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Registered number: 12510186
Morph Design Studio Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
LK & Associates Limited
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Chartered Accountant's report to the director on the preparation of the unaudited statutory accounts of Morph Design Studio Ltd for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Morph Design Studio Ltd for the year ended 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Morph Design Studio Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Morph Design Studio Ltd and state those matters that we have agreed to state to the director of Morph Design Studio Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Morph Design Studio Ltd and its director, as a body, for our work or for this report.
It is your duty to ensure that Morph Design Studio Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Morph Design Studio Ltd . You consider that Morph Design Studio Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Morph Design Studio Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
LK & Associates Limited
31/07/2024
LK & Associates Limited
ICAEW Chartered Accountants
2a High Street
Thames Ditton
KT7 0RY
Page 1
Page 2
Balance Sheet
Registered number: 12510186
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 78,917 27,930
78,917 27,930
CURRENT ASSETS
Debtors 5 25,239 22,378
Cash at bank and in hand 101,695 127,797
126,934 150,175
Creditors: Amounts Falling Due Within One Year 6 (60,081 ) (82,071 )
NET CURRENT ASSETS (LIABILITIES) 66,853 68,104
TOTAL ASSETS LESS CURRENT LIABILITIES 145,770 96,034
Creditors: Amounts Falling Due After More Than One Year 7 (52,813 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,252 ) (5,278 )
NET ASSETS 78,705 90,756
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 78,705 90,755
SHAREHOLDERS' FUNDS 78,706 90,756
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Page 3
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
N C Head
Director
31/07/2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Morph Design Studio Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12510186 . The registered office is 2A High Street, Thames Ditton, Surrey, KT7 ORY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20%
Fixtures & Fittings 20%
Computer Equipment 20%
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 April 2023 37,981
Additions 74,652
Disposals (27,495 )
As at 31 March 2024 85,138
Depreciation
As at 1 April 2023 10,051
Provided during the period 6,240
Disposals (10,070 )
As at 31 March 2024 6,221
Net Book Value
As at 31 March 2024 78,917
As at 1 April 2023 27,930
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 20,962 16,317
Other debtors 4,277 6,061
25,239 22,378
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,916 16,677
Trade creditors - 5,780
Other creditors 10,776 5,644
Taxation and social security 41,389 53,970
60,081 82,071
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 52,813 -
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8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 7,916 16,677
Later than one year and not later than five years 52,813 -
60,729 16,677
60,729 16,677
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Nicholas Head 1,662 - - - 1,662
The above loan is unsecured, interest free and repaid within 9 months after Year Ending.
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