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Morgan Financial Group Ltd
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For the year ended 30 April 2024
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Registered number: 02759457
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Morgan Financial Group Ltd - Registered number:02759457
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Statement of financial position
as at 30 April 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Deferred tax (liabilities)/assets
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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
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Morgan Financial Group Ltd - Registered number:02759457
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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:
The notes on pages 3 to 9 form part of these financial statements.
Page 2
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Morgan Financial Group Ltd
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Notes to the financial statements
For the year ended 30 April 2024
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
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Basis of preparation of financial statements
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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:
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.
Interest income is recognised in profit or loss using the effective interest method.
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
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Morgan Financial Group Ltd
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Notes to the financial statements
For the year ended 30 April 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is provided on the following basis:
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In equal instalments over term of lease
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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.
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.
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.
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.
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.
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
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Morgan Financial Group Ltd
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Notes to the financial statements
For the year ended 30 April 2024
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Current and deferred taxation
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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.
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The average monthly number of employees, including the director during the year was 1 (2023 - 1).
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Page 5
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Morgan Financial Group Ltd
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Notes to the financial statements
For the year ended 30 April 2024
Page 6
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Morgan Financial Group Ltd
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Notes to the financial statements
For the year ended 30 April 2024
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Investments in subsidiary company
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Page 7
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Morgan Financial Group Ltd
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Notes to the financial statements
For the year ended 30 April 2024
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Charged to profit or loss
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Page 8
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Morgan Financial Group Ltd
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Notes to the financial statements
For the year ended 30 April 2024
8.Deferred taxation (continued)
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Accelerated capital allowances
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Origination and reversal of timing differences
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Losses and other deductions
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Commitments under operating leases
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At 30 April 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 9
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