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Company No: 03367349 (England and Wales)

MORRIS HARGREAVES MCINTYRE LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

MORRIS HARGREAVES MCINTYRE LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

MORRIS HARGREAVES MCINTYRE LIMITED

BALANCE SHEET

As at 30 September 2023
MORRIS HARGREAVES MCINTYRE LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 81,214 70,988
Tangible assets 4 46,155 35,226
127,369 106,214
Current assets
Debtors 5 1,072,094 529,554
Cash at bank and in hand 630,749 871,477
1,702,843 1,401,031
Creditors: amounts falling due within one year 6 ( 1,173,949) ( 1,038,985)
Net current assets 528,894 362,046
Total assets less current liabilities 656,263 468,260
Provision for liabilities 7 ( 5,959) ( 4,249)
Net assets 650,304 464,011
Capital and reserves
Called-up share capital 8 3 3
Capital redemption reserve 2 2
Profit and loss account 650,299 464,006
Total shareholders' funds 650,304 464,011

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Morris Hargreaves McIntyre Limited (registered number: 03367349) were approved and authorised for issue by the Board of Directors on 07 March 2024. They were signed on its behalf by:

J Hargreaves
Director
MORRIS HARGREAVES MCINTYRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
MORRIS HARGREAVES MCINTYRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Morris Hargreaves McIntyre Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 50 Copperas Street, Manchester, M4 1HS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the costs to complete the contract can be measured reliably.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 7 years straight line
Fixtures and fittings 15 % reducing balance
Office equipment 4 - 5 years straight line
Computer equipment 4 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Short term creditors are measured at transactions price.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilties like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured as cost and 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 comprehensive income.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the statement of financial position date.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 40 35

3. Intangible assets

Computer software Total
£ £
Cost
At 01 October 2022 122,873 122,873
Additions 31,181 31,181
At 30 September 2023 154,054 154,054
Accumulated amortisation
At 01 October 2022 51,885 51,885
Charge for the financial year 20,955 20,955
At 30 September 2023 72,840 72,840
Net book value
At 30 September 2023 81,214 81,214
At 30 September 2022 70,988 70,988

4. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 October 2022 89,481 30,306 4,874 72,706 197,367
Additions 0 4,230 2,650 18,645 25,525
Disposals 0 ( 250) 0 0 ( 250)
At 30 September 2023 89,481 34,286 7,524 91,351 222,642
Accumulated depreciation
At 01 October 2022 88,233 24,367 1,708 47,833 162,141
Charge for the financial year 294 1,043 1,741 11,401 14,479
Disposals 0 ( 133) 0 0 ( 133)
At 30 September 2023 88,527 25,277 3,449 59,234 176,487
Net book value
At 30 September 2023 954 9,009 4,075 32,117 46,155
At 30 September 2022 1,248 5,939 3,166 24,873 35,226

5. Debtors

2023 2022
£ £
Trade debtors 803,247 155,885
Amounts owed by associates 54,491 157,964
Amounts recoverable on contracts 142,947 160,133
Prepayments 71,326 55,099
Other debtors 83 473
1,072,094 529,554

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 135,919 140,988
Accruals and deferred income 253,714 201,868
Taxation and social security 191,427 125,383
Payments received on account 568,125 557,652
Other creditors 24,764 13,094
1,173,949 1,038,985

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 4,249) ( 3,244)
Charged to the Statement of Income and Retained Earnings ( 1,710) ( 1,005)
At the end of financial year ( 5,959) ( 4,249)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 10,204) ( 7,352)
Pension surplus 4,245 3,103
( 5,959) ( 4,249)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,666 Ordinary A shares of £ 0.001 each 1.67 1.67
1,666 Ordinary B shares of £ 0.001 each 1.67 1.67
3.34 3.34

9. Financial commitments

Commitments

The company has total commitments at the balance sheet date of £60,358 (2022: £95,634)

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

The company operates a defined contribution pension scheme. As at 30 September 2023, contributions outstanding were £16,980 (2022: £12,412).

The total pension cost charged to the profit and loss in respect of pensions was £30,286 (2022: £25,365).

10. Ultimate controlling party

There is no overall controlling party.