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REGISTERED NUMBER: 05338805 (England and Wales)


















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MORSO UK LIMITED

MORSO UK LIMITED (REGISTERED NUMBER: 05338805)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MORSO UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTOR: P N Nielsen





REGISTERED OFFICE: Unit 14
Davy Court
Castle Mound Way
Rugby
Warwickshire
CV23 0UZ





REGISTERED NUMBER: 05338805 (England and Wales)





AUDITORS: TGFP
Chartered Accountants & Statutory Auditors
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

MORSO UK LIMITED (REGISTERED NUMBER: 05338805)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 19,074 29,352

CURRENT ASSETS
Stocks 203,206 407,198
Debtors 5 398,256 739,144
Cash at bank and in hand 59,446 67,105
660,908 1,213,447
CREDITORS
Amounts falling due within one year 6 1,674,275 1,741,307
NET CURRENT LIABILITIES (1,013,367 ) (527,860 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(994,293

)

(498,508

)

CAPITAL AND RESERVES
Called up and paid share capital 50,000 50,000
Retained earnings (1,044,293 ) (548,508 )
SHAREHOLDERS' FUNDS (994,293 ) (498,508 )

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 February 2025 and were signed by:





P N Nielsen - Director


MORSO UK LIMITED (REGISTERED NUMBER: 05338805)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Morso UK Limited is a private company, limited by shares , registered in England and Wales. 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
The turnover shown in the profit and loss account represents amounts invoiced for goods supplied during the year, net of trade discounts, and exclusive of Value Added Tax. Revenue is recognised when goods are delivered to customers.

Intangible assets
Intangible assets are initial measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisiation and any accumulated impairment losses.

Other intangible assets are being amoritised evenly over their estimated useful life of 3 and 5 years.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less cost to complete and sell. Cost valuation is based on the average cost method.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


MORSO UK LIMITED (REGISTERED NUMBER: 05338805)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the the benefits and risks of ownership remain with the lessor are charged against profits on a single line basis over the period of the lease.

Lease incentives are written off 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.

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all it's financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, these financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Going concern
The financial statements have been prepared on the going concern concept. This assumes that the company will achieve a profitable level of trading and will continue to enjoy the support of its parent company for a period of no less than twelve months from the signing of the Balance Sheet. The financial statements do not account for any adjustments that would be required if the company was unable to achieve these objectives.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

MORSO UK LIMITED (REGISTERED NUMBER: 05338805)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. INTANGIBLE FIXED ASSETS
Other
intangibles
£   
COST
At 1 January 2024
and 31 December 2024 38,113
AMORTISATION
At 1 January 2024 8,761
Amortisation for year 10,278
At 31 December 2024 19,039
NET BOOK VALUE
At 31 December 2024 19,074
At 31 December 2023 29,352

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 385,222 724,197
Other debtors 5,856 7,625
Prepayments and accrued income 7,178 7,322
398,256 739,144

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 56,875 53,424
Amounts owed to group undertakings 1,488,825 1,496,035
Tax 121 121
Social security and other taxes 7,380 7,835
VAT 108,973 177,141
Other creditors 3,899 -
Accruals and deferred income 8,202 6,751
1,674,275 1,741,307

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

BENJAMIN REYNOLDS BSc(Hons) FCA (Senior Statutory Auditor)
for and on behalf of TGFP

MORSO UK LIMITED (REGISTERED NUMBER: 05338805)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


8. RELATED PARTY DISCLOSURES

The company was under the control of Mr P A Moller throughout the current year, by virtue of his directorship and majority shareholding in the parent company.

As a wholly owned subsidiary of Morso Jernstoberi A/S, the company is exempt from the requirements of FRS102 to disclosure transactions with other members of the group headed by Morso Jernstoberi A/S on the grounds that all parties involved are wholly owned within the group.