Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31372898309612false142023-06-01No description of principal activity14truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00789008 2023-06-01 2024-05-31 00789008 2022-06-01 2023-05-31 00789008 2024-05-31 00789008 2023-05-31 00789008 c:Director1 2023-06-01 2024-05-31 00789008 d:Buildings 2023-06-01 2024-05-31 00789008 d:Buildings 2024-05-31 00789008 d:Buildings 2023-05-31 00789008 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00789008 d:Buildings d:LongLeaseholdAssets 2023-06-01 2024-05-31 00789008 d:Buildings d:LongLeaseholdAssets 2024-05-31 00789008 d:Buildings d:LongLeaseholdAssets 2023-05-31 00789008 d:PlantMachinery 2023-06-01 2024-05-31 00789008 d:PlantMachinery 2024-05-31 00789008 d:PlantMachinery 2023-05-31 00789008 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00789008 d:MotorVehicles 2023-06-01 2024-05-31 00789008 d:MotorVehicles 2024-05-31 00789008 d:MotorVehicles 2023-05-31 00789008 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00789008 d:ComputerEquipment 2023-06-01 2024-05-31 00789008 d:ComputerEquipment 2024-05-31 00789008 d:ComputerEquipment 2023-05-31 00789008 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00789008 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00789008 d:ComputerSoftware 2024-05-31 00789008 d:ComputerSoftware 2023-05-31 00789008 d:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 00789008 d:FreeholdInvestmentProperty 2024-05-31 00789008 d:FreeholdInvestmentProperty 2023-05-31 00789008 d:CurrentFinancialInstruments 2024-05-31 00789008 d:CurrentFinancialInstruments 2023-05-31 00789008 d:Non-currentFinancialInstruments 2024-05-31 00789008 d:Non-currentFinancialInstruments 2023-05-31 00789008 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 00789008 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 00789008 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 00789008 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 00789008 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-05-31 00789008 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 00789008 d:ShareCapital 2024-05-31 00789008 d:ShareCapital 2023-05-31 00789008 d:RevaluationReserve 2023-06-01 2024-05-31 00789008 d:RevaluationReserve 2024-05-31 00789008 d:RevaluationReserve 2023-05-31 00789008 d:InvestmentPropertiesRevaluationReserve 2023-06-01 2024-05-31 00789008 d:InvestmentPropertiesRevaluationReserve 2024-05-31 00789008 d:InvestmentPropertiesRevaluationReserve 2023-05-31 00789008 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 00789008 d:RetainedEarningsAccumulatedLosses 2024-05-31 00789008 d:RetainedEarningsAccumulatedLosses 2023-05-31 00789008 c:FRS102 2023-06-01 2024-05-31 00789008 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 00789008 c:FullAccounts 2023-06-01 2024-05-31 00789008 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 00789008 2 2023-06-01 2024-05-31 00789008 5 2023-06-01 2024-05-31 00789008 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 00789008 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 00789008 d:OtherDeferredTax 2024-05-31 00789008 d:OtherDeferredTax 2023-05-31 00789008 d:ComputerSoftware d:OwnedIntangibleAssets 2023-06-01 2024-05-31 00789008 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure
Registered number: 
00789008













MORLEY NURSERIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
MORLEY NURSERIES LIMITED
REGISTERED NUMBER:00789008

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
279

Tangible assets
 5 
178,973
178,483

Investments
 6 
10
10

Investment property
 7 
200,000
200,000

  
378,983
378,772

Current assets
  

Stocks
  
384,527
369,406

Debtors: amounts falling due within one year
 8 
394,109
405,447

Cash at bank and in hand
  
265,835
304,290

  
1,044,471
1,079,143

Creditors: amounts falling due within one year
 9 
(653,546)
(696,057)

Net current assets
  
 
 
390,925
 
 
383,086

Total assets less current liabilities
  
769,908
761,858

Creditors: amounts falling due after more than one year
 10 
(537,285)
(500,781)

Provisions for liabilities
  

Deferred tax
 12 
(30,940)
(30,509)

  
 
 
(30,940)
 
 
(30,509)

Net assets
  
201,683
230,568


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Revaluation reserve
 13 
41,010
41,010

Investment property reserve
 13 
113,550
113,550

Profit and loss account
 13 
37,123
66,008

  
201,683
230,568


Page 1

 
MORLEY NURSERIES LIMITED
REGISTERED NUMBER:00789008
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on: 




................................................
C N Ellerbrook
Director

Date: 24 February 2025

Page 2

 
MORLEY NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Morley Nurseries Limited is a company limited by shares incorporated in England and Wales, registration number 00789008. The address of the registered office is Brook House, Morley, Wymondham, Norfolk, NR18 9TN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Computer software
-
20%
straight line on cost

Page 3

 
MORLEY NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold property
-
stated at valuation, not depreciated
Agricultural buildings
-
2%
straight line on cost
Plant & machinery
-
15%
straight line on cost
Computer equipment
-
15%
straight line on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
MORLEY NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value and include raw materials, growing crops and crops in store.
At each reporting 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 the income statement.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
MORLEY NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.



3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 14).

Page 6

 
MORLEY NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets




Computer software

£



Cost


At 1 June 2023
1,395



At 31 May 2024

1,395



Amortisation


At 1 June 2023
1,116


Charge for the year on owned assets
279



At 31 May 2024

1,395



Net book value



At 31 May 2024
-



At 31 May 2023
279



Page 7

 
MORLEY NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Freehold property
Agricultural buildings & glass houses
Plant & machinery
Motor vehicles
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 June 2023
128,021
437,518
1,339,880
177,650
6,471


Additions
-
-
-
9,583
1,921



At 31 May 2024

128,021
437,518
1,339,880
187,233
8,392



Depreciation


At 1 June 2023
-
428,606
1,300,683
177,650
4,118


Charge for the year on owned assets
-
212
8,229
1,438
1,135



At 31 May 2024

-
428,818
1,308,912
179,088
5,253



Net book value



At 31 May 2024
128,021
8,700
30,968
8,145
3,139



At 31 May 2023
128,021
8,912
39,197
-
2,353
Page 8

 
MORLEY NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 June 2023
2,089,540


Additions
11,504



At 31 May 2024

2,101,044



Depreciation


At 1 June 2023
1,911,057


Charge for the year on owned assets
11,014



At 31 May 2024

1,922,071



Net book value



At 31 May 2024
178,973



At 31 May 2023
178,483

The freehold property was revalued by the directors based on the advice of Messrs Hockleys dated 31 March 1991.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
42,905
42,905

Net book value
42,905
42,905

Page 9

 
MORLEY NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 June 2023
10



At 31 May 2024
10





7.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
200,000



At 31 May 2024
200,000

The 2024 valuations were made by a director, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 June 2023
113,550
81,907

Transfer between reserves
-
31,643

At 31 May 2024
113,550
113,550



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
86,449
86,449

86,449
86,449

Page 10

 
MORLEY NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Debtors

2024
2023
£
£


Trade debtors
261,925
283,478

Other debtors
112,655
106,236

Prepayments and accrued income
19,529
15,733

394,109
405,447



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
237,347
253,312

Other taxation and social security
38,253
39,664

Other creditors
370,466
394,184

Accruals and deferred income
7,480
8,897

653,546
696,057



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
537,285
500,781


Secured loans
The bank loans and overdrafts are secured over the assets of the company.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Other loans
537,285
500,781


Page 11

 
MORLEY NURSERIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Deferred taxation




2024


£






At beginning of year
(30,509)


Charged to profit or loss
(431)



At end of year
(30,940)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(10,464)
(10,032)

Deferred tax on investment properties
(20,476)
(20,477)

(30,940)
(30,509)


13.


Reserves

Revaluation reserve

The revaluation reserve includes all current and prior period revaluations on tangible fixed assets where the fair value of an asset exceeded its original cost.

Investment property revaluation reserve

The investment property revaluation reserve includes all current and prior period revaluations on investment properties where the fair value of an asset exceeded its original cost.

Profit & loss account

The profit & loss account includes all current and prior period retained profit and losses. 


14.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £9,798 (2023 - £9,123). The amount due to the scheme at the year end is £2,107 (2023 - £1,851).

 
Page 12