Caseware UK (AP4) 2023.0.135 2023.0.135 Activities of financial services holding companiesThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true12023-05-01false1false 02759457 2023-05-01 2024-04-30 02759457 2022-05-01 2023-04-30 02759457 2024-04-30 02759457 2023-04-30 02759457 c:Director1 2023-05-01 2024-04-30 02759457 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 02759457 d:Buildings d:LongLeaseholdAssets 2024-04-30 02759457 d:Buildings d:LongLeaseholdAssets 2023-04-30 02759457 d:FurnitureFittings 2023-05-01 2024-04-30 02759457 d:FurnitureFittings 2024-04-30 02759457 d:FurnitureFittings 2023-04-30 02759457 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02759457 d:OfficeEquipment 2023-05-01 2024-04-30 02759457 d:OfficeEquipment 2024-04-30 02759457 d:OfficeEquipment 2023-04-30 02759457 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02759457 d:ComputerEquipment 2023-05-01 2024-04-30 02759457 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02759457 d:CurrentFinancialInstruments 2024-04-30 02759457 d:CurrentFinancialInstruments 2023-04-30 02759457 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 02759457 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 02759457 d:ShareCapital 2024-04-30 02759457 d:ShareCapital 2023-04-30 02759457 d:RetainedEarningsAccumulatedLosses 2024-04-30 02759457 d:RetainedEarningsAccumulatedLosses 2023-04-30 02759457 c:FRS102 2023-05-01 2024-04-30 02759457 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 02759457 c:FullAccounts 2023-05-01 2024-04-30 02759457 c:CompanyLimitedByGuarantee 2023-05-01 2024-04-30 02759457 d:WithinOneYear 2024-04-30 02759457 d:WithinOneYear 2023-04-30 02759457 d:BetweenOneFiveYears 2024-04-30 02759457 d:BetweenOneFiveYears 2023-04-30 02759457 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 02759457 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 02759457 d:TaxLossesCarry-forwardsDeferredTax 2024-04-30 02759457 d:TaxLossesCarry-forwardsDeferredTax 2023-04-30 02759457 d:OtherDeferredTax 2024-04-30 02759457 d:OtherDeferredTax 2023-04-30 02759457 2 2023-05-01 2024-04-30 02759457 6 2023-05-01 2024-04-30 02759457 4 2024-04-30 02759457 4 2023-04-30 02759457 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure


















Morgan Financial Group Ltd























Unaudited

Financial statements



For the year ended 30 April 2024



Registered number: 02759457

 
Morgan Financial Group Ltd - Registered number:02759457


Statement of financial position
as at 30 April 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
19,210
5,021

Investments
 5 
1,000
4,343

  
20,210
9,364

Current assets
  

Debtors
 6 
157,798
185,668

Cash at bank and in hand
  
288,922
288,653

  
446,720
474,321

Creditors: amounts falling due within one year
 7 
(926,004)
(789,264)

Net current liabilities
  
 
 
(479,284)
 
 
(314,943)

Total assets less current liabilities
  
(459,074)
(305,579)

Provisions for liabilities
  

Deferred tax (liabilities)/assets
 8 
(3,173)
256

  
 
 
(3,173)
 
 
256

Net liabilities
  
(462,247)
(305,323)


Capital and reserves
  

Share capital
  
5,361
5,361

Profit and loss account
  
(467,608)
(310,684)

  
(462,247)
(305,323)


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.
Page 1

 
Morgan Financial Group Ltd - Registered number:02759457


Statement of financial position (continued)
as at 30 April 2024


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the director:




M R Gould
Director

Date: 30 January 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
Morgan Financial Group Ltd
 
 

Notes to the financial statements
For the year ended 30 April 2024

1.


General information

Morgan Financial Group Limited is a private company limited by shares and was incorporated in England and Wales. Its registered office and principal place of business is 41 Gay Street, Bath, BA1 2NT and its registered number is 02759457.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the year end the company has net liabilities of £462,247 (2023: £305,323). In order to meet its liabilities and continue as a going concern the company is reliant on funding from Morgans Ltd, a subsidiary company. At the year-end, the company owed £718,194 (2023: £559,420) to Morgans Ltd.
The director of Morgans Ltd has confirmed that repayment of the balance due will not be sought for at least 12 months from the date of signing of these accounts where it is detrimental to the funding needs of Morgan Financial Group Ltd and that further funding will be available to the company as required.
On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. These financial statements do not include any amendments which may be necessary should the going concern basis of accounting not be appropriate.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
Morgan Financial Group Ltd
 

Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Leasehold improvements
-
In equal instalments over term of lease
Fixtures and fittings
-
15% on reducing balance
Computer equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

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

 
2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties, loans to related parties and investments in non-puttable ordinary shares. 

 
2.9

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
Morgan Financial Group Ltd
 

Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

  
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed
by the Statement of financial position date.


3.


Employees

The average monthly number of employees, including the director during the year was 1 (2023 - 1).

Page 5

 
Morgan Financial Group Ltd
 
 

Notes to the financial statements
For the year ended 30 April 2024

4.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost


At 1 May 2023
3,392
110,145
480,774
594,311


Additions
-
-
16,915
16,915


Disposals
-
-
(15,015)
(15,015)



At 30 April 2024

3,392
110,145
482,674
596,211



Depreciation


At 1 May 2023
3,392
107,196
478,702
589,290


Charge for the year
-
442
2,284
2,726


Disposals
-
-
(15,015)
(15,015)



At 30 April 2024

3,392
107,638
465,971
577,001



Net book value



At 30 April 2024
-
2,507
16,703
19,210



At 30 April 2023
-
2,949
2,072
5,021

Page 6

 
Morgan Financial Group Ltd
 
 

Notes to the financial statements
For the year ended 30 April 2024

5.


Fixed asset investments





Investments in subsidiary company
Trade investments
Total

£
£
£



Cost


At 1 May 2023
1,000
3,343
4,343


Impairment charge
-
(3,343)
(3,343)



At 30 April 2024
1,000
-
1,000






Net book value



At 30 April 2024
1,000
-
1,000



At 30 April 2023
1,000
3,343
4,343

Page 7

 
Morgan Financial Group Ltd
 
 

Notes to the financial statements
For the year ended 30 April 2024

6.


Debtors

2024
2023
£
£


Other debtors
64,232
68,949

Prepayments
93,566
116,719

157,798
185,668



7.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
70,141
125,598

Amounts owed to group undertakings
718,194
559,420

Other taxation and social security
14,577
19,540

Other creditors
6,787
4,853

Accruals
116,305
79,853

926,004
789,264



8.


Deferred taxation




2024


£






At beginning of year
256


Charged to profit or loss
(3,429)



At end of year
(3,173)

Page 8

 
Morgan Financial Group Ltd
 
 

Notes to the financial statements
For the year ended 30 April 2024
 
8.Deferred taxation (continued)

2024
2023
£
£


Accelerated capital allowances
(4,345)
(100)

Origination and reversal of timing differences
826
356

Losses and other deductions
346
-

(3,173)
256

Comprising:

Liability
(3,173)
256

(3,173)
256



9.


Commitments under operating leases

At 30 April 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
82,417
72,667

Later than 1 year and not later than 5 years
114,166
196,583

196,583
269,250


Page 9