REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024 |
FOR |
MORLEYS (BICESTER) LTD |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
34-40 High Street |
Wanstead |
London |
E11 2RJ |
BANKERS: |
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 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparation and going concern |
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 |
5. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 29 January 2023 |
Additions |
At 27 January 2024 |
AMORTISATION |
At 29 January 2023 |
Amortisation for period |
At 27 January 2024 |
NET BOOK VALUE |
At 27 January 2024 |
At 28 January 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 27 January 2024 |
DEPRECIATION |
At 29 January 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 27 January 2024 |
NET BOOK VALUE |
At 27 January 2024 |
At 28 January 2023 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 29 January 2023 |
and 27 January 2024 |
NET BOOK VALUE |
At 27 January 2024 |
At 28 January 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group companies |
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 |
Between one and five years |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |