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REGISTERED NUMBER: SC409614 (Scotland)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Stanley Morrison & Co. Ltd

Stanley Morrison & Co. Ltd (Registered number: SC409614)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 7

Stanley Morrison & Co. Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: S W Morrison
S A Morrison
J Morrison





REGISTERED OFFICE: 32 Main Street
Kirkoswald
Ayrshire
KA19 8HY





REGISTERED NUMBER: SC409614 (Scotland)





ACCOUNTANTS: T B Dunn & Co
Ground Floor (part)
8000 Academy Business Park
51 Gower Street
GLASGOW
G51 1PR

Stanley Morrison & Co. Ltd (Registered number: SC409614)

Abridged Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 28,462 40,535
Investment property 5 799,638 799,638
828,100 840,173

CURRENT ASSETS
Stocks 1,831,983 1,963,326
Debtors 143,161 124,262
Cash at bank 72,160 112,885
2,047,304 2,200,473
CREDITORS
Amounts falling due within one year 2,348,284 2,484,505
NET CURRENT LIABILITIES (300,980 ) (284,032 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

527,120

556,141

PROVISIONS FOR LIABILITIES 4,792 6,786
NET ASSETS 522,328 549,355

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 24,000 24,000
Retained earnings 497,328 524,355
SHAREHOLDERS' FUNDS 522,328 549,355

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Stanley Morrison & Co. Ltd (Registered number: SC409614)

Abridged Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





S A Morrison - Director


Stanley Morrison & Co. Ltd (Registered number: SC409614)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Stanley Morrison & Co. Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
The preparation of the financial statements in compliance with FRS102 requires the use of certain critical accounting estimates.It also requires management to exercise judgement in applying the company's accounting policies The directors are of the opinion that due to the nature of the business , there are no critical accounting estimates or judgements used in the preparation of these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Stanley Morrison & Co. Ltd (Registered number: SC409614)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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 year 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Invoices for foreign sales are not raised until payment is received from the distributor and therefore results in no currency exchange gain or losses. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash and deposits with financial institutions repayable without penalty on notice of not more than twenty four hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit or loss on a straight line basis over a period of the lease .

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Stanley Morrison & Co. Ltd (Registered number: SC409614)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 58,636
DEPRECIATION
At 1 April 2023 18,101
Charge for year 12,073
At 31 March 2024 30,174
NET BOOK VALUE
At 31 March 2024 28,462
At 31 March 2023 40,535

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 799,638
NET BOOK VALUE
At 31 March 2024 799,638
At 31 March 2023 799,638

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 799,638

Investment property was valued on an fair value basis basis on 31 March 2024 by the directors .

6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Credit Facility 1,200,000 1,380,000

The Clydesdale Bank credit facility is secured by a floating charge over the assets of the company.

The floating charge exists over the the whole of the property, assets and rights of the company.

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Stanley Morrison & Co. Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stanley Morrison & Co. Ltd for the year ended 31 March 2024 which comprise the Abridged Statement of Income and Retained Earnings, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Stanley Morrison & Co. Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Stanley Morrison & Co. Ltd and state those matters that we have agreed to state to the Board of Directors of Stanley Morrison & Co. Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Stanley Morrison & Co. Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Stanley Morrison & Co. Ltd. You consider that Stanley Morrison & Co. Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Stanley Morrison & Co. Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






T B Dunn & Co
Ground Floor (part)
8000 Academy Business Park
51 Gower Street
GLASGOW
G51 1PR


16 September 2024