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Registration number: 03747953

Morvan Trading Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Morvan Trading Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Morvan Trading Limited

(Registration number: 03747953)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

7,064

7,995

Current assets

 

Stocks

510,393

408,137

Debtors

6

106,730

98,807

Cash at bank and in hand

 

404,926

373,010

 

1,022,049

879,954

Creditors: Amounts falling due within one year

7

(368,817)

(198,266)

Net current assets

 

653,232

681,688

Total assets less current liabilities

 

660,296

689,683

Provisions for liabilities

(1,766)

(1,999)

Net assets

 

658,530

687,684

Capital and reserves

 

Called up share capital

100

100

Retained earnings

658,430

687,584

Shareholders' funds

 

658,530

687,684

 

Morvan Trading Limited

(Registration number: 03747953)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 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 10 October 2024 and signed on its behalf by:
 

.........................................
Mr Richard John Eves
Company secretary and director

 

Morvan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

The principal place of business is:
Old Cottage
Goodworth Clatford
Andover
Hampshire
SP11 7QY
England

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of the sale of cables and connectors. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

 

Morvan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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

Plant and machinery

20% of net book value

Equipment

20% of net book value

Property Improvements

33.3% of net book value

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.

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

 

Morvan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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

Taxation

2024

2023

£

£

Corporation tax

65,517

59,862

Deferred tax

(233)

(420)

65,284

59,442

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

 

Morvan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 June 2023

10,600

7,277

12,210

12,964

Additions

-

-

-

1,054

Disposals

-

-

-

(697)

At 31 May 2024

10,600

7,277

12,210

13,321

Depreciation

At 1 June 2023

10,600

6,922

8,861

8,673

Charge for the year

-

118

670

946

Eliminated on disposal

-

-

-

(446)

At 31 May 2024

10,600

7,040

9,531

9,173

Carrying amount

At 31 May 2024

-

237

2,679

4,148

At 31 May 2023

-

355

3,349

4,291

Total
£

Cost or valuation

At 1 June 2023

43,051

Additions

1,054

Disposals

(697)

At 31 May 2024

43,408

Depreciation

At 1 June 2023

35,056

Charge for the year

1,734

Eliminated on disposal

(446)

At 31 May 2024

36,344

Carrying amount

At 31 May 2024

7,064

At 31 May 2023

7,995

 

Morvan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

106,605

98,807

Other debtors

125

-

 

106,730

98,807

 

Morvan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

48,962

21,602

Amounts owed to related parties

8

110,844

88,478

Taxation and social security

 

89,308

85,388

Other creditors

 

119,703

2,798

 

368,817

198,266

8

Related party transactions

Summary of transactions with other related parties

Morvan Investments Limited (parent company). At the balance sheet date the amount due to Morvan Investments Limited was £110,844 (2023: £88,478).