REGISTERED NUMBER: |
Morfitt & Turnbull (Management Services) |
Limited |
Unaudited Financial Statements |
for the Period 1 March 2024 to 29 August 2024 |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
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 |
Current assets |
Debtors | 5 |
Investments | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
Plant and machinery etc | - |
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. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 March 2024 |
Disposals | ( |
) |
At 29 August 2024 |
Depreciation |
At 1 March 2024 |
Eliminated on disposal | ( |
) |
At 29 August 2024 |
Net book value |
At 29 August 2024 |
At 29 February 2024 |
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 |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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 |
Taxation and social security |
Other creditors |
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 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
The loans were at commercial rates of interest and repayable on demand. |