REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
MORRIS M LAPSLEY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
MORRIS M LAPSLEY LIMITED |
MORRIS M LAPSLEY LIMITED (REGISTERED NUMBER: SC092898) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MORRIS M LAPSLEY LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
MORRIS M LAPSLEY LIMITED (REGISTERED NUMBER: SC092898) |
BALANCE SHEET |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MORRIS M LAPSLEY LIMITED (REGISTERED NUMBER: SC092898) |
BALANCE SHEET - continued |
30 April 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MORRIS M LAPSLEY LIMITED (REGISTERED NUMBER: SC092898) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Morris M Lapsley Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
The directors undertake an impairment review where there is an indication of impairment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Basic financial instruments |
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
MORRIS M LAPSLEY LIMITED (REGISTERED NUMBER: SC092898) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Provisions |
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MORRIS M LAPSLEY LIMITED (REGISTERED NUMBER: SC092898) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 30 April 2024 |
DEPRECIATION |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Other debtors |
MORRIS M LAPSLEY LIMITED (REGISTERED NUMBER: SC092898) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 8) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 6,481 | 13,725 |
Creditors includes a loan of £34,259 (2023 - £39,815) advanced under the Coronavirus Bounce Back Loan Scheme and repayments commenced July 2021. The liability is allocated £5,556 (2023 - £5,556) as a creditor falling due within one year and £28,703 (2022 - £34,259) as a creditor falling due after more than one year. The loan is unsecured. |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.4.24 | 30.4.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
30.4.24 | 30.4.23 |
£ | £ |
Within one year |
MORRIS M LAPSLEY LIMITED (REGISTERED NUMBER: SC092898) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Hire purchase contracts | 30,978 | - |
Bank loan | 15,015 | 18,438 |
The bank loan is secured by way of a standard security over the company's property. |
10. | PROVISIONS FOR LIABILITIES |
30.4.24 | 30.4.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Capital allowances in advance | 8,760 |
of depreciation |
Balance at 30 April 2024 |
11. | CAPITAL COMMITMENTS |
30.4.24 | 30.4.23 |
£ | £ |
Contracted but not provided for in the |
financial statements |
12. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £79,460 (2023 - £100,760) were paid to the directors . |
The gross remuneration, including pension contributions, of the directors was £22,080 (2023 - £21,310). |
Part of the company's property is owned by certain directors to whom £4,200 (2023 - £4,200) was paid in rent. |
The total balance due to the directors on loan accounts was £29,450 (2023 - £26,057). The loans are interest free and without terms for repayment. |