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Registration number: 08573927

Morleys (2013) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Morleys (2013) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Morleys (2013) Limited

Company Information

Director

Mr Edward Peter Nelson

Registered office

c/o W B Nelson Limited
Unit 20, Higher Walton Mill
Cann Bridge Street, Higher Walton
Preston
Lancashire
PR5 4DJ

Accountants

McGinty Demack Limited
Chartered Certified Accountants
Vermont House
Bradley Lane
Standish
Wigan
WN6 0XF

 

Morleys (2013) Limited

(Registration number: 08573927)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

14,956

18,694

Tangible assets

5

56,241

44,186

 

71,197

62,880

Current assets

 

Stocks

6

282,860

356,351

Debtors

7

221,849

192,632

Cash at bank and in hand

 

35,119

84,586

 

539,828

633,569

Creditors: Amounts falling due within one year

8

(159,953)

(271,670)

Net current assets

 

379,875

361,899

Total assets less current liabilities

 

451,072

424,779

Creditors: Amounts falling due after more than one year

8

(232,439)

(251,722)

Net assets

 

218,633

173,057

Capital and reserves

 

Called up share capital

9

100

100

Share premium reserve

300,000

300,000

Retained earnings

(81,467)

(127,043)

Shareholders' funds

 

218,633

173,057

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Morleys (2013) Limited

(Registration number: 08573927)
Balance Sheet as at 30 April 2024

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 August 2024
 

.........................................
Mr Edward Peter Nelson
Director

 

Morleys (2013) Limited

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

1

General information

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

The address of its registered office is:
c/o W B Nelson Limited
Unit 20, Higher Walton Mill
Cann Bridge Street, Higher Walton
Preston
Lancashire
PR5 4DJ
England

These financial statements were authorised for issue by the director on 19 August 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.

Going concern

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

 

Morleys (2013) Limited

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

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 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.

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

15% reducing balance

Office equipment

15% reducing balance

Motor vehicles

25% reducing balance

 

Morleys (2013) Limited

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

no amortisation

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Morleys (2013) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Morleys (2013) Limited

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

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.

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 the director) during the year, was 17 (2023 - 18).

 

Morleys (2013) Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

37,388

37,388

At 30 April 2024

37,388

37,388

Amortisation

At 1 May 2023

18,694

18,694

Amortisation charge

3,738

3,738

At 30 April 2024

22,432

22,432

Carrying amount

At 30 April 2024

14,956

14,956

At 30 April 2023

18,694

18,694

 

Morleys (2013) Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

5,432

106,375

7,037

118,844

Additions

-

50,667

-

50,667

Disposals

-

(38,573)

-

(38,573)

At 30 April 2024

5,432

118,469

7,037

130,938

Depreciation

At 1 May 2023

2,976

66,722

4,960

74,658

Charge for the year

368

17,462

311

18,141

Eliminated on disposal

-

(18,102)

-

(18,102)

At 30 April 2024

3,344

66,082

5,271

74,697

Carrying amount

At 30 April 2024

2,088

52,387

1,766

56,241

At 30 April 2023

2,456

39,653

2,077

44,186

6

Stocks

2024
£

2023
£

Other inventories

282,860

356,351

7

Debtors

Current

2024
£

2023
£

Trade debtors

187,483

169,481

Prepayments

34,320

23,151

Other debtors

46

-

 

221,849

192,632

 

Morleys (2013) Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

4,523

-

Trade creditors

 

72,721

73,014

Taxation and social security

 

55,587

52,541

Accruals and deferred income

 

5,064

1,362

Other creditors

 

22,058

144,753

 

159,953

271,670

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

31,483

50,766

Other non-current financial liabilities

 

200,956

200,956

 

232,439

251,722

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

 

Morleys (2013) Limited

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

2024
£

2023
£

Bank borrowings

24,166

34,166

Hire purchase contracts

7,317

16,600

31,483

50,766

Current loans and borrowings

2024
£

2023
£

Other borrowings

4,523

-

11

Related party transactions

 

Morleys (2013) Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

3,000

-