Morfey Limited
Registered number: 09902946
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,574 2,540
Current assets
Debtors 4 52,915 30,631
Cash at bank and in hand 133,483 139,321
186,398 169,952
Creditors: amounts falling due within one year 5 (28,126) (28,771)
Net current assets 158,272 141,181
Total assets less current liabilities 159,846 143,721
Provisions for liabilities (366) (483)
Net assets 159,480 143,238
Capital and reserves
Called up share capital 2 2
Profit and loss account 159,478 143,236
Shareholders' funds 159,480 143,238
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Morfey
Director
Approved by the board on 10 February 2025
Morfey Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 25% on a straight line basis
Computer equipment 25% on a straight line basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice 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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice 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
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 13,159
At 31 December 2024 13,159
Depreciation
At 1 January 2024 10,619
Charge for the year 966
At 31 December 2024 11,585
Net book value
At 31 December 2024 1,574
At 31 December 2023 2,540
4 Debtors 2024 2023
£ £
Trade debtors 25,050 -
Directors Loan Account 20,082 20,861
Other debtors 7,783 9,770
52,915 30,631
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 26,436 25,756
Other creditors 1,690 3,015
28,126 28,771
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr S J Morfey
Directors current account 10,431 - (390) 10,041
During the year a loan was made available to Mr S J Morfey, a director and shareholder of the company. The maximum outstanding due to the company during the year was £10,431. The balance due of £10,041 remained repayable to the company at the year end.
Mrs F J Simpson Morfey
Directors current account 10,430 - (390) 10,041
During the year a loan was made available to Mrs F J Simpson Morfey, a director and shareholder of the company. The maximum outstanding due to the company during the year was £10,431. The balance due of £10,041 remained repayable to the company at the year end.
20,861 - (780) 20,082
7 Related party transactions
During the year, dividends of £71,200 (2023: £70,000) were paid to shareholders who were also directors of the company.
8 Controlling party
The company was not under the control of any one party during the year.
9 Other information
Morfey Limited is a private company limited by shares and incorporated in England. Its registered office is:
45 The Pastures
Lower Westwood
Bradford-On-Avon
BA15 2BH
Morfey Limited 09902946 false 2024-01-01 2024-12-31 2024-12-31 VT Final Accounts July 2024 Mr S Morfey No description of principal activity 09902946 2023-01-01 2023-12-31 09902946 core:WithinOneYear 2023-12-31 09902946 core:ShareCapital 2023-12-31 09902946 core:RetainedEarningsAccumulatedLosses 2023-12-31 09902946 2024-01-01 2024-12-31 09902946 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09902946 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 09902946 bus:Director40 2024-01-01 2024-12-31 09902946 1 2024-01-01 2024-12-31 09902946 2 2024-01-01 2024-12-31 09902946 core:PlantMachinery 2024-01-01 2024-12-31 09902946 bus:Director1 2024-01-01 2024-12-31 09902946 bus:Director1 1 2024-01-01 2024-12-31 09902946 bus:Director1 2 2024-01-01 2024-12-31 09902946 bus:Director2 2024-01-01 2024-12-31 09902946 bus:Director2 1 2024-01-01 2024-12-31 09902946 bus:Director2 2 2024-01-01 2024-12-31 09902946 countries:England 2024-01-01 2024-12-31 09902946 bus:FRS102 2024-01-01 2024-12-31 09902946 bus:FilletedAccounts 2024-01-01 2024-12-31 09902946 2024-12-31 09902946 core:WithinOneYear 2024-12-31 09902946 core:ShareCapital 2024-12-31 09902946 core:RetainedEarningsAccumulatedLosses 2024-12-31 09902946 core:PlantMachinery 2024-12-31 09902946 bus:Director1 1 2024-12-31 09902946 bus:Director2 1 2024-12-31 09902946 2023-12-31 09902946 core:PlantMachinery 2023-12-31 09902946 bus:Director1 1 2023-12-31 09902946 bus:Director2 1 2023-12-31 iso4217:GBP xbrli:pure