Company registration number 03047066 (England and Wales)
MOREY SMITH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
MOREY SMITH LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MOREY SMITH LIMITED (REGISTERED NUMBER: 03047066)
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,014
30,652
Current assets
Debtors
4
700,564
689,415
Cash at bank and in hand
497,251
462,671
1,197,815
1,152,086
Creditors: amounts falling due within one year
5
(851,136)
(929,755)
Net current assets
346,679
222,331
Total assets less current liabilities
369,693
252,983
Provisions for liabilities
(6,123)
(5,636)
Net assets
363,570
247,347
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
363,470
247,247
Total equity
363,570
247,347

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.

The financial statements were approved by the board of directors and authorised for issue on 14 December 2023 and are signed on its behalf by:
L Morey-Burrows
Director
MOREY SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information

Morey Smith Limited is a private company limited by shares incorporated in England and Wales. The registered office is 24 Marshalsea Road, London, SE1 1HF.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services, excluding value added tax.

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:

Land and buildings
50% on cost
Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% on cost

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
Taxation

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

1.5
Retirement benefits

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

1.6
Leases

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 leases asset are consumed.

MOREY SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.7
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.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
26
32
MOREY SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 May 2022
486,206
327,708
321,683
1,135,597
Additions
-
0
9,438
-
0
9,438
At 30 April 2023
486,206
337,146
321,683
1,145,035
Depreciation and impairment
At 1 May 2022
475,535
313,817
315,593
1,104,945
Depreciation charged in the year
5,335
8,695
3,046
17,076
At 30 April 2023
480,870
322,512
318,639
1,122,021
Carrying amount
At 30 April 2023
5,336
14,634
3,044
23,014
At 30 April 2022
10,671
13,891
6,090
30,652
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
582,704
582,721
Other debtors
117,860
106,694
700,564
689,415
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
135,412
234,281
Taxation and social security
89,274
320,748
Other creditors
626,450
374,726
851,136
929,755
MOREY SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
6
Operating lease commitments
Lessee

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

2023
2022
£
£
701,197
420,000
7
Related party transactions

During the year, Morey Smith Limited paid rent totalling £212,000 to Morey Smith Retirement Benefit Scheme.

 

During the year Morey Smith Limited gifted £364,102 to the Morey Smith Employee Ownership Trust which owns 100% of Morey Smith Limited. Further information is provided in note 8.

8
Employee Ownership Trust

On 5 September 2018 the entire issued share capital of the company was acquired by the Morey Smith Employee Ownership Trust ("the trust"). The Trust holds the shares for the future benefit of the company's employees.

 

The Trust acquired the share capital of Morey Smith Limited for £16,000,000. As at the balance sheet date, the remaining balance outstanding was £8,603,025, this is anticipated to be payable over 6-8 years.

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