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REGISTERED NUMBER: 03833402 (England and Wales)

















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Morgan & Quinn Limited

Morgan & Quinn Limited (Registered number: 03833402)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Morgan & Quinn Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: D Morgan
G Quinn
C A Quinn
L Quinn





REGISTERED OFFICE: 1 Church Street
Goole
North Humberside
DN14 5BA





REGISTERED NUMBER: 03833402 (England and Wales)





ACCOUNTANTS: Sutton McGrath Hartley Limited
5 Westbrook Court
Sharrowvale Road
Sheffield
S11 8YZ

Morgan & Quinn Limited (Registered number: 03833402)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 506 4,946
Tangible assets 5 616,586 378,854
617,092 383,800

CURRENT ASSETS
Stocks 6 234,103 170,574
Debtors 7 429,835 401,263
Cash at bank 133,739 169,582
797,677 741,419
CREDITORS
Amounts falling due within one year 8 535,870 468,780
NET CURRENT ASSETS 261,807 272,639
TOTAL ASSETS LESS CURRENT LIABILITIES 878,899 656,439

CREDITORS
Amounts falling due after more than one
year

9

(338,534

)

(265,032

)

PROVISIONS FOR LIABILITIES 13 (46,196 ) (18,381 )
NET ASSETS 494,169 373,026

CAPITAL AND RESERVES
Called up share capital 14 20 20
Revaluation reserve 15 139,497 -
Retained earnings 354,652 373,006
SHAREHOLDERS' FUNDS 494,169 373,026

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 & Quinn Limited (Registered number: 03833402)

Statement of Financial Position - continued
30 April 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 22 October 2024 and were signed on its behalf by:




D Morgan - Director



G Quinn - Director


Morgan & Quinn Limited (Registered number: 03833402)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Morgan & Quinn Limited 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 as modified by the revaluation of certain assets.

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 2003, is being amortised evenly over its estimated useful life of twenty 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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Land and buildings held and used in the company's own activities are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve.

Depreciation on revalued buildings is charged to profit or loss so as to write off their value, less any residual value, over their estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Morgan & Quinn Limited (Registered number: 03833402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 852,050 14,362 866,412
AMORTISATION
At 1 May 2023 852,050 9,416 861,466
Amortisation for year - 4,440 4,440
At 30 April 2024 852,050 13,856 865,906
NET BOOK VALUE
At 30 April 2024 - 506 506
At 30 April 2023 - 4,946 4,946

Morgan & Quinn Limited (Registered number: 03833402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 May 2023 373,448 84,631 20,786
Additions - - 8,124
Disposals - - -
Revaluations 169,290 - -
At 30 April 2024 542,738 84,631 28,910
DEPRECIATION
At 1 May 2023 88,951 66,377 13,927
Charge for year 10,326 3,651 1,889
Eliminated on disposal - - -
Revaluation adjustments (86,791 ) - -
At 30 April 2024 12,486 70,028 15,816
NET BOOK VALUE
At 30 April 2024 530,252 14,603 13,094
At 30 April 2023 284,497 18,254 6,859

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 May 2023 177,074 19,385 675,324
Additions 10,000 400 18,524
Disposals (17,899 ) - (17,899 )
Revaluations - - 169,290
At 30 April 2024 169,175 19,785 845,239
DEPRECIATION
At 1 May 2023 108,686 18,529 296,470
Charge for year 19,089 651 35,606
Eliminated on disposal (16,632 ) - (16,632 )
Revaluation adjustments - - (86,791 )
At 30 April 2024 111,143 19,180 228,653
NET BOOK VALUE
At 30 April 2024 58,032 605 616,586
At 30 April 2023 68,388 856 378,854

Morgan & Quinn Limited (Registered number: 03833402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 April 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2024 169,290 - -
Cost 373,448 84,631 28,910
542,738 84,631 28,910

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2024 - - 169,290
Cost 169,175 19,785 675,949
169,175 19,785 845,239

Freehold property was revalued as at 30 April 2024 to its fair value given by an independent valuation of the properties. If freehold property were included in the balance sheet on a historical cost basis, then the carrying amount would be £274,170 (2023: £284,497), including accumulated depreciation of £99,277 (2023: £88,951).

6. STOCKS
2024 2023
£    £   
Stocks 234,103 170,574

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 227,073 332,275
Other debtors 183,633 59,800
Tax 17,628 -
Prepayments and accrued income 1,501 9,188
429,835 401,263

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 44,331 31,323
Hire purchase contracts (see note 11) 19,072 19,394
Trade creditors 220,304 276,075
Taxation and social security 56,758 66,714
Other creditors 195,405 75,274
535,870 468,780

Morgan & Quinn Limited (Registered number: 03833402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

The bank loan and overdraft are secured by fixed and floating charges over all the properties and assets. Hire purchase liabilities are secured on the related asset financed.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 10) 317,040 224,466
Hire purchase contracts (see note 11) 21,494 40,566
338,534 265,032

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 136,825 94,769

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 44,331 31,323

Amounts falling due between one and two years:
Bank loans - 1-2 years 47,778 31,657

Amounts falling due between two and five years:
Bank loans - 2-5 years 132,437 98,040

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 136,825 94,769

Morgan & Quinn Limited (Registered number: 03833402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 19,072 19,394
Between one and five years 21,494 40,566
40,566 59,960

Non-cancellable operating leases
2024 2023
£    £   
Within one year 4,964 4,964
Between one and five years 16,733 21,697
21,697 26,661

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 361,371 255,789
Hire purchase contracts 40,566 59,960
401,937 315,749

Included in bank loans is an amount borrowed under the Government's Covid Bounce Back Loan Scheme. This loan is repayable by instalments with interest charged at 2.5%. The Government acts as guarantor to the lender for this loan.

The remaining balance in bank loans is also repayable by instalments with interest being charged. The loan is secured against the assets of the company including the property held.

The hire purchases are repayable by instalments with interest being charged and are secured against the assets to which they relate.

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 46,196 18,381

Morgan & Quinn Limited (Registered number: 03833402)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

13. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2023 18,381
Provided during year 27,815
Balance at 30 April 2024 46,196

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20 Ordinary £1 20 20

15. RESERVES
Revaluation
reserve
£   
Property revaluation 139,497

At 30 April 2024 139,497

16. RELATED PARTY DISCLOSURES

D&G Properties (Yorkshire) Ltd is a company owned jointly by the directors. The balance owed from D&G Properties (Yorkshire) Ltd at the year end was £183,633 (2023: £59,800).