Company registration number 00196243 (England and Wales)
MORRIS (REDDITCH) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
MORRIS (REDDITCH) LIMITED
COMPANY INFORMATION
Directors
Mr D B Morris
Mr P W Morris
Mrs E M Morris
Mr J Williams
(Appointed 1 August 2024)
Mr M Taylor
(Appointed 1 August 2024)
Secretary
Mrs E M Morris
Company number
00196243
Registered office
151b Evesham Road
Headless Cross
Redditch
Worcestershire
B97 5EJ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
NatWest Bank Plc
Church Green House
Redditch
Worcestershire
B98 8DG
MORRIS (REDDITCH) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
MORRIS (REDDITCH) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MORRIS (REDDITCH) LIMITED FOR THE YEAR ENDED 31 JULY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Morris (Redditch) Limited for the year ended 31 July 2024 which comprise, the 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Morris (Redditch) Limited, 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 Morris (Redditch) Limited and state those matters that we have agreed to state to the board of directors of Morris (Redditch) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Morris (Redditch) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Morris (Redditch) Limited 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 profit of Morris (Redditch) Limited. You consider that Morris (Redditch) Limited 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 Morris (Redditch) Limited. 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.
Ormerod Rutter Limited
8 January 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MORRIS (REDDITCH) LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
385,435
381,802
Investments
5
39,769
39,769
425,204
421,571
Current assets
Stocks
269,720
289,602
Debtors
6
91,331
86,816
Cash at bank and in hand
2,458
5,408
363,509
381,826
Creditors: amounts falling due within one year
7
(334,152)
(305,230)
Net current assets
29,357
76,596
Total assets less current liabilities
454,561
498,167
Creditors: amounts falling due after more than one year
8
(80,262)
(87,938)
Provisions for liabilities
10
(14,991)
(14,583)
Net assets
359,308
395,646
Capital and reserves
Called up share capital
11
9,000
9,000
Profit and loss reserves
350,308
386,646
Total equity
359,308
395,646
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
MORRIS (REDDITCH) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 8 January 2025 and are signed on its behalf by:
Mr D B Morris
Mr P W Morris
Director
Director
Company registration number 00196243 (England and Wales)
MORRIS (REDDITCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information
Morris (Redditch) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 151b Evesham Road, Headless Cross, Redditch, Worcestershire, England, B97 5EJ.
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 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 provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life and is fully amortised.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2.5% on cost
Fixtures and fittings
10% on reducing balance
Computers equipment
33.33% on cost
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Fixed asset investments are stated at cost.
MORRIS (REDDITCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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 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.
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 profit and loss account, 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.
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
MORRIS (REDDITCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
23
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
29,000
Amortisation and impairment
At 1 August 2023 and 31 July 2024
29,000
Carrying amount
At 31 July 2024
At 31 July 2023
MORRIS (REDDITCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
476,593
156,705
46,783
65,585
745,666
Additions
5,110
245
21,365
26,720
Disposals
(34,874)
(13,250)
(48,124)
At 31 July 2024
476,593
161,815
12,154
73,700
724,262
Depreciation and impairment
At 1 August 2023
155,884
112,759
45,064
50,157
363,864
Depreciation charged in the year
11,915
4,534
1,270
3,857
21,576
Eliminated in respect of disposals
(34,874)
(11,739)
(46,613)
At 31 July 2024
167,799
117,293
11,460
42,275
338,827
Carrying amount
At 31 July 2024
308,794
44,522
694
31,425
385,435
At 31 July 2023
320,709
43,946
1,719
15,428
381,802
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
39,769
39,769
Other investments comprise of 1 Co-operative share in Mica DIY Limited at £1, and silver bullion purchased at £39,768. Both are included at cost price.
The market value of the silver bullion at the year end was £58,195 (2023 - £49,600).
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
56,811
50,408
Other debtors
34,520
36,408
91,331
86,816
MORRIS (REDDITCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
103,210
64,449
Trade creditors
110,225
145,949
Taxation and social security
38,935
44,477
Other creditors
81,782
50,355
334,152
305,230
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
70,219
87,938
Other creditors
10,043
80,262
87,938
9
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Hire purchase contracts
13,391
-
Bank overdrafts
83,517
45,094
Bank loans
89,912
107,293
186,820
152,387
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company and a government-backed guarantee.
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
14,991
14,583
MORRIS (REDDITCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
3,000
3,000
3,000
3,000
Ordinary A of £1 each
3,000
3,000
3,000
3,000
Ordinary B of £1 each
3,000
3,000
3,000
3,000
9,000
9,000
9,000
9,000
12
Ultimate controlling party
There is no ultimate controlling party.
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