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REGISTERED NUMBER: 02459295 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 31st March 2024

for

Morgan Textile Agencies Limited

Morgan Textile Agencies Limited (Registered number: 02459295)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Morgan Textile Agencies Limited

Company Information
for the Year Ended 31st March 2024







DIRECTOR: Mr D J Morgan





REGISTERED OFFICE: 48 Britannia Way
Britannia Enterprise Park
Lichfield
Staffordshire
WS14 9UY





REGISTERED NUMBER: 02459295 (England and Wales)





ACCOUNTANTS: Rice & Co Limited
Chartered Accountants
14a Market Place
Uttoxeter
Staffordshire
ST14 8HP

Morgan Textile Agencies Limited (Registered number: 02459295)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,333 22,859

CURRENT ASSETS
Stocks 179,186 287,740
Debtors 5 81,973 179,799
Cash at bank and in hand 137,154 252,450
398,313 719,989
CREDITORS
Amounts falling due within one year 6 106,084 173,128
NET CURRENT ASSETS 292,229 546,861
TOTAL ASSETS LESS CURRENT
LIABILITIES

312,562

569,720

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 312,362 569,520
SHAREHOLDERS' FUNDS 312,562 569,720

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Textile Agencies Limited (Registered number: 02459295)

Balance Sheet - continued
31st March 2024


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 director and authorised for issue on 14th August 2024 and were signed by:





Mr D J Morgan - Director


Morgan Textile Agencies Limited (Registered number: 02459295)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

Morgan Textile Agencies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprises the value of sales ( excluding VAT, similar taxes and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when goods are delivered and hence is the point at which risk and rewards of ownership pass to the buyer. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year 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.


Morgan Textile Agencies Limited (Registered number: 02459295)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued
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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Settlements in foreign currencies are translated into sterling at an average rate of exchange for the year. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st April 2023 36,831 155,708 31,699 20,062 244,300
Additions - - - 2,165 2,165
At 31st March 2024 36,831 155,708 31,699 22,227 246,465
DEPRECIATION
At 1st April 2023 31,989 148,499 24,568 16,385 221,441
Charge for year 726 1,082 1,783 1,100 4,691
At 31st March 2024 32,715 149,581 26,351 17,485 226,132
NET BOOK VALUE
At 31st March 2024 4,116 6,127 5,348 4,742 20,333
At 31st March 2023 4,842 7,209 7,131 3,677 22,859


Morgan Textile Agencies Limited (Registered number: 02459295)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 71,065 144,929
Other debtors 10,908 34,870
81,973 179,799

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 78,739 147,174
Taxation and social security 20,421 19,085
Other creditors 6,924 6,869
106,084 173,128

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 26,500