Morse Watchmans (UK) Limited 02399958 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the sale, installation and maintenance of key control and access control systems Digita Accounts Production Advanced 6.30.9574.0 true true true 02399958 2023-01-01 2023-12-31 02399958 2023-12-31 02399958 bus:OrdinaryShareClass1 bus:OtherShareType 2023-12-31 02399958 core:CurrentFinancialInstruments 2023-12-31 02399958 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02399958 core:BetweenTwoFiveYears 2023-12-31 02399958 core:WithinOneYear 2023-12-31 02399958 core:FurnitureFittings 2023-12-31 02399958 core:MotorVehicles 2023-12-31 02399958 core:PlantMachinery 2023-12-31 02399958 core:OtherRelatedParties 2023-12-31 02399958 bus:SmallEntities 2023-01-01 2023-12-31 02399958 bus:Audited 2023-01-01 2023-12-31 02399958 bus:FilletedAccounts 2023-01-01 2023-12-31 02399958 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02399958 bus:RegisteredOffice 2023-01-01 2023-12-31 02399958 bus:Director1 2023-01-01 2023-12-31 02399958 bus:Director4 2023-01-01 2023-12-31 02399958 bus:OrdinaryShareClass1 bus:OtherShareType 2023-01-01 2023-12-31 02399958 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02399958 core:FurnitureFittings 2023-01-01 2023-12-31 02399958 core:MotorVehicles 2023-01-01 2023-12-31 02399958 core:PlantMachinery 2023-01-01 2023-12-31 02399958 core:OtherRelatedParties 2023-01-01 2023-12-31 02399958 core:OtherRelatedParties core:SaleOrPurchaseGoods 2023-01-01 2023-12-31 02399958 1 2023-01-01 2023-12-31 02399958 countries:AllCountries 2023-01-01 2023-12-31 02399958 countries:England 2023-01-01 2023-12-31 02399958 2022-12-31 02399958 core:FurnitureFittings 2022-12-31 02399958 core:MotorVehicles 2022-12-31 02399958 core:PlantMachinery 2022-12-31 02399958 core:OtherRelatedParties 2022-12-31 02399958 2022-01-01 2022-12-31 02399958 2022-12-31 02399958 bus:OrdinaryShareClass1 bus:OtherShareType 2022-12-31 02399958 core:CurrentFinancialInstruments 2022-12-31 02399958 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02399958 core:BetweenTwoFiveYears 2022-12-31 02399958 core:WithinOneYear 2022-12-31 02399958 core:FurnitureFittings 2022-12-31 02399958 core:MotorVehicles 2022-12-31 02399958 core:PlantMachinery 2022-12-31 02399958 core:OtherRelatedParties 2022-12-31 02399958 core:OtherRelatedParties core:SaleOrPurchaseGoods 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02399958

Morse Watchmans (UK) Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Morse Watchmans (UK) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Morse Watchmans (UK) Limited

Company Information

Directors

Ms Isobel Jane Gillott

Mr Daniel Bush

Registered office

Unit B Swift Park
c/o Supply Point Systems
Swift Valley Industrial Estate
Rugby
Warwickshire
CV21 1DZ

Auditors

Atkinson Evans Limited
Chartered Certified Accountants
The Old Drill Hall
10 Arnot Hill Road
Arnold
Nottingham
Nottinghamshire
NG5 6LJ

 

Morse Watchmans (UK) Limited

(Registration number: 02399958)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,188

2,808

Current assets

 

Stocks

5

155,054

143,763

Debtors

6

418,751

129,322

Cash at bank and in hand

 

24,209

338,420

 

598,014

611,505

Creditors: Amounts falling due within one year

7

(143,959)

(117,965)

Net current assets

 

454,055

493,540

Total assets less current liabilities

 

456,243

496,348

Provisions for liabilities

(547)

(702)

Net assets

 

455,696

495,646

Capital and reserves

 

Called up share capital

8

754,293

754,293

Retained earnings

(298,597)

(258,647)

Shareholders' funds

 

455,696

495,646

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
Mr Daniel Bush
Director

 

Morse Watchmans (UK) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit B Swift Park
c/o Supply Point Systems
Swift Valley Industrial Estate
Rugby
Warwickshire
CV21 1DZ
England

These financial statements were authorised for issue by the Board on 26 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

 

Morse Watchmans (UK) Limited

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

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 26 July 2024 was Jason D Evans FCCA, who signed for and on behalf of Atkinson Evans Limited.

.........................................

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the profit in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover comprises sales of goods and services excluding sales taxes. Turnover is measured based on the consideration which the Company expects to be entitled in a contract with the customer. The company recognises revenue when it transfers control of a product or service to the customer fulfilling the obligations of the contract.
The following accounting policies are applied to the principal revenue generating activities of the company:
-Turnover from the sales of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Where consideration is received in advance of the performance of obligations being satisfied, a contract liability is recognised.
-Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Morse Watchmans (UK) Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

15% on reducing balance

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Morse Watchmans (UK) Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
 Impairment
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 3).

 

Morse Watchmans (UK) Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

15,732

3,074

11,213

30,019

At 31 December 2023

15,732

3,074

11,213

30,019

Depreciation

At 1 January 2023

14,984

3,010

9,217

27,211

Charge for the year

111

10

499

620

At 31 December 2023

15,095

3,020

9,716

27,831

Carrying amount

At 31 December 2023

637

54

1,497

2,188

At 31 December 2022

748

64

1,996

2,808

5

Stocks

2023
£

2022
£

Raw materials and consumables

155,054

143,763

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

171,853

122,848

Amounts owed by related parties

10

181,361

-

Prepayments

 

12,949

4,035

Other debtors

 

52,588

2,439

   

418,751

129,322

 

Morse Watchmans (UK) Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

135,166

60,464

Taxation and social security

1,843

12,641

Accruals and deferred income

6,950

44,860

143,959

117,965

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

754,293

754,293

754,293

754,293

       

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

8,811

419

Later than one year and not later than five years

22,762

-

31,573

419

The amount of non-cancellable operating lease payments recognised as an expense during the year was £9,230 (2022 - £5,032).

 

Morse Watchmans (UK) Limited

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

10

Related party transactions

Summary of transactions with other related parties

The company purchased goods from Morse Watchmans Inc, a company within the same group.
A loan was made available to group company Southco Manufacturing Limited during the financial year,

 

Expenditure with and payables to related parties

2023

Other related parties
£

Purchase of goods

364,878

Amounts payable to related party

121,762

2022

Other related parties
£

Purchase of goods

407,902

Amounts payable to related party

49,067

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

181,361

181,361

Interest transactions

3,153

3,153

At end of period

184,514

184,514

Terms of loans to related parties

A loan was made to group company Southco Manufacturing Limited. Interest is charged at 3% p.a. The loan is repayable upon demand with no fixed repayments or repayment date.

11

Parent and ultimate parent undertaking

Morse Watchmans (UK) Limited is a wholly owned subsidiary of Soar TPI (Holdings) Ltd.

 The company's immediate parent is SOAR TPI (HOLDINGS) LTD, incorporated in England.

 The ultimate parent is Touchpoint Inc, incorporated in the United States of America.

 The most senior parent entity producing publicly available financial statements is Touch Point Investments UK Ltd. These financial statements are available upon request from the Registrar of Companies in England.

 

 

Morse Watchmans (UK) Limited

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

The parent of the largest group in which these financial statements are consolidated is Touchpoint Inc, incorporated in the United States of America.

The address of Touchpoint Inc is:
210 N Brinton Lake Rd
Concordville
PA 19331
USA

Accounts for Touchpoint Inc are not publicly available..