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Registrar

Registration number: 08233172

Morgan Training Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Morgan Training Solutions Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Morgan Training Solutions Ltd

Company Information

Directors

S A W Morgan

M H Morgan

Registered office

Heron House
Melford Road
Acton
Suffolk
CO10 0BB

Solicitors

Holmes & Hills LLP
C/o Holmes & Hills
Bocking End
Braintree
Essex
CM7 9AJ

Bankers

Lloyds TSB
Market Hill
Sudbury
Essex
CO10 2EL

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Morgan Training Solutions Ltd

(Registration number: 08233172)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

182,025

198,497

Current assets

 

Debtors

5

154,481

130,636

Cash at bank and in hand

 

63,376

137,383

 

217,857

268,019

Creditors: Amounts falling due within one year

6

(153,927)

(168,057)

Net current assets

 

63,930

99,962

Total assets less current liabilities

 

245,955

298,459

Creditors: Amounts falling due after more than one year

6

(24,000)

(60,000)

Provisions for liabilities

(20,711)

(26,683)

Net assets

 

201,244

211,776

Capital and reserves

 

Called up share capital

7

200

200

Retained earnings

201,044

211,576

Shareholders' funds

 

201,244

211,776

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 January 2025 and signed on its behalf by:
 


S A W Morgan
Director


M H Morgan
Director

 
     
 

Morgan Training Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office and principle place of business is: Heron House, Melford Road, Acton, Suffolk, CO10 0BB.

These financial statements were authorised for issue by the Board on 20 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of training services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary material differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Morgan Training Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Depreciation

Depreciation is charged so as to write off the cost over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment, fixtures & fittings

33% & 25% reducing balance

Motor vehicles

25% reducing balance

Improvements to property

5% straight line

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 10).

 

Morgan Training Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Improvements to property
£

Office equipment, fixtures & fittings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

117,467

60,269

121,649

12,553

311,938

Additions

8,889

826

4,932

-

14,647

Disposals

-

(7,260)

-

-

(7,260)

At 30 September 2024

126,356

53,835

126,581

12,553

319,325

Depreciation

At 1 October 2023

27,779

45,353

32,612

7,697

113,441

Charge for the year

5,984

4,367

18,712

1,214

30,277

Eliminated on disposal

-

(6,418)

-

-

(6,418)

At 30 September 2024

33,763

43,302

51,324

8,911

137,300

Carrying amount

At 30 September 2024

92,593

10,533

75,257

3,642

182,025

At 30 September 2023

89,688

14,916

89,037

4,856

198,497

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

137,901

116,383

Directors loan account

10

9,683

9,688

Prepayments

 

6,897

4,565

 

154,481

130,636

 

Morgan Training Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

13,690

12,333

Loans and borrowings

8

36,000

51,226

Taxation and social security

 

95,931

97,427

Accruals and deferred income

 

5,200

4,475

Other creditors

 

3,106

2,596

 

153,927

168,057


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £36,000 (2023 - £51,226).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

24,000

60,000


Creditors include bank loans which are secured of £24,000 (2023 - £60,000). The loan is secured by a debenture.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       
 

Morgan Training Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

36,000

36,000

Hire purchase contracts

-

15,226

36,000

51,226

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

24,000

60,000

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £16,500 (2023 - £16,500).

10

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Directors loan account

9,688

39,995

(40,000)

9,683

 

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Directors loan account

4,000

40,000

(34,312)

9,688

 

11

Non adjusting events after the financial period

On 15 November 2024 the company completed on a buyback of shares to the value of £105,000.