IRIS Accounts Production v24.3.0.553 00747644 Board of Directors 29.1.23 27.1.24 27.1.24 9.7.2024 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh007476442023-01-28007476442024-01-27007476442023-01-292024-01-27007476442022-01-29007476442022-01-302023-01-28007476442023-01-2800747644ns15:EnglandWales2023-01-292024-01-2700747644ns14:PoundSterling2023-01-292024-01-2700747644ns10:Director12023-01-292024-01-2700747644ns10:PrivateLimitedCompanyLtd2023-01-292024-01-2700747644ns10:SmallEntities2023-01-292024-01-2700747644ns10:Audited2023-01-292024-01-2700747644ns10:SmallCompaniesRegimeForDirectorsReport2023-01-292024-01-2700747644ns10:SmallCompaniesRegimeForAccounts2023-01-292024-01-2700747644ns10:FullAccounts2023-01-292024-01-2700747644ns10:Director22023-01-292024-01-2700747644ns10:CompanySecretary12023-01-292024-01-2700747644ns10:RegisteredOffice2023-01-292024-01-2700747644ns5:CurrentFinancialInstruments2024-01-2700747644ns5:CurrentFinancialInstruments2023-01-2800747644ns5:Non-currentFinancialInstruments2024-01-2700747644ns5:Non-currentFinancialInstruments2023-01-2800747644ns5:ShareCapital2024-01-2700747644ns5:ShareCapital2023-01-2800747644ns5:CapitalRedemptionReserve2024-01-2700747644ns5:CapitalRedemptionReserve2023-01-2800747644ns5:RetainedEarningsAccumulatedLosses2024-01-2700747644ns5:RetainedEarningsAccumulatedLosses2023-01-2800747644ns5:PlantMachinery2023-01-2800747644ns5:FurnitureFittings2023-01-2800747644ns5:ComputerEquipment2023-01-2800747644ns5:PlantMachinery2023-01-292024-01-2700747644ns5:FurnitureFittings2023-01-292024-01-2700747644ns5:ComputerEquipment2023-01-292024-01-2700747644ns5:PlantMachinery2024-01-2700747644ns5:FurnitureFittings2024-01-2700747644ns5:ComputerEquipment2024-01-2700747644ns5:PlantMachinery2023-01-2800747644ns5:FurnitureFittings2023-01-2800747644ns5:ComputerEquipment2023-01-2800747644ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-2700747644ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-2800747644ns5:Non-currentFinancialInstruments2023-01-292024-01-2700747644ns5:WithinOneYear2024-01-2700747644ns5:WithinOneYear2023-01-2800747644ns5:BetweenOneFiveYears2024-01-2700747644ns5:BetweenOneFiveYears2023-01-2800747644ns5:AllPeriods2024-01-2700747644ns5:AllPeriods2023-01-28
REGISTERED NUMBER: 00747644 (England and Wales)


















AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024

FOR

MORLEYS (BRIXTON) LTD

MORLEYS (BRIXTON) LTD (REGISTERED NUMBER: 00747644)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MORLEYS (BRIXTON) LTD

COMPANY INFORMATION
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024







DIRECTORS: B H Dreesmann
N C C Blow


SECRETARY: T James


REGISTERED OFFICE: 472-488 Brixton Road
Brixton
London
SW9 8EH


REGISTERED NUMBER: 00747644 (England and Wales)


SENIOR STATUTORY AUDITOR: Andrew Green LLB FCA


AUDITORS: THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ


BANKERS: Barclays Bank plc
Clapham Common Group
83 Wandsworth High Street
London
SW18 2PR

MORLEYS (BRIXTON) LTD (REGISTERED NUMBER: 00747644)

BALANCE SHEET
27 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,597,536 3,113,354

CURRENT ASSETS
Stocks 1,889,030 1,786,801
Debtors 6 101,761 122,435
Cash at bank 674,563 1,046,573
2,665,354 2,955,809
CREDITORS
Amounts falling due within one year 7 4,081,174 3,921,940
NET CURRENT LIABILITIES (1,415,820 ) (966,131 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,181,716

2,147,223

CREDITORS
Amounts falling due after more than one
year

8

(2,300,000

)

(2,300,000

)

PROVISIONS FOR LIABILITIES (533,496 ) (641,073 )
NET LIABILITIES (1,651,780 ) (793,850 )

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Capital reserve 149,050 149,050
Retained earnings (1,810,830 ) (952,900 )
SHAREHOLDERS' FUNDS (1,651,780 ) (793,850 )

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 July 2024 and were signed on its behalf by:





N C C Blow - Director


MORLEYS (BRIXTON) LTD (REGISTERED NUMBER: 00747644)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024


1. STATUTORY INFORMATION

Morleys (Brixton) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern
The financial statements have been prepared under the historical cost convention.

At the balance sheet date the Company had net current liabilities of £1,415,820 (2023: £966,131) and a balance sheet deficit of £1,651,780 (2023: £793,850). The Company has undertaken a major refurbishment of the department store during the previous two years and although this has lead to significant disruption in trading during that period, the Directors are confident that this investment will deliver a cash positive return in 2024/25 and beyond.

The company is supported by its parent company.

In consequence, the Directors have prepared these accounts on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and value added taxes.

Sales of goods are recognised on sale to the customer, which is considered to be the point of sale or delivery and when the significant risks and rewards of the goods have been passed to the customer.

Tangible fixed assets
Tangible Fixed Assets are stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost of Tangible Fixed Assets, less their estimated residual value, over their estimated useful lives at the following rates:

Fixtures & Fittings- 12.5% - 16.67% on cost
Equipment- 15% - 16.67% on cost
Computer Equipment- 33% on cost

Fixtures and Fittings over 15 years old and Equipment over 10 years old are eliminated from fixed assets, except in instances where they are known to be still in use.

Items costing less than £500 are not capitalised but written off to the Profit and Loss Account as incurred.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for impairment of obsolete or slow moving items. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on an average cost basis. Cost includes the purchase price, including taxes and duties, transport and all other costs directly attributable to bringing the stock to its present location and condition.

MORLEYS (BRIXTON) LTD (REGISTERED NUMBER: 00747644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently carried at this value less any provision for impairment.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet represent cash at bank and in hand.

Short-term debtors and creditors
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 profit or loss under operating expenses.

The carrying value of all short-term financial assets and liabilities are measured at amortised cost.

Taxation
Taxation for the period 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 period 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.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and a group personal pension plan.

(i) Short Term Benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

(ii) Group Personal Pension Plan

The company operates a group personal pension plan for its employees. This is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown as a creditor on the balance sheet. The assets of the scheme are held separately from the company in independently administered funds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 97 (2023 - 93 ) .

MORLEYS (BRIXTON) LTD (REGISTERED NUMBER: 00747644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024


5. TANGIBLE FIXED ASSETS
Fixtures Computer
Equipment & Fittings equipment Totals
£    £    £    £   
COST
At 29 January 2023 275,559 5,599,091 214,147 6,088,797
Additions (2,872 ) (1,677 ) 10,842 6,293
Disposals (8,755 ) - (2,713 ) (11,468 )
At 27 January 2024 263,932 5,597,414 222,276 6,083,622
DEPRECIATION
At 29 January 2023 111,466 2,683,845 180,132 2,975,443
Charge for period 40,139 454,695 27,277 522,111
Eliminated on disposal (8,755 ) - (2,713 ) (11,468 )
At 27 January 2024 142,850 3,138,540 204,696 3,486,086
NET BOOK VALUE
At 27 January 2024 121,082 2,458,874 17,580 2,597,536
At 28 January 2023 164,093 2,915,246 34,015 3,113,354

Disposals include the elimination of:
Computers & Equipment- over 10 years old
Fixtures & Fittings- over 15 years old

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 54,940 38,360
Prepayments and accrued income 46,821 84,075
101,761 122,435

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 260,023 658,531
Amount due to group companies 3,417,769 2,237,053
Accrued expenses 403,382 1,026,356
4,081,174 3,921,940

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 2,300,000 2,300,000

The above loan is unsecured, interest is charged at 2%. Although this loan is technically repayable on demand, the Company has received assurances that repayment will not be due until the Company has sufficient funds to do so.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 3,499 3,499
Between one and five years 661 4,209
4,160 7,708

MORLEYS (BRIXTON) LTD (REGISTERED NUMBER: 00747644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 JANUARY 2023 TO 27 JANUARY 2024


10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Green LLB FCA (Senior Statutory Auditor)
for and on behalf of THP Limited

11. CONTINGENT LIABILITIES

The Company had no contingent liabilities at 27 January 2024 (2023 - £Nil) other than in respect of a cross guarantee in the form of a charge over the Company's assets, to the favour of the Group's principal Bankers, covering all borrowing and overdrafts by the group from those banks. At the period end there were no net group borrowings from the principal Bankers.

12. ULTIMATE CONTROLLING PARTY

The Company is a wholly owned subsidiary of Morleys Department Stores Limited. The ultimate parent company is Morleys Stores Limited, a company incorporated in England & Wales. Details of the ultimate controlling party can be found in the accounts of Morleys Stores Limited.

A copy of the group consolidated accounts may be obtained from Companies House.