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REGISTERED NUMBER: SC490092 (Scotland)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Morgan & Reid Limited

Morgan & Reid Limited (Registered number: SC490092)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Morgan & Reid Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Miss R Morgan
Miss E Cuddeford





REGISTERED OFFICE: Cowan & Partners
60 Constitution Street
Leith
Edinburgh
Lothian
EH6 6RR





REGISTERED NUMBER: SC490092 (Scotland)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

Morgan & Reid Limited (Registered number: SC490092)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 61,518 52,442

CURRENT ASSETS
Stocks 40,000 24,500
Debtors 5 444,921 485,491
Cash at bank and in hand 99,592 157,008
584,513 666,999
CREDITORS
Amounts falling due within one year 6 171,694 244,060
NET CURRENT ASSETS 412,819 422,939
TOTAL ASSETS LESS CURRENT
LIABILITIES

474,337

475,381

CREDITORS
Amounts falling due after more than one year 7 (318,203 ) (394,337 )

PROVISIONS FOR LIABILITIES (15,379 ) -
NET ASSETS 140,755 81,044

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 140,655 80,944
SHAREHOLDERS' FUNDS 140,755 81,044

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Morgan & Reid Limited (Registered number: SC490092)

Balance Sheet - continued
31 October 2023


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 26 July 2024 and were signed on its behalf by:





Miss R Morgan - Director


Morgan & Reid Limited (Registered number: SC490092)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Morgan & Reid Limited is a private company, limited by shares , registered in Scotland. 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sale of goods, excluding value added tax. The company's policy is to recognise a sale when substantially all the risks and rewards in connection with the goods have been passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current 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 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 year 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.

Morgan & Reid Limited (Registered number: SC490092)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 32 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 33,348 48,790 12,310 2,081 96,529
Additions 5,639 19,206 - 1,900 26,745
At 31 October 2023 38,987 67,996 12,310 3,981 123,274
DEPRECIATION
At 1 November 2022 13,151 21,581 7,972 1,383 44,087
Charge for year 3,876 11,604 1,084 1,105 17,669
At 31 October 2023 17,027 33,185 9,056 2,488 61,756
NET BOOK VALUE
At 31 October 2023 21,960 34,811 3,254 1,493 61,518
At 31 October 2022 20,197 27,209 4,338 698 52,442

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 51,059 83,566
Other debtors 393,862 401,925
444,921 485,491

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 76,304 76,304
Taxation and social security 59,704 19,410
Other creditors 35,686 148,346
171,694 244,060

Morgan & Reid Limited (Registered number: SC490092)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 318,203 394,337