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REGISTERED NUMBER: 02174066 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MORGAN INNOVATION & TECHNOLOGY LTD

MORGAN INNOVATION & TECHNOLOGY LTD (REGISTERED NUMBER: 02174066)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MORGAN INNOVATION & TECHNOLOGY LTD

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: N Clarke
J Quest
H Clarke
Mrs S Clarke





SECRETARY: Mrs S Clarke





REGISTERED OFFICE: Unit 17
Petersfield Business Park
Bedford Road
Petersfield
Hampshire
GU32 3QA





REGISTERED NUMBER: 02174066 (England and Wales)





ACCOUNTANTS: Durrants, Chartered Accountants
24 Wellington Business Park
Dukes Ride
Crowthorne
Berkshire
RG45 6LS

MORGAN INNOVATION & TECHNOLOGY LTD (REGISTERED NUMBER: 02174066)

BALANCE SHEET
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,580 13,497

CURRENT ASSETS
Stocks 71,363 109,172
Debtors 5 556,149 612,946
Cash at bank and in hand 419,817 267,843
1,047,329 989,961
CREDITORS
Amounts falling due within one year 6 623,475 344,563
NET CURRENT ASSETS 423,854 645,398
TOTAL ASSETS LESS CURRENT LIABILITIES 429,434 658,895

CREDITORS
Amounts falling due after more than one year 7 218,518 29,630
NET ASSETS 210,916 629,265

CAPITAL AND RESERVES
Called up share capital 9 970 970
Retained earnings 209,946 628,295
SHAREHOLDERS' FUNDS 210,916 629,265

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MORGAN INNOVATION & TECHNOLOGY LTD (REGISTERED NUMBER: 02174066)

BALANCE SHEET - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2024 and were signed on its behalf by:





N Clarke - Director


MORGAN INNOVATION & TECHNOLOGY LTD (REGISTERED NUMBER: 02174066)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Morgan Innovation & Technology Ltd 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 represents revenue earned under a wide variety of contracts to provide services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at fair value of the right to consideration, which represents amounts chargeable to customers excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - over the life of the lease
Plant and machinery etc - 33% on cost and 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


MORGAN INNOVATION & TECHNOLOGY LTD (REGISTERED NUMBER: 02174066)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and 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.

Debtors and creditors receivable / payable within one year
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
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 25 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 182,109 224,784 406,893
DEPRECIATION
At 1 January 2023 174,932 218,464 393,396
Charge for year 3,198 4,719 7,917
At 31 December 2023 178,130 223,183 401,313
NET BOOK VALUE
At 31 December 2023 3,979 1,601 5,580
At 31 December 2022 7,177 6,320 13,497

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 217,865 333,786
Other debtors 338,284 279,160
556,149 612,946

MORGAN INNOVATION & TECHNOLOGY LTD (REGISTERED NUMBER: 02174066)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans and overdrafts 61,112 11,111
Trade creditors 123,276 88,263
Taxation and social security 18,998 17,870
Other creditors 420,089 227,319
623,475 344,563

Bank loans totalling £50,000 (2022: nil) are secured by a fixed and floating charge over all of the company's assets.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans 218,518 29,630

Bank loans totalling £200,000 (2022: nil) are secured by a fixed and floating charge over all of the company's assets.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/12/23 31/12/22
£    £   
Within one year 57,647 57,647
Between one and five years 288,235 288,235
In more than five years 57,647 115,294
403,529 461,176

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
790 Ordinary £1 790 790
180 Ordinary A £1 180 180
970 970

10. RELATED PARTY DISCLOSURES

Included within the other debtors, is a loan in the sum of £152,443 (2022: £147,348) to Deck42 Ltd a company in which J Quest and N Clarke are directors. During the year the company recharged expenses of £5,095 to Deck42 Ltd.

During the year, the company received consultancy services for the total value of £4,300 from Salurate Ltd, a company in which H M Clarke and S E Clarke are directors and shareholders. The balance owed from Salurate Ltd at the year end was £5,160 (2022: £19,330).

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are H M Clarke and S E Clarke with direct management control and a majority shareholding in the company.