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REGISTERED NUMBER: 00740613 (England and Wales)












Morfitt & Turnbull (Management Services)
Limited

Unaudited Financial Statements

for the Period 1 March 2024 to 29 August 2024






Morfitt & Turnbull (Management Services)
Limited (Registered number: 00740613)






Contents of the Financial Statements
for the Period 1 March 2024 to 29 August 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Morfitt & Turnbull (Management Services)
Limited

Company Information
for the Period 1 March 2024 to 29 August 2024







Directors: W G Shaw
Mrs P A Shaw





Secretary: Mrs P A Shaw





Registered office: 31st Floor
40 Bank Street
London
E14 5NR





Registered number: 00740613 (England and Wales)





Accountants: Warr & Co Limited
Chartered Accountants
Mynshull House
78 Churchgate
Stockport
Cheshire
SK1 1YJ

Morfitt & Turnbull (Management Services)
Limited (Registered number: 00740613)

Balance Sheet
29 August 2024

29.8.24 29.2.24
Notes £    £    £    £   
Fixed assets
Tangible assets 4 - 51,423

Current assets
Debtors 5 1,831,767 1,491,462
Investments 6 - 1,352,388
Cash at bank and in hand 1,170,183 313,895
3,001,950 3,157,745
Creditors
Amounts falling due within one year 7 3,938 15,308
Net current assets 2,998,012 3,142,437
Total assets less current liabilities 2,998,012 3,193,860

Provisions for liabilities - 9,700
Net assets 2,998,012 3,184,160

Capital and reserves
Called up share capital 1,000 1,000
Retained earnings 2,997,012 3,183,160
Shareholders' funds 2,998,012 3,184,160

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 August 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 August 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.

Morfitt & Turnbull (Management Services)
Limited (Registered number: 00740613)

Balance Sheet - continued
29 August 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 25 October 2024 and were signed on its behalf by:





W G Shaw - Director


Morfitt & Turnbull (Management Services)
Limited (Registered number: 00740613)

Notes to the Financial Statements
for the Period 1 March 2024 to 29 August 2024

1. Statutory information

Morfitt & Turnbull (Management Services) 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 50% on cost, 33% on cost, 20% on cost and 15% on reducing balance

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.

Morfitt & Turnbull (Management Services)
Limited (Registered number: 00740613)

Notes to the Financial Statements - continued
for the Period 1 March 2024 to 29 August 2024

2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 are charged to the profit and loss account in the period to which they relate.

Fixed asset investments
Fixed asset investments are stated at fair value. Changes in fair value are recognised in profit or loss.

3. Employees and directors

The average number of employees during the period was 4 (2024 - 3 ) .

4. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 March 2024 147,801
Disposals (147,801 )
At 29 August 2024 -
Depreciation
At 1 March 2024 96,378
Eliminated on disposal (96,378 )
At 29 August 2024 -
Net book value
At 29 August 2024 -
At 29 February 2024 51,423

Morfitt & Turnbull (Management Services)
Limited (Registered number: 00740613)

Notes to the Financial Statements - continued
for the Period 1 March 2024 to 29 August 2024

5. Debtors
29.8.24 29.2.24
£    £   
Amounts falling due within one year:
Other debtors 1,831,767 1,041,462

Amounts falling due after more than one year:
Other debtors - 450,000

Aggregate amounts 1,831,767 1,491,462

6. Current asset investments
29.8.24 29.2.24
£    £   
Unlisted investments - 1,352,388

7. Creditors: amounts falling due within one year
29.8.24 29.2.24
£    £   
Trade creditors 962 4,335
Taxation and social security 106 5,993
Other creditors 2,870 4,980
3,938 15,308

8. Contingent liabilities

The company has claims against it in connection with pension, endowment and investment policies that it is alleged the company has missold in the past. The overall amount of the claims and the company's liability arising from them have not yet been determined.

No provision was required at 29 August 2024 and 29 February 2024. Any provision represents the best estimate of the probable cost. However, under the company's current professional indemnity policy the company is required to pay an excess of £10,000 per claim.

Morfitt & Turnbull (Management Services)
Limited (Registered number: 00740613)

Notes to the Financial Statements - continued
for the Period 1 March 2024 to 29 August 2024

9. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the period ended 29 August 2024 and the year ended 29 February 2024:

29.8.24 29.2.24
£    £   
W G Shaw
Balance outstanding at start of period - -
Amounts advanced 270,550 170,128
Amounts repaid - (170,128 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 270,550 -

Mrs P A Shaw
Balance outstanding at start of period - -
Amounts advanced 135,130 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 135,130 -

The loans were at commercial rates of interest and repayable on demand.