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COMPANY REGISTRATION NUMBER: 06635523
Morphose Ltd
Filleted Financial Statements
30 June 2023
Morphose Ltd
Financial Statements
Year ended 30 June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Morphose Ltd
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
9,157
6,927
Current assets
Debtors
6
426,964
190,437
Cash at bank and in hand
245
6,223
---------
---------
427,209
196,660
Creditors: amounts falling due within one year
7
235,028
102,600
---------
---------
Net current assets
192,181
94,060
---------
---------
Total assets less current liabilities
201,338
100,987
Creditors: amounts falling due after more than one year
8
27,905
27,205
Provisions
Taxation including deferred tax
9
2,289
1,732
---------
---------
Net assets
171,144
72,050
---------
---------
Capital and reserves
Called up share capital
289
289
Share premium account
168,309
168,309
Capital redemption reserve
47
47
Profit and loss account
2,499
( 96,595)
---------
---------
Shareholders funds
171,144
72,050
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Morphose Ltd
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
Mr R D Kilgour
Mr D J Seaton
Director
Director
Mr O J Jones
Mr N Atherton
Director
Director
Company registration number: 06635523
Morphose Ltd
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Mortimer Street, London, W1W 7RQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, in sterling, which is the functional and presentational currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, therefore the company continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 July 2022
6,097
6,230
12,327
Additions
2,192
3,089
5,281
-------
-------
--------
At 30 June 2023
8,289
9,319
17,608
-------
-------
--------
Depreciation
At 1 July 2022
2,404
2,996
5,400
Charge for the year
1,471
1,580
3,051
-------
-------
--------
At 30 June 2023
3,875
4,576
8,451
-------
-------
--------
Carrying amount
At 30 June 2023
4,414
4,743
9,157
-------
-------
--------
At 30 June 2022
3,693
3,234
6,927
-------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
11,591
494
Other debtors
415,373
189,943
---------
---------
426,964
190,437
---------
---------
A contingent asset of £363,830 relating to a customer contract has not been recognised in the financial statements.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,223
8,154
Trade creditors
32,865
15,610
Corporation tax
45,630
16,943
Social security and other taxes
12,577
4,115
Other creditors
139,733
57,778
---------
---------
235,028
102,600
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,905
27,205
--------
--------
9. Provisions
Deferred tax
£
At 1 July 2022
1,732
Additions
557
-------
At 30 June 2023
2,289
-------
10. Summary audit opinion
The auditor's report dated 17 September 2024 was unqualified .
The senior statutory auditor was Alexander Baker , for and on behalf of Burgess Hodgson LLP .
11. Directors' advances, credits and guarantees
During the year aggregate advances of £68,480 (2022: £54,770) were made to a director and repayments were received totalling £218,577 (2022: £46,624). During the year interest of £1,761 (2022: £2,726) was charged on the overdrawn balance.
12. Related party transactions
At the balance sheet date, the parent of a director owed the company £37,068 (2022: £37,068). No interest was charged on this loan. At the year end the company owed the Directors £58,979 (2022: £38,825). At the year end the company owed £6,418 (2022: £6,418) to a shareholder of the company. At the year end the company was owed £374 (2022: £494) by a company associated by common directorship.