant, Fixtures & Fittings- 16.67% Straight Line
Computer Equipment- 15% - 33% Straight Line
Motor Vehicles- 25% Straight Line

Plant, Fixtures and Fittings over 15 years old and Equipment over 10 years old are eliminated from fixed assets, except in instances where they are known to be still in use.

Items costing less than £500 are not capitalised but written off to the Profit and Loss Account as incurred.

Stock
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for impairment of obsolete or slow moving items. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties, transport and handling directly attributable to bringing the stock to its present location and condition.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments.

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently carried at this value less any provision for impairment.

Foreign currencies
Foreign exchange transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items (such as trade debtors and trade creditors) are translated using the closing rate.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

MORLEYS (BICESTER) LTD (REGISTERED NUMBER: 00242437)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024


3. ACCOUNTING POLICIES - continued

Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and a group personal pension plan.

(i) Short Term Benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

(ii) Group Personal Pension Plan

The Company operates a group personal pension plan for its employees. This is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown as a creditor on the balance sheet. The assets of the scheme are held separately from the Company in independently administered funds.

Catalogue costs
Catalogue costs are recognised in the profit and loss account in the same financial year that derives the main benefit from these costs.

Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 39 (2023 - 42 ) .

5. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 29 January 2023 296,535 147,200 443,735
Additions - 18,000 18,000
At 27 January 2024 296,535 165,200 461,735
AMORTISATION
At 29 January 2023 296,535 51,302 347,837
Amortisation for period - 24,780 24,780
At 27 January 2024 296,535 76,082 372,617
NET BOOK VALUE
At 27 January 2024 - 89,118 89,118
At 28 January 2023 - 95,898 95,898

MORLEYS (BICESTER) LTD (REGISTERED NUMBER: 00242437)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024


6. TANGIBLE FIXED ASSETS
Plant,
Fixtures Motor Computer
& Fittings vehicles equipment Totals
£    £    £    £   
COST
At 29 January 2023 379,504 87,866 87,587 554,957
Additions 14,042 - 9,729 23,771
Disposals (26,360 ) (22,425 ) (31,209 ) (79,994 )
At 27 January 2024 367,186 65,441 66,107 498,734
DEPRECIATION
At 29 January 2023 331,785 82,719 74,875 489,379
Charge for period 15,516 5,147 11,669 32,332
Eliminated on disposal (26,360 ) (22,426 ) (31,209 ) (79,995 )
At 27 January 2024 320,941 65,440 55,335 441,716
NET BOOK VALUE
At 27 January 2024 46,245 1 10,772 57,018
At 28 January 2023 47,719 5,147 12,712 65,578

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 29 January 2023
and 27 January 2024 100
NET BOOK VALUE
At 27 January 2024 100
At 28 January 2023 100

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 908,911 1,283,291
Other debtors 184,374 196,605
1,093,285 1,479,896

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 664,111 1,016,631
Taxation and social security 9,912 -
Other creditors 328,968 379,415
1,002,991 1,396,046

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group companies 721,402 843,997

MORLEYS (BICESTER) LTD (REGISTERED NUMBER: 00242437)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024


11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 28,437 43,860
Between one and five years 8,568 33,671
37,005 77,531

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Green LLB FCA (Senior Statutory Auditor)
for and on behalf of THP Limited

13. CONTINGENT LIABILITIES

The Company had no contingent liabilities at 27 January 2024 (2023: £nil) other than in respect of a cross guarantee in the form of a charge over the Company's assets, to the favour of the Group's principal Bankers, covering all borrowings and overdrafts by the Group from that bank.

14. ULTIMATE CONTROLLING PARTY

The Company is a wholly owned subsidiary of Morleys Stores Limited, a company incorporated in England & Wales that shares its registered office with that of the company. Details of the ultimate controlling party can be found in the accounts of Morleys Stores Limited.

A copy of the group consolidated accounts may be obtained from Companies House.