33 25 March 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 7,175 7,175 3,120 3,120 3,120 xbrli:pure xbrli:shares iso4217:GBP NI018741 2023-07-01 2024-06-30 NI018741 2024-06-30 NI018741 2023-06-30 NI018741 2022-07-01 2023-06-30 NI018741 2023-06-30 NI018741 2022-06-30 NI018741 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI018741 core:FurnitureFittings 2023-07-01 2024-06-30 NI018741 bus:Director5 2023-07-01 2024-06-30 NI018741 bus:Director7 2023-07-01 2024-06-30 NI018741 core:WithinOneYear 2024-06-30 NI018741 core:WithinOneYear 2023-06-30 NI018741 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 NI018741 core:FurnitureFittings 2023-06-30 NI018741 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 NI018741 core:FurnitureFittings 2024-06-30 NI018741 core:AfterOneYear 2024-06-30 NI018741 core:AfterOneYear 2023-06-30 NI018741 core:ShareCapital 2024-06-30 NI018741 core:ShareCapital 2023-06-30 NI018741 core:CapitalRedemptionReserve 2024-06-30 NI018741 core:CapitalRedemptionReserve 2023-06-30 NI018741 core:RetainedEarningsAccumulatedLosses 2024-06-30 NI018741 core:RetainedEarningsAccumulatedLosses 2023-06-30 NI018741 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 NI018741 core:Non-currentFinancialInstruments 2024-06-30 NI018741 core:Non-currentFinancialInstruments 2023-06-30 NI018741 core:AcceleratedTaxDepreciationDeferredTax 2024-06-30 NI018741 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 NI018741 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 NI018741 core:FurnitureFittings 2023-06-30 NI018741 bus:SmallEntities 2023-07-01 2024-06-30 NI018741 bus:Audited 2023-07-01 2024-06-30 NI018741 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI018741 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI018741 bus:FullAccounts 2023-07-01 2024-06-30 NI018741 core:IntangibleAssetsOtherThanGoodwill 2023-07-01 2024-06-30 NI018741 core:KeyManagementPersonnel 2023-07-01 2024-06-30 NI018741 core:KeyManagementPersonnel 2022-07-01 2023-06-30 NI018741 core:CloseFamilyMember1 2023-07-01 2024-06-30 NI018741 core:ComputerEquipment 2023-07-01 2024-06-30 NI018741 core:IntangibleAssetsOtherThanGoodwill 2024-06-30 NI018741 core:ComputerEquipment 2023-06-30 NI018741 core:ComputerEquipment 2024-06-30 NI018741 core:KeyManagementPersonnel 2024-06-30 NI018741 core:KeyManagementPersonnel 2023-06-30 NI018741 core:CloseFamilyMember1 2024-06-30
COMPANY REGISTRATION NUMBER: NI018741
Morrow Communications Limited
Filleted Financial Statements
30 June 2024
Morrow Communications Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
7,175
Tangible assets
7
569,042
582,265
Investments
8
3,120
3,120
---------
---------
579,337
585,385
Current assets
Debtors
9
612,661
531,355
Cash at bank and in hand
375,434
367,875
---------
---------
988,095
899,230
Creditors: amounts falling due within one year
10
839,308
945,184
---------
---------
Net current assets/(liabilities)
148,787
( 45,954)
---------
---------
Total assets less current liabilities
728,124
539,431
Creditors: amounts falling due after more than one year
11
295,842
14,373
Provisions
Taxation including deferred tax
15,745
14,377
---------
---------
Net assets
416,537
510,681
---------
---------
Capital and reserves
Called up share capital
4,650
7,650
Capital redemption reserve
15,350
12,350
Profit and loss account
396,537
490,681
---------
---------
Shareholders funds
416,537
510,681
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Morrow Communications Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr. K Donnelly
Mr. P Morrrow
Director
Director
Company registration number: NI018741
Morrow Communications Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Hanwood House,, Pavilions Office Park,, Kinnegar Drive Holywood,, Co Down, BT18 9JQ, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
There are no critical judgements or key accounting estimates and assumptions in applying the accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
1% straight line
Fixtures and fittings
-
20% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 33 (2023: 34 ).
5. Security
Allied Irish Bank (NI) hold a legal mortgage/charge over Unit 2A Pavillions Office Park, Kinnegar Drive, Holywood, Co Down.
6. Intangible assets
Stamp duty land tax
£
Cost
Additions
Transfers
7,175
-------
At 30 June 2024
7,175
-------
Amortisation
At 1 July 2023 and 30 June 2024
-------
Carrying amount
At 30 June 2024
7,175
-------
At 30 June 2023
-------
7. Tangible assets
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 July 2023
701,364
82,507
168,048
951,919
Additions
6,345
6,578
12,923
---------
--------
---------
---------
At 30 June 2024
701,364
88,852
174,626
964,842
---------
--------
---------
---------
Depreciation
At 1 July 2023
189,784
62,945
116,925
369,654
Charge for the year
7,014
4,770
14,362
26,146
---------
--------
---------
---------
At 30 June 2024
196,798
67,715
131,287
395,800
---------
--------
---------
---------
Carrying amount
At 30 June 2024
504,566
21,137
43,339
569,042
---------
--------
---------
---------
At 30 June 2023
511,580
19,562
51,123
582,265
---------
--------
---------
---------
8. Investments
Other investments other than loans
£
Cost
At 1 July 2023 and 30 June 2024
3,120
-------
Impairment
At 1 July 2023 and 30 June 2024
-------
Carrying amount
At 30 June 2024
3,120
-------
At 30 June 2023
3,120
-------
9. Debtors
2024
2023
£
£
Trade debtors
590,395
515,024
Amounts owed by undertakings in which the company has a participating interest
3,516
Prepayments and accrued income
18,750
16,331
---------
---------
612,661
531,355
---------
---------
10. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,651
10,651
Trade creditors
211,317
198,463
Amounts owed to undertakings in which the company has a participating interest
80,000
Accruals and deferred income
284,796
206,796
Corporation tax
101,368
82,270
Social security and other taxes
151,176
147,004
Other creditors
300,000
---------
---------
839,308
945,184
---------
---------
11. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,175
14,373
Amounts owed to group undertakings and undertakings in which the company has a participating interest
286,667
---------
--------
295,842
14,373
---------
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
15,745
14,377
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
15,745
14,377
--------
--------
13. Summary audit opinion
The auditor's report dated 25 March 2025 was unqualified .
The senior statutory auditor was Stephanie Humes , for and on behalf of John McVeigh & Co .
14. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
WR Morrow & Sons Ltd
( 318,084)
312,984
3,516
( 300,000)
Mrs G. Morrow
440,665
( 359,334)
---------
---------
---------
---------
There were two related parties identified by management, WR Morrow & Sons Limited and Mrs G. Morrow. The company is a storage provider operated at the family farm of one of the directors, Peter Morrow. Peter Morrow is a shareholder and director in both Morrow Communications Limited and WR Morrow & Sons Limited. Mrs G. Morrow is the wife of Peter Morrow. All transactions within the year have been at an arm's length basis. There were no amounts written off to bad debt during the year, nor is there a requirement for a provision for doubtful debts in relation to WR Morrow & Sons Limited or Mrs G. Morrow.