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Company No: 04354929 (England and Wales)

MORRELL MIDDLETON AUDITORS LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

MORRELL MIDDLETON AUDITORS LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

MORRELL MIDDLETON AUDITORS LTD

COMPANY INFORMATION

For the financial year ended 31 January 2024
MORRELL MIDDLETON AUDITORS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTORS Natasha Louise Morrell
Stephen Jonathan Morrell
SECRETARY Stephen Jonathan Morrell
REGISTERED OFFICE Wellington House
Aviator Court
York
YO30 4UZ
United Kingdom
COMPANY NUMBER 04354929 (England and Wales)
ACCOUNTANT Morrell Middleton Auditors Ltd
Chartered Certified Accountants
Wellington House
Aviator Court
York
YO30 4UZ
MORRELL MIDDLETON AUDITORS LTD

BALANCE SHEET

As at 31 January 2024
MORRELL MIDDLETON AUDITORS LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 34,652 59,113
Tangible assets 4 322,924 378,298
Investments 5 166,712 166,712
524,288 604,123
Current assets
Stocks 246,668 204,168
Debtors
- due within one year 6 229,654 119,810
- due after more than one year 6 13,117 24,513
Cash at bank and in hand ( 58,438) ( 27,024)
431,001 321,467
Creditors: amounts falling due within one year 7 ( 66,334) ( 117,615)
Net current assets 364,667 203,852
Total assets less current liabilities 888,955 807,975
Creditors: amounts falling due after more than one year 8 ( 783,076) ( 663,966)
Net assets 105,879 144,009
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 105,779 143,909
Total shareholders' funds 105,879 144,009

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Morrell Middleton Auditors Ltd (registered number: 04354929) were approved and authorised for issue by the Board of Directors on 21 September 2024. They were signed on its behalf by:

Stephen Jonathan Morrell
Director
MORRELL MIDDLETON AUDITORS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
MORRELL MIDDLETON AUDITORS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Morrell Middleton Auditors Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wellington House, Aviator Court, York, YO30 4UZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings
Plant and machinery etc.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 611,869 611,869
At 31 January 2024 611,869 611,869
Accumulated amortisation
At 01 February 2023 552,756 552,756
Charge for the financial year 24,461 24,461
At 31 January 2024 577,217 577,217
Net book value
At 31 January 2024 34,652 34,652
At 31 January 2023 59,113 59,113

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2023 37,803 499,913 537,716
Additions 0 33,400 33,400
At 31 January 2024 37,803 578,340 616,143
Accumulated depreciation
At 01 February 2023 10,832 148,586 159,418
Charge for the financial year 3,780 84,996 88,776
At 31 January 2024 14,612 278,607 293,219
Net book value
At 31 January 2024 23,191 299,733 322,924
At 31 January 2023 26,971 351,327 378,298

5. Fixed asset investments

Investments in subsidiaries

2024
£
Carrying value at 31 January 2024 166,712
Carrying value at 31 January 2023 166,712

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 201,554 107,381
Other debtors 28,100 12,429
229,654 119,810
Debtors: amounts falling due after more than one year
Deferred tax asset 13,117 24,513

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 44,286 112,085
Taxation and social security 22,048 5,530
66,334 117,615

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 348,333 599,277
Amounts owed to joint ventures 114,431 62,245
Other creditors 320,312 2,444
783,076 663,966

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

2024 2023
£ £
At the beginning of financial year 24,513 24,513
Charged to the Profit and Loss Account ( 11,396) 0
At the end of financial year 13,117 24,513

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Ultimate controlling party

Parent Company:

Gravitas Accountants Ltd
Wellington House, York YO30 4UZ