Caseware UK (AP4) 2024.0.164 2024.0.164 2025-01-312025-01-312025-05-31truetrue112024-02-01falseEstate agents12The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08610489 2024-02-01 2025-01-31 08610489 2023-02-01 2024-01-31 08610489 2025-01-31 08610489 2024-01-31 08610489 c:Director1 2024-02-01 2025-01-31 08610489 d:Buildings d:ShortLeaseholdAssets 2024-02-01 2025-01-31 08610489 d:Buildings d:ShortLeaseholdAssets 2025-01-31 08610489 d:Buildings d:ShortLeaseholdAssets 2024-01-31 08610489 d:FurnitureFittings 2024-02-01 2025-01-31 08610489 d:FurnitureFittings 2025-01-31 08610489 d:FurnitureFittings 2024-01-31 08610489 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 08610489 d:ComputerEquipment 2024-02-01 2025-01-31 08610489 d:ComputerEquipment 2025-01-31 08610489 d:ComputerEquipment 2024-01-31 08610489 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 08610489 d:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 08610489 d:Goodwill 2025-01-31 08610489 d:Goodwill 2024-01-31 08610489 d:CurrentFinancialInstruments 2025-01-31 08610489 d:CurrentFinancialInstruments 2024-01-31 08610489 d:Non-currentFinancialInstruments 2025-01-31 08610489 d:Non-currentFinancialInstruments 2024-01-31 08610489 d:CurrentFinancialInstruments d:WithinOneYear 2025-01-31 08610489 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 08610489 d:Non-currentFinancialInstruments d:AfterOneYear 2025-01-31 08610489 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 08610489 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2025-01-31 08610489 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 08610489 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2025-01-31 08610489 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 08610489 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2025-01-31 08610489 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-01-31 08610489 d:ShareCapital 2025-01-31 08610489 d:ShareCapital 2024-01-31 08610489 d:RetainedEarningsAccumulatedLosses 2025-01-31 08610489 d:RetainedEarningsAccumulatedLosses 2024-01-31 08610489 c:FRS102 2024-02-01 2025-01-31 08610489 c:AuditExempt-NoAccountantsReport 2024-02-01 2025-01-31 08610489 c:FullAccounts 2024-02-01 2025-01-31 08610489 c:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 08610489 d:Goodwill d:OwnedIntangibleAssets 2024-02-01 2025-01-31 08610489 e:PoundSterling 2024-02-01 2025-01-31 iso4217:GBP xbrli:pure

Registered number: 08610489










MORFITT SMITH LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

 
MORFITT SMITH LTD
REGISTERED NUMBER: 08610489

BALANCE SHEET
AS AT 31 JANUARY 2025

2025
2024
Note
£
£

Fixed assets
  

Intangible assets
 4 
35,106
39,196

Tangible assets
 5 
7,028
10,835

  
42,134
50,031

Current assets
  

Debtors: amounts falling due within one year
 6 
82,283
60,752

Cash at bank and in hand
  
2,419
1,354

  
84,702
62,106

Creditors: amounts falling due within one year
 7 
(204,694)
(192,761)

Net current liabilities
  
 
 
(119,992)
 
 
(130,655)

Total assets less current liabilities
  
(77,858)
(80,624)

Creditors: amounts falling due after more than one year
 8 
(313,900)
(322,787)

  

Net liabilities
  
(391,758)
(403,411)


Capital and reserves
  

Called up share capital 
  
4
4

Profit and loss account
  
(391,762)
(403,415)

  
(391,758)
(403,411)


Page 1

 
MORFITT SMITH LTD
REGISTERED NUMBER: 08610489
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025

The directors consider 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 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.

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 31 May 2025.




P A Batty
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MORFITT SMITH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

Morfitt Smith Ltd is a private Company limited by shares, incorporated in England and Wales (registered number: 08610489). Its registered office is 67 Middlewood Road, Hillsborough, Sheffield, S6 4GX. The principal activity of the Company throughout the year continued to be that of Estate Agents.

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 Company's functional and presentation currency is pounds sterling. 

The following principal accounting policies have been applied:

 
2.2

Going concern

As at 31 January 2025 the Company had an excess of liabilities over its total assets amounting to £391,758 (2024: £403,411). The ability of the Company to meet its liabilities as they fall due is dependent on the future profitability and cash generation of the Company. The directors are confident that the Company will be able to pay its debts as they fall due and accordingly these accounts are prepared on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

Page 3

 
MORFITT SMITH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.5

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 the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.
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.

Page 4

 
MORFITT SMITH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.7

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.

The depreciation rates used are:

Short-term leasehold property
-
20% straight line basis
Fixtures and fittings
-
15% reducing balance basis
Computer equipment
-
33% straight line basis

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 the Statement of Income and Retained Earnings.

 
2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

Page 5

 
MORFITT SMITH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 Balance Sheet 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2024 - 12).


4.


Intangible assets




Goodwill

£



Cost


At 1 February 2024
285,410



At 31 January 2025

285,410



Amortisation


At 1 February 2024
246,214


Charge for the year on owned assets
4,090



At 31 January 2025

250,304



Net book value



At 31 January 2025
35,106



At 31 January 2024
39,196



Page 6

 
MORFITT SMITH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

5.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost 


At 1 February 2024
27,641
15,121
10,458
53,220



At 31 January 2025

27,641
15,121
10,458
53,220



Depreciation


At 1 February 2024
24,427
9,978
7,980
42,385


Charge for the year on owned assets
2,095
771
941
3,807



At 31 January 2025

26,522
10,749
8,921
46,192



Net book value



At 31 January 2025
1,119
4,372
1,537
7,028



At 31 January 2024
3,214
5,143
2,478
10,835

Page 7

 
MORFITT SMITH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

6.


Debtors

2025
2024
£
£


Trade debtors
36,701
45,385

Other debtors
26,841
7,269

Prepayments and accrued income
18,741
8,098

82,283
60,752



7.


Creditors: Amounts falling due within one year

2025
2024
£
£

Bank overdrafts
27,564
35,177

Bank loans
95,159
45,090

Trade creditors
28,297
20,551

Other taxation and social security
49,196
84,744

Other creditors
4,478
7,199

204,694
192,761


Included within creditors falling due within one year are secured liabilites in respect of bank loans of £11,252 (2024: £11,768).


8.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Bank loans
313,900
322,787


Included within creditors falling due after more than one year are secured liabilites in respect of bank loans of £313,900 (2024: £322,787).

Page 8

 
MORFITT SMITH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

9.


Loans


Analysis of the maturity of loans is given below:


2025
2024
£
£

Amounts falling due within one year

Bank loans
95,159
45,090

Amounts falling due 1-2 years

Bank loans
12,190
12,516

Amounts falling due 2-5 years

Bank loans
43,038
42,593

Amounts falling due after more than 5 years

Bank loans
258,672
267,678

409,059
367,877



10.


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 £5,677 (2024: £5,781). Contributions totalling £8 (2024: £402) were payable to the fund at the Balance Sheet date and are included in creditors.

Page 9