REGISTERED NUMBER: |
MEIBION MAESYCASTELL LIMITED |
TRADING AS |
MORGAN & MORGAN |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
REGISTERED NUMBER: |
MEIBION MAESYCASTELL LIMITED |
TRADING AS |
MORGAN & MORGAN |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617) |
TRADING AS MORGAN & MORGAN |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 4 |
MEIBION MAESYCASTELL LIMITED |
TRADING AS MORGAN & MORGAN |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
3 New Mill Court |
Enterprise Park |
Swansea |
SA7 9FG |
Bankers: |
PO Box 42 |
Carmarthen |
Carmarthenshire |
SA31 1WS |
Solicitors: |
The Old Surgery |
5 Church Street |
Llandybie |
Ammanford |
SA18 3HZ |
MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617) |
TRADING AS MORGAN & MORGAN |
BALANCE SHEET |
30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
Tangible assets | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617) |
TRADING AS MORGAN & MORGAN |
BALANCE SHEET - continued |
30 NOVEMBER 2023 |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617) |
TRADING AS MORGAN & MORGAN |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | Statutory information |
Meibion Maesycastell Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts invoiced for the supply of office equipment, stationery, computer equipment, maintenance and support, net of VAT and trade discounts and is recognised when the goods or services are delivered to the customer. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Computer software capitalised in the year consists of the development of software that is not complete at the balance sheet date. Completion is expected in 2023 at which point the useful life of the software will be determined and amortised appropriately. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows: |
Leasehold land and buildings | - on a straight line basis over the term of the lease |
Fixtures and fittings | - 20% on cost and 10% on cost |
Motor vehicles | - 20% on cost |
Stocks |
Stock consists of office equipment, furniture, stationery and computer equipment held for resale and is valued at the lower of cost or net realisable value. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks, other third parties and loans to related parties. |
MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617) |
TRADING AS MORGAN & MORGAN |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | Accounting policies - continued |
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. |
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. |
Leasing |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Principal activity |
The principal activity of the company in the year under review was that of the retail and maintenance of office equipment, furniture, stationery and I.T. equipment. |
4. | Employees and directors |
The average number of employees during the year was |
MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617) |
TRADING AS MORGAN & MORGAN |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
5. | Intangible fixed assets |
Other |
intangible |
assets |
£ |
Cost |
At 1 December 2022 |
Additions |
At 30 November 2023 |
Amortisation |
Charge for year |
At 30 November 2023 |
Net book value |
At 30 November 2023 |
At 30 November 2022 |
6. | Tangible fixed assets |
Land & | Fixtures |
buildings | and | Motor |
leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2023 |
Depreciation |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2023 |
Net book value |
At 30 November 2023 |
At 30 November 2022 |
Land and buildings leasehold are improvements to short term leased premises at 22a Heol Stanllyd, Cross Hands Business Park, Cross Hands. The term of the lease is 26 years ending 31 October 2029. |
MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617) |
TRADING AS MORGAN & MORGAN |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Accrued income |
Prepayments |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
VAT |
Other creditors |
Pension |
Accruals |
Deferred government grants |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
Deferred government grants |
10. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 238,651 | 198,849 |
The bank overdraft is secured by a fixed and floating charge over the assets of the company, held by Barclays Bank plc. The debenture is dated 2 October 1997. |
Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned. |
MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617) |
TRADING AS MORGAN & MORGAN |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
11. | Other financial commitments |
The company had total other commitments at the balance sheet date of £198,450 (2022; £238,671). |