| REGISTERED NUMBER: |
| Morris, Corfield & Co. Limited |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 30 September 2024 |
| REGISTERED NUMBER: |
| Morris, Corfield & Co. Limited |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 30 September 2024 |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Income Statement | 9 |
| Other Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Notes to the Financial Statements | 13 |
| Morris, Corfield & Co. Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditors |
| Strelley Hall |
| Main Street |
| Strelley |
| Nottingham |
| England |
| NG8 6PE |
| ACCOUNTANTS: |
| 110 Corve Street |
| Ludlow |
| Shropshire |
| SY8 1DJ |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Strategic Report |
| for the Year Ended 30 September 2024 |
| The directors present their strategic report for the year ended 30 September 2024. |
| The principal activity of the company in the year under review was that of selling, repairing and leasing of agricultural harvesting machines, tractors and other agricultural equipment. |
| REVIEW OF BUSINESS |
| The directors are pleased to report a profitable year. |
| Profit before tax is reported at £1,160,242 compared with £1,328,191 for 2023. |
| The net assets of the company stand at £9,403,782 compared to £8,616,395 for 2023. |
| The directors feel that the financial statements should continue to be prepared on a going concern basis. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| In assessing the key business risks of the company, the directors consider that these relate to competition both on a national and local scale, employee retention and availability of suitable trainees, product availability and the economic state of the country. |
| FUTURE DEVELOPMENTS |
| The directors do not expect there to be any significant change to the way the company operates in the near future. |
| KEY PERFORMANCE INDICATORS (KPI'S) |
| Key performance indicators closely monitored by the company include : |
| 2024 | 2023 |
| Turnover increase (2023 decrease) |
7.85% |
-7.83% |
| Gross profit | 7.51% | 8.51% |
| Net profit before tax | 2.86% | 3.54% |
| Trade debtor days | 48.84 | 39.05 |
| Trade creditor days | 25.98 | 26.80 |
| The directors also closely monitor the cash position of the company ensuring sufficient funds to meet liabilities as they fall due. |
| FINANCIAL RISK MANAGEMENT |
| Regarding financial risk, the directors have considered the company's exposure to changes in interest rates, credit lengthening and borrowing levels. These are monitored on a regular basis and given the substantial resources available to the company and steps taken to control credit and debt, the directors are confident that the risks are minimised. |
| To enable the business to operate effectively the company's cash flow remains a key financial risk. The directors maintain facilities for funding with the company bankers and they continue to have the support of the bank moving forward. |
| Due to the important nature of the funding of the business the directors monitor debt and cash flow closely to mitigate any impact upon trading activities. |
| LIQUIDITY RISK |
| The directors review and maintain the company's debt structure to ensure that the company has funds available for its ongoing operations. |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Strategic Report |
| for the Year Ended 30 September 2024 |
| CREDIT RISK |
| Prior to credit being granted to customers appropriate checks will be conducted before sales are made. Credit limits will be set on an individual basis on the outcome of these credit checks. |
| ON BEHALF OF THE BOARD: |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
| DIVIDENDS |
| Interim dividends per share were paid as follows: |
| Ordinary A £1 shares | 20p | £62,250 |
| Ordinary B £1 shares | 20p | £19,100 |
| The directors recommend that no final dividend be paid. |
| The total distribution of dividends for the year ended 30 September 2024 is £81,350 |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| Required disclosure relating to the review of business, future developments, key performance indicators, financial risk management and liquidity and credit risk have been included within the strategic report on pages 2 and 3 of the financial statements. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Morris, Corfield & Co. Limited |
| Opinion |
| We have audited the financial statements of Morris, Corfield & Co. Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Morris, Corfield & Co. Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: |
| We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Morris, Corfield & Co. Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| and Statutory Auditors |
| Strelley Hall |
| Main Street |
| Strelley |
| Nottingham |
| England |
| NG8 6PE |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Income Statement |
| for the Year Ended 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| REVENUE | 4 |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 1,807,903 | 1,808,056 |
| 1,233,366 | 1,387,359 |
| Other operating income | 5 |
| OPERATING PROFIT | 8 |
| Interest receivable and similar income |
| 1,242,877 | 1,396,243 |
| Interest payable and similar expenses | 9 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 10 |
| PROFIT FOR THE FINANCIAL YEAR |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Other Comprehensive Income |
| for the Year Ended 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 12 |
| CURRENT ASSETS |
| Inventories | 13 |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 19 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Share premium | 21 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 30 September 2024 |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Morris, Corfield & Co Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 07362441 and its registered office address is Benthall Works, Benthall, Broseley, Shropshire, TF12 5BB. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The presentation currency is Pound Sterling, which is the functional currency. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Going concern |
| The financial statements have been prepared on a going concern basis. There are no material uncertainties which the directors are aware of in making their assessment as to whether the company is a going concern, and no events or conditions that might cast significant doubt upon the company's ability to continue as a going concern. As such the directors believe that the going concern basis is appropriate for the preparation of the accounts for the foreseeable future. |
| Turnover |
| Turnover represents the fair value of the consideration received or receivable, excluding value added tax. It is recognised on net invoiced sales of goods, servicing and hire of machines. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are initially recognised at cost and subsequently measured at cost less accumulated depreciation and any impairment losses. |
| Stocks |
| Stock is valued at the lower of cost and net realisable value. Net realisable value is the price at which stocks can be sold in the normal course of the business. Cost is calculated using the FIFO method. The cost of parts and finished goods is shown net of write downs. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis 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. |
| 3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| Estimates and judgements are continually evaluated and are based on historical experience and other relevant factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| The preparation of the financial statements requires management to make estimates and assumptions concerning the future. The resulting accounting estimates are, by definition, likely to differ from the related actual results. |
| The estimates and assumptions that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out below: |
| Provision for slow moving/obsolete stock |
| The financial statements include a write down provision for stocks based on management's estimation of recoverability. There is a risk that the provision will not match the stocks that ultimately prove to be impaired. |
| Depreciation |
| The write down of fixed assets is based on the directors' estimate of an asset's useful life. There is a risk that the useful life will differ to the depreciation rate provided for in the financial statements. |
| 4. | REVENUE |
| The revenue and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of revenue by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 4. | REVENUE - continued |
| An analysis of revenue by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| Europe |
| 5. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £ | £ |
| Sundry receipts | 9,108 | 8,466 |
| 6. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Direct labour, stores and drivers | 49 | 52 |
| Sales persons | 8 | 7 |
| Administration and directors | 8 | 9 |
| 7. | DIRECTORS' EMOLUMENTS |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 8. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors remuneration |
| 9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest |
| Loan interest |
| 10. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| UK corporation tax has been charged at 25% (2023 - 25%). |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Capital allowances in excess of depreciation | 874 | 197 |
| Dis-allowable expenditure | 570 | 492 |
| Change in tax rate | - | (40,125 | ) |
| 2022 under provision | - | 4,693 |
| Total tax charge | 291,505 | 297,305 |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 10. | TAXATION - continued |
| With effect from 1 April 2023, the corporation tax main rate for non-ring-fenced profits has increased to 25%, applying to profits over £250,000. |
| 11. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary A shares of £1 each |
| Interim |
| Ordinary B shares of £1 each |
| Interim |
| 12. | PROPERTY, PLANT AND EQUIPMENT |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 13. | INVENTORIES |
| 2024 | 2023 |
| £ | £ |
| Work-in-progress |
| Finished goods and parts |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors less provisions |
| Other debtors | 17,023 | 19,220 |
| Prepayments and accrued income |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 16) |
| Other loans (see note 16) |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Deferred income |
| Accrued expenses |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| Included in Other loans is an amount owing to BNP Paribas Leasing Solutions Ltd. 31 machines are held on stocking plan at the 30 September 2024 (2023: 33 machines). |
| Payment will be made at the earlier of the sale of the machine or twelve months from the date the machine was placed onto the stocking plan. |
| When the machine is placed onto the stocking plan legal title passes to the finance company and returns to the company upon payment. Whilst on the stocking plan the company assumes the risks of ownership of the machine and can advertise the machine as stock for sale. |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Other loan |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank overdraft |
| Other loan |
| The bank borrowing facility is secured by fixed and floating charges over properties held by the parent company and over other assets of this company, together with unlimited multilateral guarantees with the parent company. The bank have a right of set-off between the company and the parent company. |
| The Other loan is secured on the items of machinery held in stock finance. |
| 19. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 117,587 | 108,754 |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 19. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Movement during year | 8,833 |
| Balance at 30 September 2024 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £1 | 311,250 | 311,250 |
| Ordinary B | £1 | 95,500 | 95,500 |
| 406,750 | 406,750 |
| Rights, preferences and restrictions |
| Ordinary A shares have the following rights, preferences and restrictions: |
| - Full voting rights. |
| - Full rights to participate in any distribution with regard to dividends relating to this class of share. |
| - Full rights to participate in any distribution on winding up. |
| Ordinary B shares have the following rights, preferences and restrictions: |
| - Full voting rights. |
| - Full rights to participate in any distribution with regard to dividends relating to this class of share. |
| - Full rights to participate in any distribution on winding up. |
| During the year to 30 September 2022 19,250 Ordinary B shares were allotted with a nominal value of £1 per share. The total consideration for the allotment was £66,605 of which £17,023 was owing to the company at the 30 September 2024 (2023 £19,220). |
| 21. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 October 2023 | 8,209,645 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 30 September 2024 | 8,997,032 |
| The company's reserves are as follows: |
| - Called up share capital represents the nominal value of shares that have been issued. |
| - Share premium contains the premium arising from an issue of equity shares. |
| - Retained earnings represents the cumulative profit and loss net of dividends paid. |
| Morris, Corfield & Co. Limited (Registered number: 07362441) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 22. | ULTIMATE PARENT COMPANY |
| Morris, Corfield & Co Holdings Ltd is the company's immediate and ultimate parent company. |
| The parent company is registered in England and Wales and its registered office address is Benthall Works, Benthall, Broseley, Shropshire, TF12 5BB. |
| The consolidated financial statements, which include this company's results, are available from Companies House. |
| 23. | RELATED PARTY DISCLOSURES |
| During the year the company had the following transactions with related parties: |
| Related Party | Transaction | 2024 | 2023 |
| £ | £ |
| Morris, Corfield & Co Holdings Ltd | Rent paid | 310,000 | 310,000 |
| (the parent company) | Interest paid on inter company loan | 64,985 | 66,745 |
| Inter company loan balance | 799,588 | 903,959 |
| Dividend paid | 62,250 | 62,250 |
| The company has a commitment to pay rents of £25,000 (2023 £25,000) to Morris, Corfield & Co Holdings Ltd as at 30 September 2024. |
| During the year the company rented a property from a shareholder of the parent company and their family. Rents paid in relation to this property totalled £20,000 (2023 £20,000). |
| Dividends paid to directors by Morris, Corfield & Co Ltd totalled £2,500 (2023: £2,500). Directors also received dividends paid by the parent company, Morris, Corfield & Co Holdings Ltd. Dividends paid to the directors of Morris, Corfield & Co Ltd by the parent company totalled £44,650 (2023: £41,078). |
| 24. | CONTROLLING PARTY |
| Throughout the year the company was under the daily control of its directors, however, the controlling party was Morris, Corfield & Co Holdings Ltd a company controlled by J L Morris. |