Company registration number 03047066 (England and Wales)
MOREY SMITH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
MOREY SMITH LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MOREY SMITH LIMITED (REGISTERED NUMBER: 03047066)
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,585
23,014
Current assets
Debtors
4
937,759
700,564
Cash at bank and in hand
560,227
497,251
1,497,986
1,197,815
Creditors: amounts falling due within one year
5
(960,091)
(851,136)
Net current assets
537,895
346,679
Total assets less current liabilities
550,480
369,693
Provisions for liabilities
(1,278)
(6,123)
Net assets
549,202
363,570
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
549,102
363,470
Total equity
549,202
363,570
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 December 2024 and are signed on its behalf by:
L Morey-Burrows
Director
MOREY SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Morey Smith Limited is a private company limited by shares incorporated in England and Wales. The registered office is 24 Marshalsea Road, London, SE1 1HF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services, excluding value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
50% on cost
Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
MOREY SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
29
26
3
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 May 2023
486,206
337,146
321,683
1,145,035
Additions
7,616
7,616
At 30 April 2024
486,206
344,762
321,683
1,152,651
Depreciation and impairment
At 1 May 2023
480,870
322,512
318,639
1,122,021
Depreciation charged in the year
5,336
9,665
3,044
18,045
At 30 April 2024
486,206
332,177
321,683
1,140,066
Carrying amount
At 30 April 2024
12,585
12,585
At 30 April 2023
5,336
14,634
3,044
23,014
MOREY SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
818,614
582,704
Other debtors
119,145
117,860
937,759
700,564
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
145,780
135,412
Taxation and social security
361,832
89,274
Other creditors
452,479
626,450
960,091
851,136
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
499,793
701,197
7
Related party transactions
During the year, Morey Smith Limited paid rent totalling £212,000 (2023: £212,000) to Morey Smith Retirement Benefit Scheme.
During the year Morey Smith Limited gifted £887,179 (2023: £364,102) to the Morey Smith Employee Ownership Trust which owns 100% of Morey Smith Limited. Further information is provided in note 8.
8
Employee Ownership Trust
On 5 September 2018 the entire issued share capital of the company was acquired by the Morey Smith Employee Ownership Trust ("the trust"). The Trust holds the shares for the future benefit of the company's employees.
The Trust acquired the share capital of Morey Smith Limited for £16,000,000. As at the balance sheet date, the remaining balance outstanding was £7,715,846, this is anticipated to be payable over 5-7 years.