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REGISTERED NUMBER: 08606941 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST AUGUST 2023

FOR

MORTON MOTORS LIMITED

MORTON MOTORS LIMITED (REGISTERED NUMBER: 08606941)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


MORTON MOTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2023







Director: S J Tinton





Secretary: Mrs D J Tinton





Registered office: Wonastow Industrial Estate East
Wonastow Road
Monmouth
Monmouthshire
NP25 5JB





Registered number: 08606941 (England and Wales)

MORTON MOTORS LIMITED (REGISTERED NUMBER: 08606941)

BALANCE SHEET
31ST AUGUST 2023

31.8.23 31.8.22
Notes £ £ £ £
Fixed assets
Intangible assets 4 - 12,044
Tangible assets 5 14,712 18,401
14,712 30,445

Current assets
Stocks 6 3,375 4,987
Debtors 7 6,741 7,769
Cash at bank and in hand 189,426 203,193
199,542 215,949
Creditors
Amounts falling due within one year 8 103,745 107,607
Net current assets 95,797 108,342
Total assets less current liabilities 110,509 138,787

Provisions for liabilities 10 3,700 4,600
Net assets 106,809 134,187

Capital and reserves
Called up share capital 11 100 100
Retained earnings 106,709 134,087
Shareholders' funds 106,809 134,187

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2023 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.

MORTON MOTORS LIMITED (REGISTERED NUMBER: 08606941)

BALANCE SHEET - continued
31ST AUGUST 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21st August 2024 and were signed by:





S J Tinton - Director


MORTON MOTORS LIMITED (REGISTERED NUMBER: 08606941)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023


1. Statutory information

Morton Motors 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life:

Plant & equipment25% straight line
Computer equipment33% straight line
Furniture & fixtures25% straight line
Motor vehicles20% straight line

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 Statement of Income and Retained Earnings, 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.


MORTON MOTORS LIMITED (REGISTERED NUMBER: 08606941)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


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 & 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.

MORTON MOTORS LIMITED (REGISTERED NUMBER: 08606941)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.




MORTON MOTORS LIMITED (REGISTERED NUMBER: 08606941)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


2. Accounting policies - continued
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducing all of its liabilities.
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

3. Employees (including officers)

The average number of employees during the year was 5 (2022 - 5 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1st September 2022
and 31st August 2023 120,440
Amortisation
At 1st September 2022 108,396
Amortisation for year 12,044
At 31st August 2023 120,440
Net book value
At 31st August 2023 -
At 31st August 2022 12,044

MORTON MOTORS LIMITED (REGISTERED NUMBER: 08606941)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


5. Tangible fixed assets
Plant & Furniture & Motor Computer
equipment fixtures vehicles equipment Totals
£ £ £ £ £
Cost
At 1st September 2022 68,399 1,309 48,748 630 119,086
Additions 5,015 - - - 5,015
At 31st August 2023 73,414 1,309 48,748 630 124,101
Depreciation
At 1st September 2022 65,187 1,075 33,793 630 100,685
Charge for year 3,485 234 4,985 - 8,704
At 31st August 2023 68,672 1,309 38,778 630 109,389
Net book value
At 31st August 2023 4,742 - 9,970 - 14,712
At 31st August 2022 3,212 234 14,955 - 18,401

6. Stocks
31.8.23 31.8.22
£ £
Goods for resale 3,375 4,987

7. Debtors: amounts falling due within one year
31.8.23 31.8.22
£ £
Trade debtors 4,183 5,391
Prepayments 2,558 2,378
6,741 7,769

8. Creditors: amounts falling due within one year
31.8.23 31.8.22
£ £
Trade creditors 26,710 17,259
Corporation tax 25,327 14,535
Social security & other taxes 11,555 12,862
Other creditors 15,511 10,724
Director's loan account 24,642 52,227
103,745 107,607

MORTON MOTORS LIMITED (REGISTERED NUMBER: 08606941)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.23 31.8.22
£ £
Within one year 23,000 20,425
Between one and five years 23,000 40,850
46,000 61,275

10. Provisions for liabilities
31.8.23 31.8.22
£ £
Deferred tax 3,700 4,600

Deferred tax
£
Balance at 1st September 2022 4,600
Accelerated capital allowances (900 )
Balance at 31st August 2023 3,700

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £ £
100 Ordinary £1 100 100

12. Contingent liabilities

There were no contingent liabilities as at 31st August 2023.

13. Related party disclosures

S J Tinton
During the year, the director used a current account with the company to record amounts due to them and amounts drawn by them. The balance at the end of the year was £24,642 (2022: £52,227), owed by the company.