IRIS Accounts Production v24.2.0.383 07037174 Board of Directors Board of Directors 1.2.23 31.1.24 31.1.24 false true false false false true false Ordinary 1.00000 460186 341024 229552 279162 223425 160000 466313 460186 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070371742023-01-31070371742024-01-31070371742023-02-012024-01-31070371742022-01-31070371742022-02-012023-01-31070371742023-01-3107037174ns15:EnglandWales2023-02-012024-01-3107037174ns14:PoundSterling2023-02-012024-01-3107037174ns10:Director12023-02-012024-01-3107037174ns10:Director22023-02-012024-01-3107037174ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3107037174ns10:SmallEntities2023-02-012024-01-3107037174ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3107037174ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3107037174ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3107037174ns10:FullAccounts2023-02-012024-01-310703717412023-02-012024-01-3107037174ns10:OrdinaryShareClass12023-02-012024-01-310703717442ns10:Director22023-01-310703717442ns10:Director22022-01-310703717442ns10:Director22023-02-012024-01-310703717442ns10:Director22022-02-012023-01-310703717442ns10:Director22024-01-310703717442ns10:Director22023-01-3107037174ns10:Director32023-02-012024-01-3107037174ns10:RegisteredOffice2023-02-012024-01-3107037174ns5:CurrentFinancialInstruments2024-01-3107037174ns5:CurrentFinancialInstruments2023-01-3107037174ns5:Non-currentFinancialInstruments2024-01-3107037174ns5:Non-currentFinancialInstruments2023-01-3107037174ns5:ShareCapital2024-01-3107037174ns5:ShareCapital2023-01-3107037174ns5:RetainedEarningsAccumulatedLosses2024-01-3107037174ns5:RetainedEarningsAccumulatedLosses2023-01-3107037174ns5:NetGoodwill2023-02-012024-01-3107037174ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3107037174ns5:NetGoodwill2023-01-3107037174ns5:NetGoodwill2024-01-3107037174ns5:NetGoodwill2023-01-3107037174ns5:LandBuildings2023-01-3107037174ns5:PlantMachinery2023-01-3107037174ns5:FurnitureFittings2023-01-3107037174ns5:LandBuildings2023-02-012024-01-3107037174ns5:PlantMachinery2023-02-012024-01-3107037174ns5:FurnitureFittings2023-02-012024-01-3107037174ns5:LandBuildings2024-01-3107037174ns5:PlantMachinery2024-01-3107037174ns5:FurnitureFittings2024-01-3107037174ns5:LandBuildings2023-01-3107037174ns5:PlantMachinery2023-01-3107037174ns5:FurnitureFittings2023-01-3107037174ns5:MotorVehicles2023-01-3107037174ns5:ComputerEquipment2023-01-3107037174ns5:MotorVehicles2023-02-012024-01-3107037174ns5:ComputerEquipment2023-02-012024-01-3107037174ns5:MotorVehicles2024-01-3107037174ns5:ComputerEquipment2024-01-3107037174ns5:MotorVehicles2023-01-3107037174ns5:ComputerEquipment2023-01-3107037174ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-3107037174ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3107037174ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-01-3107037174ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-3107037174ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3107037174ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3107037174ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-01-3107037174ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-01-3107037174ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-01-3107037174ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-01-3107037174ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-01-3107037174ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-01-3107037174ns5:Secured2024-01-3107037174ns5:Secured2023-01-3107037174ns10:OrdinaryShareClass12024-01-31070371741ns10:Director12023-01-31070371741ns10:Director12022-01-31070371741ns10:Director12023-02-012024-01-31070371741ns10:Director12022-02-012023-01-31070371741ns10:Director12024-01-31070371741ns10:Director12023-01-31
REGISTERED NUMBER: 07037174 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

MORGAN BROS (METALWORK SOLUTIONS) LTD

MORGAN BROS (METALWORK SOLUTIONS) LTD (REGISTERED NUMBER: 07037174)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MORGAN BROS (METALWORK SOLUTIONS) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: P W Morgan
T J Morgan
M Prendergast





REGISTERED OFFICE: Unit 1 Chapel Lane Business Park
Chapel Lane
Coppull
Chorley
Lancashire
PR7 4NB





REGISTERED NUMBER: 07037174 (England and Wales)





ACCOUNTANTS: Wallwork Nelson & Johnson
Chandler House
7 Ferry Road Office Park
Riversway
PRESTON
Lancashire
PR2 2YH

MORGAN BROS (METALWORK SOLUTIONS) LTD (REGISTERED NUMBER: 07037174)

BALANCE SHEET
31 JANUARY 2024

31/1/24 31/1/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 886,357 1,021,062
886,357 1,021,062

CURRENT ASSETS
Stocks 828,083 347,636
Debtors 6 880,418 1,150,723
Cash at bank and in hand 3,589 17,340
1,712,090 1,515,699
CREDITORS
Amounts falling due within one year 7 792,667 691,364
NET CURRENT ASSETS 919,423 824,335
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,805,780

1,845,397

CREDITORS
Amounts falling due after more than one
year

8

(319,899

)

(389,704

)

PROVISIONS FOR LIABILITIES (56,484 ) (53,175 )
NET ASSETS 1,429,397 1,402,518

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,429,297 1,402,418
SHAREHOLDERS' FUNDS 1,429,397 1,402,518

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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 BROS (METALWORK SOLUTIONS) LTD (REGISTERED NUMBER: 07037174)

BALANCE SHEET - continued
31 JANUARY 2024


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 9 September 2024 and were signed on its behalf by:




P W Morgan - Director



T J Morgan - Director


MORGAN BROS (METALWORK SOLUTIONS) LTD (REGISTERED NUMBER: 07037174)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Morgan Bros (Metalwork Solutions) 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life

Property improvements- 10% on cost
Fixtures and fittings- 15% on reducing balance
Motor vehicles- 25% on reducing balance
Plant and machinery- 15% on reducing balance

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.


MORGAN BROS (METALWORK SOLUTIONS) LTD (REGISTERED NUMBER: 07037174)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis of accounting in preparing the annual financial statements has been adopted.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2023 - 40 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 73,174
AMORTISATION
At 1 February 2023
and 31 January 2024 73,174
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

MORGAN BROS (METALWORK SOLUTIONS) LTD (REGISTERED NUMBER: 07037174)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2023 507,950 919,596 11,684
Additions - 15,580 3,020
Disposals - - -
At 31 January 2024 507,950 935,176 14,704
DEPRECIATION
At 1 February 2023 47,273 628,656 8,235
Charge for year 8,316 45,970 743
Eliminated on disposal - - -
At 31 January 2024 55,589 674,626 8,978
NET BOOK VALUE
At 31 January 2024 452,361 260,550 5,726
At 31 January 2023 460,677 290,940 3,449

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 351,476 5,470 1,796,176
Additions 52,865 - 71,465
Disposals (135,620 ) - (135,620 )
At 31 January 2024 268,721 5,470 1,732,021
DEPRECIATION
At 1 February 2023 88,235 2,715 775,114
Charge for year 47,896 821 103,746
Eliminated on disposal (33,196 ) - (33,196 )
At 31 January 2024 102,935 3,536 845,664
NET BOOK VALUE
At 31 January 2024 165,786 1,934 886,357
At 31 January 2023 263,241 2,755 1,021,062

MORGAN BROS (METALWORK SOLUTIONS) LTD (REGISTERED NUMBER: 07037174)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2023 324,262
Additions 52,865
Disposals (135,620 )
At 31 January 2024 241,507
DEPRECIATION
At 1 February 2023 85,659
Charge for year 46,381
Eliminated on disposal (33,196 )
At 31 January 2024 98,844
NET BOOK VALUE
At 31 January 2024 142,663
At 31 January 2023 238,603

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Trade debtors 291,366 366,664
Other debtors 499 -
Amounts due from related parties 35,067 144,059
Directors' current accounts 466,313 460,186
Tax 71,078 162,589
Prepayments 16,095 17,225
880,418 1,150,723

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Bank loans and overdrafts 81,806 107,904
Hire purchase contracts 56,619 90,899
Trade creditors 385,579 333,485
Tax - (556 )
Social security and other taxes 31,200 25,236
VAT 64,419 28,935
Other creditors 148,956 33,741
Amounts owed to related parties - 16,270
Accruals and deferred income 24,088 55,450
792,667 691,364

MORGAN BROS (METALWORK SOLUTIONS) LTD (REGISTERED NUMBER: 07037174)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/1/24 31/1/23
£    £   
Bank loans - 1-2 years 28,512 28,512
Bank loans - 2-5 years 85,537 70,537
Bank loans more 5 yr by instal 59,253 97,043
Hire purchase contracts 146,597 193,612
319,899 389,704

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 59,253 97,043

9. SECURED DEBTS

The following secured debts are included within creditors:

31/1/24 31/1/23
£    £   
Hire purchase contracts 203,216 284,511
Bank Loans 201,814 224,605
405,030 509,116

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/1/24 31/1/23
value: £    £   
100 Ordinary 1 100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

31/1/24 31/1/23
£    £   
P W Morgan and T J Morgan
Balance outstanding at start of year 460,186 341,024
Amounts advanced 229,552 279,162
Amounts repaid (223,425 ) (160,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 466,313 460,186

Interest is charged on the director's loan account at 2.25% , in line with HMRC's official rate.

MORGAN BROS (METALWORK SOLUTIONS) LTD (REGISTERED NUMBER: 07037174)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

12. RELATED PARTY DISCLOSURES

Morgan Bros (Leisure) Limited is a company related by common control.

During the year, the company invoiced Morgan Bros (Leisure) Limited for services totalling £193,146 excl. VAT, and received payments of £189,771. In addition to various monies being loaned and repaid between the companies, management charges of £175,000 excl. VAT were charged by the company to Morgan Bros (Leisure) Limited.

At 31 January 2024, included within debtors, was a balance owed from Morgan Bros (Leisure) Limited of £96,842 (2023: £163,332). For presentational purposes, this balance is split between Amounts owed from group undertakings (£35,067) and Trade debtors (£61,775).

No interest is charged on outstanding amounts by agreement.