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Registration number: SC013361

Robert Morris & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Robert Morris & Son Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Robert Morris & Son Limited

Company Information

Directors

Mr N F Morris

Joanna Morris

Nicola Morris

Patrick Morris

Annie Morris

Registered office

Nethermill Farm
Burrelton
BLAIRGOWRIE
Perthshire
PH13 9PH

Accountants

Morris & Young
Chartered Accountants
6 Atholl Crescent
PERTH
PH1 5JN

 

Robert Morris & Son Limited

(Registration number: SC013361)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

1,000

Tangible assets

5

985,337

817,035

Other financial assets

150

150

 

985,487

818,185

Current assets

 

Stocks

6

289,337

251,603

Debtors

7

76,404

117,962

Cash at bank and in hand

 

45,776

8,966

 

411,517

378,531

Creditors: Amounts falling due within one year

8

(329,337)

(394,377)

Net current assets/(liabilities)

 

82,180

(15,846)

Total assets less current liabilities

 

1,067,667

802,339

Creditors: Amounts falling due after more than one year

8

(27,068)

(57,609)

Provisions for liabilities

(87,082)

(44,033)

Net assets

 

953,517

700,697

Capital and reserves

 

Called up share capital

9

13,000

13,000

Other reserves

52,376

52,376

Retained earnings

888,141

635,321

Shareholders' funds

 

953,517

700,697

For the financial year ending 31 July 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 accounts 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.

 

Robert Morris & Son Limited

(Registration number: SC013361)
Statement of Financial Position as at 31 July 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 April 2025 and signed on its behalf by:
 

.........................................
Mr N F Morris
Director

 

Robert Morris & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Nethermill Farm
Burrelton
BLAIRGOWRIE
Perthshire
PH13 9PH

These financial statements were authorised for issue by the Board on 29 April 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

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

The tax expense for the period comprises current and deferred 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.

 

Robert Morris & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Land and buildings

0 - 25% reducing balance

Tractors

25% reducing balance

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Furniture and fittings

15% - 25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

20 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Robert Morris & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Robert Morris & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 statement of financial position 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Robert Morris & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 18).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

20,000

20,000

At 31 July 2024

20,000

20,000

Amortisation

At 1 August 2023

19,000

19,000

Amortisation charge

1,000

1,000

At 31 July 2024

20,000

20,000

Carrying amount

At 31 July 2024

-

-

At 31 July 2023

1,000

1,000

 

Robert Morris & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Tractors
 £

Total
£

Cost or valuation

At 1 August 2023

759,360

1,038,918

27,729

230,031

2,056,038

Additions

82,249

87,501

28,264

87,000

285,014

Disposals

-

(109,900)

-

(50,500)

(160,400)

At 31 July 2024

841,609

1,016,519

55,993

266,531

2,180,652

Depreciation

At 1 August 2023

224,208

817,743

18,868

178,184

1,239,003

Charge for the year

210

47,856

4,643

14,738

67,447

Eliminated on disposal

-

(82,531)

-

(28,604)

(111,135)

At 31 July 2024

224,418

783,068

23,511

164,318

1,195,315

Carrying amount

At 31 July 2024

617,191

233,451

32,482

102,213

985,337

At 31 July 2023

535,152

221,175

8,861

51,847

817,035

Included within the net book value of land and buildings above is £617,191 (2023 - £535,153) in respect of freehold land and buildings.
 

 

Robert Morris & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Stocks

2024
£

2023
£

Raw materials and consumables

289,337

251,603

7

Debtors

Current

2024
£

2023
£

Trade debtors

33,887

52,831

Prepayments

19,766

38,829

Other debtors

22,751

26,302

 

76,404

117,962

 

Robert Morris & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

59,161

168,756

Trade creditors

 

98,912

107,206

Taxation and social security

 

65,499

6,182

Accruals and deferred income

 

10,450

10,450

Other creditors

 

95,315

101,783

 

329,337

394,377

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

27,068

57,609

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

13,000

13,000

13,000

13,000

       
 

Robert Morris & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,333

48,948

Hire purchase contracts

18,735

8,661

27,068

57,609

Current loans and borrowings

2024
£

2023
£

Bank borrowings

39,305

45,867

Bank overdrafts

-

77,767

Hire purchase contracts

19,856

45,122

59,161

168,756

Bank borrowings

Bank loan is denominated in £ with a nominal interest rate of 3.8%, and the final instalment is due on 22 April 2025. The carrying amount at year end is £14,691 (2023 - £33,646).

The bank holds a bond and floating charge over the assets of the company.

Bank loan is denominated in £ with a nominal interest rate of 4%%, and the final instalment is due on 22 April 2025. The carrying amount at year end is £14,614 (2023 - £32,835).

The bank holds a bond and floating charge over the assets of the company.

Bounce back loan is denominated in £ with a nominal interest rate of 2.55%, and the final instalment is due on 14 June 2026. The carrying amount at year end is £18,333 (2023 - £28,333).

11

Parent and ultimate parent undertaking

The ultimate controlling party is Neil Morris.