9 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 325,000 257,290 16,250 273,540 51,460 67,710 36,286 2,850 12,268 26,868 32,507 3,634 12,171 23,970 2,898 3,779 xbrli:pure xbrli:shares iso4217:GBP 02280577 2023-02-01 2024-01-31 02280577 2024-01-31 02280577 2023-01-31 02280577 2022-02-01 2023-01-31 02280577 2023-01-31 02280577 2022-01-31 02280577 core:NetGoodwill 2023-02-01 2024-01-31 02280577 bus:Director2 2023-02-01 2024-01-31 02280577 bus:Director3 2023-02-01 2024-01-31 02280577 bus:Director4 2023-02-01 2024-01-31 02280577 bus:Director1 2023-02-01 2024-01-31 02280577 core:NetGoodwill 2023-01-31 02280577 core:NetGoodwill 2024-01-31 02280577 core:WithinOneYear 2024-01-31 02280577 core:WithinOneYear 2023-01-31 02280577 core:AfterOneYear 2024-01-31 02280577 core:AfterOneYear 2023-01-31 02280577 core:ShareCapital 2024-01-31 02280577 core:ShareCapital 2023-01-31 02280577 core:RetainedEarningsAccumulatedLosses 2024-01-31 02280577 core:RetainedEarningsAccumulatedLosses 2023-01-31 02280577 core:NetGoodwill 2023-01-31 02280577 bus:Director1 2023-01-31 02280577 bus:Director2 2023-01-31 02280577 bus:Director2 2024-01-31 02280577 bus:Director3 2023-01-31 02280577 bus:Director3 2024-01-31 02280577 bus:Director4 2023-01-31 02280577 bus:Director4 2024-01-31 02280577 bus:Director1 2022-01-31 02280577 bus:Director1 2023-01-31 02280577 bus:Director2 2022-01-31 02280577 bus:Director2 2023-01-31 02280577 bus:Director3 2022-01-31 02280577 bus:Director3 2023-01-31 02280577 bus:Director4 2022-01-31 02280577 bus:Director4 2023-01-31 02280577 bus:Director1 2022-02-01 2023-01-31 02280577 bus:Director2 2022-02-01 2023-01-31 02280577 bus:Director3 2022-02-01 2023-01-31 02280577 bus:Director4 2022-02-01 2023-01-31 02280577 bus:SmallEntities 2023-02-01 2024-01-31 02280577 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 02280577 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 02280577 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 02280577 bus:FullAccounts 2023-02-01 2024-01-31 02280577 core:OfficeEquipment 2023-02-01 2024-01-31 02280577 core:OfficeEquipment 2023-01-31 02280577 core:OfficeEquipment 2024-01-31
COMPANY REGISTRATION NUMBER: 02280577
Morrison & Masters Limited
Filleted Unaudited Financial Statements
31 January 2024
Morrison & Masters Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
51,460
67,710
Tangible assets
6
2,898
3,779
--------
--------
54,358
71,489
Current assets
Stocks
53,079
60,700
Debtors
7
168,472
161,843
Cash at bank and in hand
5,245
5,164
---------
---------
226,796
227,707
Creditors: amounts falling due within one year
8
213,913
211,678
---------
---------
Net current assets
12,883
16,029
--------
--------
Total assets less current liabilities
67,241
87,518
Creditors: amounts falling due after more than one year
9
27,899
48,222
Provisions
Taxation including deferred tax
743
705
--------
--------
Net assets
38,599
38,591
--------
--------
Morrison & Masters Limited
Statement of Financial Position (continued)
31 January 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
37,599
37,591
--------
--------
Shareholders funds
38,599
38,591
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr P N Riddle
Mrs C Riddle
Director
Director
Mr T P Hartshorn
Director
Company registration number: 02280577
Morrison & Masters Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17/20 Commercial Road, Swindon, SN1 5NS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
325,000
---------
Amortisation
At 1 February 2023
257,290
Charge for the year
16,250
---------
At 31 January 2024
273,540
---------
Carrying amount
At 31 January 2024
51,460
---------
At 31 January 2023
67,710
---------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 February 2023
36,286
36,286
Additions
2,850
2,850
Disposals
( 12,268)
( 12,268)
--------
--------
At 31 January 2024
26,868
26,868
--------
--------
Depreciation
At 1 February 2023
32,507
32,507
Charge for the year
3,634
3,634
Disposals
( 12,171)
( 12,171)
--------
--------
At 31 January 2024
23,970
23,970
--------
--------
Carrying amount
At 31 January 2024
2,898
2,898
--------
--------
At 31 January 2023
3,779
3,779
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
95,787
92,276
Other debtors
72,685
69,567
---------
---------
168,472
161,843
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
66,787
67,889
Trade creditors
32,053
22,462
Corporation tax
8,373
19,330
Social security and other taxes
23,101
30,838
Other creditors
83,599
71,159
---------
---------
213,913
211,678
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
27,899
48,222
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A D Gascoigne
3,878
( 3,878)
Mr P N Riddle
( 1,663)
10,936
( 10,668)
( 1,395)
Mrs C Riddle
( 1,370)
4,902
( 6,594)
( 3,062)
Mr T P Hartshorn
( 1,692)
3,948
( 7,555)
( 5,299)
-------
--------
--------
-------
( 847)
19,786
( 28,695)
( 9,756)
-------
--------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A D Gascoigne
( 27)
15,293
( 11,388)
3,878
Mr P N Riddle
( 621)
9,395
( 10,437)
( 1,663)
Mrs C Riddle
( 494)
5,380
( 6,256)
( 1,370)
Mr T P Hartshorn
( 306)
6,724
( 8,110)
( 1,692)
-------
--------
--------
-------
( 1,448)
36,792
( 36,191)
( 847)
-------
--------
--------
-------