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Company Registration No. 12128476 (England and Wales)
Morgan Latif Ltd. Unaudited accounts for the period from 1 August 2022 to 31 December 2023
Morgan Latif Ltd. Unaudited accounts Contents
Page
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Morgan Latif Ltd. Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
93,402 
79,754 
Current assets
Debtors
1,090,280 
568,596 
Cash at bank and in hand
343,737 
535,896 
1,434,017 
1,104,492 
Creditors: amounts falling due within one year
(510,792)
(227,639)
Net current assets
923,225 
876,853 
Total assets less current liabilities
1,016,627 
956,607 
Creditors: amounts falling due after more than one year
(39,293)
(51,838)
Provisions for liabilities
Deferred tax
(23,324)
(14,683)
Net assets
954,010 
890,086 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
953,910 
889,986 
Shareholders' funds
954,010 
890,086 
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2024 and were signed on its behalf by
O Morgan Director Company Registration No. 12128476
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Morgan Latif Ltd. Notes to the Accounts for the period from 1 August 2022 to 31 December 2023
1
Statutory information
Morgan Latif Ltd. is a private company, limited by shares, registered in England and Wales, registration number 12128476. The registered office is 128 City Road, London, London, EC1V 2NX, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred taxation
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 accounts. 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.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Morgan Latif Ltd. Notes to the Accounts for the period from 1 August 2022 to 31 December 2023
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 August 2022
98,672 
Additions
66,546 
At 31 December 2023
165,218 
Depreciation
At 1 August 2022
18,918 
Charge for the period
52,898 
At 31 December 2023
71,816 
Net book value
At 31 December 2023
93,402 
At 31 July 2022
79,754 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
678,779 
324,105 
Other debtors
411,501 
244,491 
1,090,280 
568,596 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
6,500 
6,000 
Trade creditors
44,314 
47,521 
Taxes and social security
167,342 
155,616 
Other creditors
292,636 
18,502 
510,792 
227,639 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
39,293 
51,838 
8
Average number of employees
During the period the average number of employees was 24 (2022: 11).
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