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COMPANY REGISTRATION NUMBER: 05051034
Morris Holdings (U.K.) Ltd
Filleted Unaudited Financial Statements
31 December 2023
Morris Holdings (U.K.) Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
4,397
7,512
Current assets
Stocks
200
Debtors
7
94,343
120,777
Cash at bank and in hand
2,979
16,967
--------
---------
97,322
137,944
Creditors: amounts falling due within one year
8
10,455
4,241
--------
---------
Net current assets
86,867
133,703
--------
---------
Total assets less current liabilities
91,264
141,215
Creditors: amounts falling due after more than one year
9
6,322
7,339
Provisions
835
1,427
--------
---------
Net assets
84,107
132,449
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
84,007
132,349
--------
---------
Shareholders funds
84,107
132,449
--------
---------
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.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Morris Holdings (U.K.) Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr S P Morris
Director
Company registration number: 05051034
Morris Holdings (U.K.) Ltd
Notes to the Financial Statements
Year ended 31 December 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 17b Mile Oak Industrial Estate, Maesbury Road, Oswestry, Shropshire, SY10 8GA.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
10% straight line
Plant and machinery
-
33% straight line
Fixtures and fittings
-
33% straight line
Motor vehicles
-
33% / 25% Straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
44,964
--------
Amortisation
At 1 January 2023 and 31 December 2023
44,964
--------
Carrying amount
At 31 December 2023
--------
At 31 December 2022
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
2,784
49,767
10,025
58,956
121,532
Additions
3,802
1,365
5,167
Disposals
( 2,383)
( 1,766)
( 4,149)
-------
--------
--------
--------
---------
At 31 December 2023
2,784
51,186
9,624
58,956
122,550
-------
--------
--------
--------
---------
Depreciation
At 1 January 2023
2,784
48,367
9,522
53,347
114,020
Charge for the year
1,967
706
5,609
8,282
Disposals
( 2,383)
( 1,766)
( 4,149)
-------
--------
--------
--------
---------
At 31 December 2023
2,784
47,951
8,462
58,956
118,153
-------
--------
--------
--------
---------
Carrying amount
At 31 December 2023
3,235
1,162
4,397
-------
--------
--------
--------
---------
At 31 December 2022
1,400
503
5,609
7,512
-------
--------
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
3,627
336
Other debtors
90,716
120,441
--------
---------
94,343
120,777
--------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,129
1,130
Trade creditors
2,224
Social security and other taxes
1,368
Other creditors
7,102
1,743
--------
-------
10,455
4,241
--------
-------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
6,322
7,339
-------
-------
10. Director's advances, credits and guarantees
The director operates a current account with the company. At the start of the year the amount owed to the Director was £190, and with net movement of £3,979, the amount owed to the Director at the end of the year was £4,169. No interest has been charged in respect of this loan which is repayable on demand.
11. Related party transactions
The company rented offices from one of the directors. In the period the total rent paid was £24,000.