Company registration number 09423043 (England and Wales)
MORGANITE TRADING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MORGANITE TRADING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MORGANITE TRADING LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
257,166
312,711
Cash at bank and in hand
85,341
142,263
342,507
454,974
Creditors: amounts falling due within one year
5
(293,449)
(365,473)
Net current assets
49,058
89,501
Creditors: amounts falling due after more than one year
6
(14,213)
(13,688)
Net assets
34,845
75,813
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
34,745
75,713
Total equity
34,845
75,813

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 13 December 2024
Amit Savjani
Director
Company registration number 09423043 (England and Wales)
MORGANITE TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Morganite Trading Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Quantum House, 105 Uxbridge Road, Harrow, Middlesex, HA3 6DN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Taxation

The tax expense represents the sum of the tax currently payable/(repayable).

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.5
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MORGANITE TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
57,644
151,538
Other debtors
199,522
161,173
257,166
312,711
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,474
5,473
Trade creditors
55,038
29,330
Taxation and social security
711
1,205
Other creditors
235,226
329,465
293,449
365,473
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,213
13,688

Bounce back loan of £16,687 (2023 : £19,161) is backed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.

MORGANITE TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
7
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

1) Amounts due from Quantum Air & Sea Limited, company under the control of company's director was £109,233 (2023 : £68,732).

 

2) Amounts due to Afro Freight (UK) Ltd, company under the control of company's director was £233,673 (2023 : £327,690).

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