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REGISTERED NUMBER: SC092898 (Scotland)















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: S M Lapsley
M M Lapsley
J Lapsley
A E Lapsley





SECRETARY: M M Lapsley





REGISTERED OFFICE: 19 Lasswade Road
Edinburgh
EH16 6JB





REGISTERED NUMBER: SC092898 (Scotland)

MORRIS M LAPSLEY LIMITED (REGISTERED NUMBER: SC092898)

BALANCE SHEET
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 114,900 77,405

CURRENT ASSETS
Stocks 8,000 8,000
Debtors 5 44,772 59,399
Cash at bank and in hand 83,723 92,057
136,495 159,456
CREDITORS
Amounts falling due within one year 6 102,178 115,521
NET CURRENT ASSETS 34,317 43,935
TOTAL ASSETS LESS CURRENT
LIABILITIES

149,217

121,340

CREDITORS
Amounts falling due after more than one
year

7

(67,794

)

(49,347

)

PROVISIONS FOR LIABILITIES 10 (8,760 ) -
NET ASSETS 72,663 71,993

CAPITAL AND RESERVES
Called up share capital 16,000 16,000
Capital redemption reserve 4,000 4,000
Retained earnings 52,663 51,993
72,663 71,993

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





M M Lapsley - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost and 10% on cost

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 8 (2023 - 7 ) .

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 75,198 109,626 184,824
Additions - 50,477 50,477
Disposals - (11,623 ) (11,623 )
At 30 April 2024 75,198 148,480 223,678
DEPRECIATION
At 1 May 2023 15,253 92,166 107,419
Charge for year 1,500 11,482 12,982
Eliminated on disposal - (11,623 ) (11,623 )
At 30 April 2024 16,753 92,025 108,778
NET BOOK VALUE
At 30 April 2024 58,445 56,455 114,900
At 30 April 2023 59,945 17,460 77,405

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 49,349
At 30 April 2024 49,349
DEPRECIATION
Charge for year 8,589
At 30 April 2024 8,589
NET BOOK VALUE
At 30 April 2024 40,760

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 36,757 51,536
Other debtors 8,015 7,863
44,772 59,399

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 8,906 8,906
Hire purchase contracts (see note 8) 3,552 -
Trade creditors 31,532 39,863
Taxation and social security 20,143 29,618
Other creditors 38,045 37,134
102,178 115,521

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans 40,368 49,347
Hire purchase contracts (see note 8) 27,426 -
67,794 49,347

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 3,552 -
Between one and five years 27,426 -
30,978 -

Non-cancellable operating leases
30.4.24 30.4.23
£    £   
Within one year - 1,988

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
45,993 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 8,760 -

Deferred
tax
£   
Capital allowances in advance 8,760
of depreciation
Balance at 30 April 2024 8,760

11. CAPITAL COMMITMENTS
30.4.24 30.4.23
£    £   
Contracted but not provided for in the
financial statements - 49,349

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.