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M and R Morton Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2024

Registration number: 03533003

 

M and R Morton Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

M and R Morton Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

35,135

60,236

Tangible assets

6

1,838,518

2,064,250

Other financial assets

7

15

15

 

1,873,668

2,124,501

Current assets

 

Stocks

8

522,438

554,423

Debtors

9

1,398,054

1,452,577

Cash at bank and in hand

 

618,393

444,050

 

2,538,885

2,451,050

Creditors: Amounts falling due within one year

10

(564,380)

(673,501)

Net current assets

 

1,974,505

1,777,549

Total assets less current liabilities

 

3,848,173

3,902,050

Creditors: Amounts falling due after more than one year

10

(1,455,869)

(1,460,443)

Provisions for liabilities

(166,514)

(217,538)

Net assets

 

2,225,790

2,224,069

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

2,225,788

2,224,067

Shareholders' funds

 

2,225,790

2,224,069

 

M and R Morton Limited

Balance Sheet

30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 February 2025 and signed on its behalf by:
 

.........................................
M G E Morton
Director

Company Registration Number: 03533003

 

M and R Morton Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sheep Dip
Joan's Acre Lane
Hinton Ampner
Alresford
Hampshire
SO24 0LF

These financial statements were authorised for issue by the Board on 3 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

 

M and R Morton Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

10% per annum reducing balance

Plant & Machinery

25% per annum reducing balance

Greenhouse

10% per annum reducing balance

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

33% per annum reducing balance

Leases

33% per annum straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

M and R Morton Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

Stocks

Livestock and crops in store are valued at 75% of market value. Flower stocks are valued at cost less provision for diminution in value. All other stocks are valued at net realisable value.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal
level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

M and R Morton Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2023 - 26).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
 £

2023
 £

Current taxation

UK corporation tax

108,270

44,896

Deferred taxation

Arising from origination and reversal of timing differences

(51,024)

79,778

Tax expense in the income statement

57,246

124,674

 

M and R Morton Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

5

Intangible assets

Goodwill
 £

Website
 £

Lease
£

Total
£

Cost or valuation

At 1 October 2023

98,065

44,438

65,000

207,503

Additions acquired separately

-

3,300

-

3,300

At 30 September 2024

98,065

47,738

65,000

210,803

Amortisation

At 1 October 2023

98,064

27,536

21,667

147,267

Amortisation charge

-

6,734

21,667

28,401

At 30 September 2024

98,064

34,270

43,334

175,668

Carrying amount

At 30 September 2024

1

13,468

21,666

35,135

At 30 September 2023

1

16,902

43,333

60,236

 

M and R Morton Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

6

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

1,675,517

2,321,665

3,997,182

Additions

4,140

9,203

13,343

At 30 September 2024

1,679,657

2,330,868

4,010,525

Depreciation

At 1 October 2023

369,614

1,563,317

1,932,931

Charge for the year

50,318

188,758

239,076

At 30 September 2024

419,932

1,752,075

2,172,007

Carrying amount

At 30 September 2024

1,259,725

578,793

1,838,518

At 30 September 2023

1,305,902

758,348

2,064,250

Included within the net book value of land and buildings above is £1,194,324 (2023 - £1,237,376) in respect of freehold land and buildings and £65,401 (2023 - £68,526) in respect of short leasehold land and buildings.
 

 

M and R Morton Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

15

15

At 30 September 2024

15

15

Impairment

Carrying amount

At 30 September 2024

15

15

8

Stocks

2024
£

2023
£

Crops

219,276

275,254

Livestock

107,205

111,364

Other stocks

195,957

167,805

522,438

554,423

9

Debtors

2024
£

2023
£

Trade debtors

224,640

533,175

Prepayments

890,251

870,947

Other debtors

283,163

48,455

1,398,054

1,452,577

 

M and R Morton Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

64,167

161,079

Trade creditors

 

213,510

288,771

Taxation and social security

 

265,241

199,936

Accruals and deferred income

 

21,462

21,620

Other creditors

 

-

2,095

 

564,380

673,501

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

1,455,869

1,460,443

11

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Interest free loan repayable on demand

93,140

273,273

(329,730)

36,683

 

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Interest free loan repayable on demand

36,683

276,019

(183,060)

129,642

 

 

M and R Morton Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

12

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,455,869

1,460,443

Current loans and borrowings

2024
£

2023
£

Bank borrowings

64,167

118,185

Bank overdrafts

-

20,394

Hire purchase contracts

-

22,500

64,167

161,079

Security has been given on the aggregate value of finance leases held by the company.