Company registration number 13194487 (England and Wales)
MORRIS MIDCO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MORRIS MIDCO LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
MORRIS MIDCO LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1
1
Current assets
Debtors
4
17,111,366
16,795,116
Creditors: amounts falling due within one year
5
(13,727,476)
(13,399,520)
Net current assets
3,383,890
3,395,596
Total assets less current liabilities
3,383,891
3,395,597
Creditors: amounts falling due after more than one year
6
(3,646,266)
(3,313,193)
Net (liabilities)/assets
(262,375)
82,404
Capital and reserves
Called up share capital
77,031
77,031
Profit and loss reserves
(339,406)
5,373
Total equity
(262,375)
82,404

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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 by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
D Sackett
Director
Company Registration No. 13194487
MORRIS MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information

Morris Midco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Nuffield Road, Nuffield Industrial Estate, Poole, BH17 0RB.

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 financial statements contain information about Morris Midco Limited as an individual company and do not contain consolidated financial information. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it is included by full consolidation in the consolidated financial statements of Morris Topco Limited, a company within the group, registered in England and Wales.

1.2
Fixed asset investments

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
Financial instruments

Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

 

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MORRIS MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

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

2023
2022
Number
Number
Total
5
5
MORRIS MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
17,111,366
16,795,116
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
13,715,770
13,397,120
Corporation tax
11,706
-
0
Other creditors
-
0
2,400
13,727,476
13,399,520
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
3,646,266
3,313,193
7
Loans and overdrafts
2023
2022
£
£
Other loans
3,646,266
3,313,193
Payable after one year
3,646,266
3,313,193

Amounts owing to Shawbrook Bank Ltd by the company or its group are secured against all the property and undertakings of the company, by way of legal charge date 7 July 2021.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

MORRIS MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
8
Audit report information
(Continued)
- 5 -
Senior Statutory Auditor:
Toby Mason
Statutory Auditor:
Azets Audit Services
10
Parent company

Morris Topco Ltd is the company's immediate parent company, the registered office of which is 2 Nuffield Road, Nuffield Industrial Estate, Poole, BH17 0RB.

 

The smallest and largest group of which Morris Midco Ltd is a member and for which group accounts are prepared is Morris Topco Ltd. The registered office of which is 2 Nuffield Road, Nuffield Industrial Estate, Poole, BH17 0RB. The group accounts can be obtained from Companies House.

 

FPE Capital LLP is the company's ultimate parent, a limited liability partnership the registered office of which is 7-9 Swallow Street, London, W1B 4DE.

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