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Company No: 00714208 (England and Wales)

WILLIAM MORFOOT LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

WILLIAM MORFOOT LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

WILLIAM MORFOOT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
WILLIAM MORFOOT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,861,057 1,470,220
Investments 4 65 65
1,861,122 1,470,285
Current assets
Stocks 166,380 149,521
Debtors 5 515,934 292,839
Cash at bank and in hand 340 311
682,654 442,671
Creditors: amounts falling due within one year 6 ( 861,456) ( 769,782)
Net current liabilities (178,802) (327,111)
Total assets less current liabilities 1,682,320 1,143,174
Creditors: amounts falling due after more than one year 7 ( 244,296) ( 319,327)
Provision for liabilities 8 ( 416,683) ( 242,413)
Net assets 1,021,341 581,434
Capital and reserves
Called-up share capital 9 10,000 10,000
Revaluation reserve 461,474 285,011
Profit and loss account 549,867 286,423
Total shareholders' funds 1,021,341 581,434

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 financial statements of William Morfoot Limited (registered number: 00714208) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Morfoot
Director
T Sisson
Director

11 October 2024

WILLIAM MORFOOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
WILLIAM MORFOOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

William Morfoot Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Airfield, Shipdham, Thetford, IP25 7SD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 4 years straight line
Other property, plant and equipment not depreciated

Heavy plant is carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.

Fair values are determined from market based evidence by the directors.

Revaluation gains and losses are recognised in the statement of other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the Income statement.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Investment property

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are
recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 21 22

3. Tangible assets

Land and buildings Plant and machinery Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 February 2023 363,066 971,106 1,310,383 2,644,555
Additions 0 128,025 177,355 305,380
Revaluations 216,934 0 ( 77,500) 139,434
At 31 January 2024 580,000 1,099,131 1,410,238 3,089,369
Accumulated depreciation
At 01 February 2023 16,737 823,718 333,880 1,174,335
Charge for the financial year 0 70,714 0 70,714
Adjustments on revaluations ( 16,737) 0 0 ( 16,737)
At 31 January 2024 0 894,432 333,880 1,228,312
Net book value
At 31 January 2024 580,000 204,699 1,076,358 1,861,057
At 31 January 2023 346,329 147,388 976,503 1,470,220
Leased assets included above:
Net book value
At 31 January 2024 0 92,143 550,000 642,143
At 31 January 2023 0 68,691 721,910 790,601

Revaluation of tangible assets

Under FRS 102 Section 1A, the directors have elected to use a previous revaluation of their freehold property before the date of transition as its deemed cost at the revaluation date. The directors have therefore deemed that at 1 February 2015 the freehold property was revalued to £345,173, which is based on an Arnolds Keys valuation in January 2016 adjusted for the property improvements taking place that year. The property has later been revalued at £580,000 on 31 January 2024.

If the heavy plant (Other property, plant and equipment) had not been included at valuation they would have been included under the historical cost convention as follows.

2024 2023
£ £
Historical cost 1,849,071 1,671,716
Accumulated depreciation (999,352) (760,030)
Carrying value 849,719 911,686

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 February 2023 65 65
At 31 January 2024 65 65
Carrying value at 31 January 2024 65 65
Carrying value at 31 January 2023 65 65

5. Debtors

2024 2023
£ £
Trade debtors 185,841 240,802
Prepayments 264,475 52,037
VAT recoverable 65,618 0
515,934 292,839

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 52,835 61,157
Trade creditors 446,540 322,788
Amounts owed to directors 33,683 74,479
Accruals and deferred income 38,834 46,936
Other taxation and social security 27,191 50,867
Obligations under finance leases and hire purchase contracts 244,210 197,023
Other creditors 18,163 16,532
861,456 769,782

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 48,223 71,263
Obligations under finance leases and hire purchase contracts 196,073 248,064
244,296 319,327

Bank loans and overdrafts are secured by the land and property of the company.

Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 242,413) ( 219,231)
Charged to the Income Statement ( 115,852) ( 23,787)
(Charged)/credited to the Statement of Comprehensive Income ( 58,418) 605
At the end of financial year ( 416,683) ( 242,413)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
5,001 B ordinary shares of £ 1.00 each 5,001 5,001
4,999 C ordinary shares of £ 1.00 each 4,999 4,999
10,000 10,000

Revaluation reserve

The revaluation reserve includes all current and prior period revaluations on tangible fixed assets where the fair value of an asset exceeded its net book value.

Profit & loss account

The profit and loss account includes all current and prior period retained profit and losses.