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Registration number: 07116238

Morphsites Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Morphsites Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Morphsites Limited

Company Information

Directors

Mr D A Hurst

Mr P S Fairburn

Mr T P Savage

Registered office

The Undercroft
Eaglewood Park
Dillington
Ilminster
Somerset
TA19 9DQ

Accountants

Mitchams Chartered Accountants
1 Cornhill
Ilminster
Somerset
TA19 0AD

 

Morphsites Limited

(Registration number: 07116238)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

42,626

36,601

Investments

5

20,520

20,520

 

63,146

57,121

Current assets

 

Debtors

6

191,228

205,182

Cash at bank and in hand

 

289,348

310,599

 

480,576

515,781

Creditors: Amounts falling due within one year

7

(137,902)

(199,132)

Net current assets

 

342,674

316,649

Total assets less current liabilities

 

405,820

373,770

Creditors: Amounts falling due after more than one year

7

-

(46,691)

Provisions for liabilities

(10,657)

(9,150)

Net assets

 

395,163

317,929

Capital and reserves

 

Called up share capital

100

100

Retained earnings

395,063

317,829

Shareholders' funds

 

395,163

317,929

 

Morphsites Limited

(Registration number: 07116238)
Balance Sheet as at 31 January 2024

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 September 2024 and signed on its behalf by:
 

.........................................
Mr P S Fairburn
Director

 

Morphsites Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Undercroft
Eaglewood Park
Dillington
Ilminster
Somerset
TA19 9DQ

These financial statements were authorised for issue by the Board on 30 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Morphsites Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% - 50% straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Morphsites Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 37 (2023 - 35).

 

Morphsites Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

231,835

231,835

Additions

29,076

29,076

Disposals

(116,971)

(116,971)

At 31 January 2024

143,940

143,940

Depreciation

At 1 February 2023

195,234

195,234

Charge for the year

23,051

23,051

Eliminated on disposal

(116,971)

(116,971)

At 31 January 2024

101,314

101,314

Carrying amount

At 31 January 2024

42,626

42,626

At 31 January 2023

36,601

36,601

5

Investments

2024
£

2023
£

Investments in subsidiaries

20,520

20,520

Subsidiaries

£

Cost or valuation

At 1 February 2023

20,520

At 31 January 2024

20,520

Provision

At 1 February 2023

-

At 31 January 2024

-

Carrying amount

At 31 January 2024

20,520

At 31 January 2023

20,520

 

Morphsites Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

127,714

147,486

Other debtors

63,514

57,696

 

191,228

205,182

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

25,039

Trade creditors

 

2,511

11,358

Taxation and social security

 

100,995

120,873

Accruals and deferred income

 

29,118

38,290

Other creditors

 

5,278

3,572

 

137,902

199,132

Creditors due within one year include bank borrowings which are secured of £nil (2023 - £25,039).

Creditors due after one year include bank borrowings and hire purchase contracts which are secured of £nil (2023 - £46,691).

 

Morphsites Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

46,691

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

25,039

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £37,531 (2023 - £87,403). This commitment relates to non-cancellable operating leases over the remaining life of those leases, and is due over the following periods: £23,712 (2023 - £49,872) in one year, £13,819 (2023 - £23,712) in one to two years, and £nil (2023 - £13,819) in two to five years.

 

Morphsites Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

10

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr D A Hurst

Interest free loan to/(from) director

811

1,285

(811)

1,285

Mr P S Fairburn

Interest free loan to/(from) director

973

1,277

(973)

1,277

Mr J D Caulfield

Interest free loan to/(from) s/holder

322

424

(322)

424

Mr S J Hurst

Interest free loan to/(from) s/holder

218

354

(218)

354

Mr T P Savage

Interest free loan to/(from) director

372

5,174

(372)

5,174

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr D A Hurst

Interest free loan to/(from) director

1,080

811

(1,080)

811

Mr P S Fairburn

Interest free loan to/(from) director

1,267

973

(1,267)

973

Mr J D Caulfield

Interest free loan to/(from) s/holder

470

322

(470)

322

Mr S J Hurst

Interest free loan to/(from) s/holder

350

218

(350)

218

Mr T P Savage

Interest free loan to/(from) director

-

372

-

372