| REGISTERED NUMBER: 00647325 (England and Wales) |
| Morris, Corfield & Co Holdings Ltd |
| Group Strategic Report, |
| Report of the Directors and |
| Audited |
| Consolidated Financial Statements |
| for the Year Ended 30 September 2024 |
| REGISTERED NUMBER: 00647325 (England and Wales) |
| Morris, Corfield & Co Holdings Ltd |
| Group Strategic Report, |
| Report of the Directors and |
| Audited |
| Consolidated Financial Statements |
| for the Year Ended 30 September 2024 |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 19 |
| Morris, Corfield & Co Holdings Ltd |
| 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 |
| ACCOUNTANT: |
| 110 Corve Street |
| Ludlow |
| Shropshire |
| SY8 1DJ |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Group Strategic Report |
| for the Year Ended 30 September 2024 |
| The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
| The principal activity of the company in the year under review was that of holding of properties for rent and lending money to its subsidiary company. |
| The principal activity of Morris, Corfield & Co Limited (subsidiary undertaking) 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. |
| Group profit before tax is reported at £1,401,363 compared with £1,614,750 for 2023. |
| The net assets of the group stand at £12,594,339 compared with £11,680,112 in 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 group and 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 group operates in the near future. |
| KEY PERFORMANCE INDICATORS |
| Key performance indicators closely monitored by the group include: |
| 2024 | 2023 |
| Turnover -decrease/increase | 7.85% | -7.83% |
| Gross profit | 7.51% | 8.51% |
| Net profit before tax | 3.46% | 4.30% |
| Trade debtor days | 49.29 | 39.14 |
| Trade creditor days | 26.25 | 26.85 |
| The directors also closely monitor the cash position of the group ensuring sufficient funds to meet liabilities as they fall due. |
| FINANCIAL RISK MANAGEMENT |
| Regarding financial risk, the directors have considered the group's exposure to changes in interest rates, credit lengthening and borrowing levels. These are monitored on a regular basis and given substantial resources available to the group 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 group's cash flow remains a key financial risk. The directors maintain facilities for funding with the group's bankers and have the continued 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 group's debt structure to ensure that the group has funds available for its ongoing operations. |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Group 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 BEHALF OF THE BOARD: |
| 5 June 2025 |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
| DIVIDENDS |
| During the year an interim dividend of £20 per share on the Ordinary £1 shares was paid on 20 March 2024 followed by an interim dividend of £30 per share on the Ordinary £1 shares which was paid on 27 September 2024. |
| 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 Group 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| 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 group'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 group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Morris, Corfield & Co Holdings Ltd |
| Opinion |
| We have audited the financial statements of Morris, Corfield & Co Holdings Ltd (the 'parent' company) and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Consolidated 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 group's and of the parent company's affairs as at 30 September 2024 |
| and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 Holdings Ltd |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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 group's and the parent 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 group or the parent 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 Holdings Ltd |
| 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 Holdings Ltd (Registered number: 00647325) |
| Consolidated Income Statement |
| for the Year Ended 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| REVENUE | 4 | 40,502,121 | 37,552,721 |
| Cost of sales | 37,460,852 | 34,357,306 |
| GROSS PROFIT | 3,041,269 | 3,195,415 |
| Distribution costs | 287,935 | 267,338 |
| Administrative expenses | 1,330,657 | 1,301,229 |
| 1,618,592 | 1,568,567 |
| 1,422,677 | 1,626,848 |
| Other operating income | 5 | 65,153 | 50,997 |
| OPERATING PROFIT | 7 | 1,487,830 | 1,677,845 |
| Interest receivable and similar income | 3,542 | 1,011 |
| 1,491,372 | 1,678,856 |
| Interest payable and similar expenses | 8 | 90,009 | 64,106 |
| PROFIT BEFORE TAXATION | 1,401,363 | 1,614,750 |
| Tax on profit | 9 | 357,316 | 360,077 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 839,297 | 1,012,621 |
| Non-controlling interests | 204,750 | 242,052 |
| 1,044,047 | 1,254,673 |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Consolidated Other Comprehensive Income |
| for the Year Ended 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 1,044,047 | 1,254,673 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,044,047 |
1,254,673 |
| Total comprehensive income attributable to: |
| Owners of the parent | 839,297 | 1,012,621 |
| Non-controlling interests | 204,750 | 242,052 |
| 1,044,047 | 1,254,673 |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Consolidated Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 12 | 3,134,590 | 3,074,355 |
| Investments | 13 | 250 | 250 |
| Investment property | 14 | 579,429 | 579,429 |
| 3,714,269 | 3,654,034 |
| CURRENT ASSETS |
| Inventories | 15 | 11,756,662 | 11,959,255 |
| Debtors | 16 | 5,598,311 | 4,174,422 |
| Cash at bank and in hand | 245,222 | 334,553 |
| 17,600,195 | 16,468,230 |
| CREDITORS |
| Amounts falling due within one year | 17 | 7,628,614 | 7,316,740 |
| NET CURRENT ASSETS | 9,971,581 | 9,151,490 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
13,685,850 |
12,805,524 |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
(934,633 |
) |
(980,563 |
) |
| PROVISIONS FOR LIABILITIES | 21 | (156,878 | ) | (144,849 | ) |
| NET ASSETS | 12,594,339 | 11,680,112 |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 3,194 | 3,194 |
| Capital redemption reserve | 23 | 1,906 | 1,906 |
| Other reserves | 23 | 571,428 | 571,428 |
| Retained earnings | 23 | 9,840,339 | 9,111,762 |
| SHAREHOLDERS' FUNDS | 10,416,867 | 9,688,290 |
| NON-CONTROLLING INTERESTS | 24 | 2,177,472 | 1,991,822 |
| TOTAL EQUITY | 12,594,339 | 11,680,112 |
| The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2025 and were signed on its behalf by: |
| D N Duppa - Director |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Company Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 12 |
| Investments | 13 |
| Investment property | 14 |
| CURRENT ASSETS |
| Debtors | 16 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 17 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Capital redemption reserve | 23 |
| Other reserves | 23 |
| Retained earnings | 23 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 237,560 | 286,037 |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Company Balance Sheet - continued |
| 30 September 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up | Capital |
| share | Retained | redemption |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1 October 2022 | 3,194 | 8,206,281 | 1,906 |
| Changes in equity |
| Dividends | - | (107,140 | ) | - |
| Total comprehensive income | - | 1,012,621 | - |
| Balance at 30 September 2023 | 3,194 | 9,111,762 | 1,906 |
| Changes in equity |
| Dividends | - | (110,720 | ) | - |
| Total comprehensive income | - | 839,297 | - |
| Balance at 30 September 2024 | 3,194 | 9,840,339 | 1,906 |
| Other | Non-controlling | Total |
| reserves | Total | interests | equity |
| £ | £ | £ | £ |
| Balance at 1 October 2022 | 571,428 | 8,782,809 | 1,768,870 | 10,551,679 |
| Changes in equity |
| Dividends | - | (107,140 | ) | (19,100 | ) | (126,240 | ) |
| Total comprehensive income | - | 1,012,621 | 242,052 | 1,254,673 |
| Balance at 30 September 2023 | 571,428 | 9,688,290 | 1,991,822 | 11,680,112 |
| Changes in equity |
| Dividends | - | (110,720 | ) | (19,100 | ) | (129,820 | ) |
| Total comprehensive income | - | 839,297 | 204,750 | 1,044,047 |
| Balance at 30 September 2024 | 571,428 | 10,416,867 | 2,177,472 | 12,594,339 |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Company Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up | Capital |
| share | Retained | redemption | Other | Total |
| capital | earnings | reserve | reserves | 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 Holdings Ltd (Registered number: 00647325) |
| Consolidated Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 710,144 | (65,399 | ) |
| Interest paid | (90,009 | ) | (64,106 | ) |
| Tax paid | (361,897 | ) | (340,821 | ) |
| Net cash from operating activities | 258,238 | (470,326 | ) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (272,476 | ) | (439,894 | ) |
| Sale of tangible fixed assets | 15,658 | 12,384 |
| Interest received | 3,542 | 1,011 |
| Net cash from investing activities | (253,276 | ) | (426,499 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (45,280 | ) | (43,362 | ) |
| Movement on Other loan | (204,502 | ) | 1,355,910 |
| Amount withdrawn by directors | (65,970 | ) | - |
| Equity dividends paid | (129,820 | ) | (60,270 | ) |
| Net cash from financing activities | (445,572 | ) | 1,252,278 |
| (Decrease)/increase in cash and cash equivalents | (440,610 | ) | 355,453 |
| Cash and cash equivalents at beginning of year |
2 |
334,553 |
(20,900 |
) |
| Cash and cash equivalents at end of year | 2 | (106,057 | ) | 334,553 |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 1,401,363 | 1,614,750 |
| Depreciation charges | 201,262 | 207,784 |
| Profit on disposal of fixed assets | (4,679 | ) | (11,296 | ) |
| Gain on revaluation of fixed assets | - | (32,857 | ) |
| Finance costs | 90,009 | 64,106 |
| Finance income | (3,542 | ) | (1,011 | ) |
| 1,684,413 | 1,841,476 |
| Decrease/(increase) in inventories | 202,593 | (2,739,766 | ) |
| (Increase)/decrease in trade and other debtors | (1,423,889 | ) | 1,903,615 |
| Increase/(decrease) in trade and other creditors | 247,027 | (1,070,724 | ) |
| Cash generated from operations | 710,144 | (65,399 | ) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 September 2024 |
| 30.9.24 | 1.10.23 |
| £ | £ |
| Cash and cash equivalents | 245,222 | 334,553 |
| Bank overdrafts | (351,279 | ) | - |
| (106,057 | ) | 334,553 |
| Year ended 30 September 2023 |
| 30.9.23 | 1.10.22 |
| £ | £ |
| Cash and cash equivalents | 334,553 | 32,268 |
| Bank overdrafts | - | (53,168 | ) |
| 334,553 | (20,900 | ) |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 334,553 | (89,331 | ) | 245,222 |
| Bank overdrafts | - | (351,279 | ) | (351,279 | ) |
| 334,553 | (440,610 | ) | (106,057 | ) |
| Debt |
| Debts falling due within 1 year | (3,720,538 | ) | 203,852 | (3,516,686 | ) |
| Debts falling due after 1 year | (980,563 | ) | 45,930 | (934,633 | ) |
| (4,701,101 | ) | 249,782 | (4,451,319 | ) |
| Total | (4,366,548 | ) | (190,828 | ) | (4,557,376 | ) |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Morris, Corfield & Co Holdings Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 00647325 and its registered office address is Benthall Works, Benthall, Broseley, Shropshire, TF12 5BB. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the fair value adjustment of investment property. |
| The presentation currency is Pound Sterling, which is the functional currency. |
| Basis of consolidation |
| The consolidated financial statements incorporate the financial statements of the company and its subsidiary. These are adjusted, where appropriate, to conform to group accounting policies. Profits or losses on intra-group transactions are eliminated in full. |
| 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 group and company is a going concern, and no events or conditions that might cast significant doubt upon the group's and 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. |
| Parent company disclosure exemption |
| In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemption, available in FRS 102: |
| - no cash flow statement has been presented for the company. |
| Turnover |
| Turnover represents the fair value of 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 |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter: |
| Freehold property | - 2% on cost, not provided on land and straight line over 8 years |
| Improvement to property | - 25% on cost and 20% on cost and 10% on cost |
| Plant and machinery | - 15% on reducing balance |
| Fixtures and fittings | - 10% on cost |
| Motor vehicles | - 25% reducing balance |
| Computer equipment | - 33% on cost, 25% on cost and 15% on cost |
| Tangible fixed assets are initially recognised at cost and subsequently measured at cost less accumulated depreciation and any impairment losses. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the consolidated income statement. |
| 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 business. Cost is calculated using the FIFO method. The cost of parts and finished goods is shown net of write downs. |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| 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 group operates a defined contribution pension scheme. Contributions payable to the group'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. |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 4. | REVENUE |
| The revenue and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of revenue by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| Sale of goods | 39,002,959 | 36,234,243 |
| Rendering of services | 1,499,162 | 1,318,478 |
| 40,502,121 | 37,552,721 |
| An analysis of revenue by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom | 39,667,208 | 36,638,821 |
| Europe | 834,913 | 913,900 |
| 40,502,121 | 37,552,721 |
| 5. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £ | £ |
| Rents received | 56,045 | 42,531 |
| Sundry receipts | 9,108 | 8,466 |
| 65,153 | 50,997 |
| 6. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 2,613,838 | 2,399,669 |
| Social security costs | 263,858 | 244,361 |
| Other pension costs | 148,081 | 135,784 |
| 3,025,777 | 2,779,814 |
| 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 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 172,800 | 165,241 |
| Directors' pension contributions to money purchase schemes | 12,024 | 11,797 |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | EMPLOYEES AND DIRECTORS - continued |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | 2 |
| 7. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Other operating leases | 34,366 | 32,740 |
| Depreciation - owned assets | 201,262 | 207,785 |
| Profit on disposal of fixed assets | (4,679 | ) | (11,296 | ) |
| Auditors remuneration | 31,126 | 36,172 |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest | 17,650 | 1,307 |
| Bank loan interest | 72,359 | 62,799 |
| 90,009 | 64,106 |
| 9. | 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 | 345,286 | 367,007 |
| Deferred tax | 12,030 | (6,930 | ) |
| Tax on profit | 357,316 | 360,077 |
| UK corporation tax has been charged at 25 % (2023 - 25 %). |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 9. | TAXATION - continued |
| 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 | 1,401,363 | 1,614,750 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
350,341 |
403,688 |
| Effects of: |
| Depreciation in excess of capital allowances | 8,383 | 10,173 |
| Disallowed expenditure | 570 | 492 |
| 2022 under provision | - | 4,693 |
| Surplus on fair value adjustment | - | (8,214 | ) |
| Buildings and structures allowance | (1,978 | ) | (1,502 | ) |
| Change in tax rate | - | (49,253 | ) |
| Total tax charge | 357,316 | 360,077 |
| With effect from 1 April 2023, the corporation tax main rate for non-ring-fenced profits has been increased to 25%, applying to profits over £250,000. |
| 10. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 11. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each : Interim | 110,720 | 107,140 |
| Ordinary B shares of £1 each (in the subsidiary company) : Interim | 19,100 | 19,100 |
| 129,820 | 126,240 |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | PROPERTY, PLANT AND EQUIPMENT |
| Group |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST |
| At 1 October 2023 | 2,966,420 | 77,350 | 235,538 |
| Additions | 98,507 | - | 20,220 |
| Disposals | - | - | (7,322 | ) |
| At 30 September 2024 | 3,064,927 | 77,350 | 248,436 |
| DEPRECIATION |
| At 1 October 2023 | 371,308 | 47,754 | 141,207 |
| Charge for year | 70,467 | 6,264 | 15,029 |
| Eliminated on disposal | - | - | (4,196 | ) |
| At 30 September 2024 | 441,775 | 54,018 | 152,040 |
| NET BOOK VALUE |
| At 30 September 2024 | 2,623,152 | 23,332 | 96,396 |
| At 30 September 2023 | 2,595,112 | 29,596 | 94,331 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 | 60,563 | 732,911 | 164,549 | 4,237,331 |
| Additions | 32,137 | 113,431 | 8,181 | 272,476 |
| Disposals | (3,205 | ) | (77,310 | ) | - | (87,837 | ) |
| At 30 September 2024 | 89,495 | 769,032 | 172,730 | 4,421,970 |
| DEPRECIATION |
| At 1 October 2023 | 27,184 | 432,654 | 142,869 | 1,162,976 |
| Charge for year | 6,454 | 89,355 | 13,693 | 201,262 |
| Eliminated on disposal | (212 | ) | (72,450 | ) | - | (76,858 | ) |
| At 30 September 2024 | 33,426 | 449,559 | 156,562 | 1,287,380 |
| NET BOOK VALUE |
| At 30 September 2024 | 56,069 | 319,473 | 16,168 | 3,134,590 |
| At 30 September 2023 | 33,379 | 300,257 | 21,680 | 3,074,355 |
| The cost of land in freehold property not depreciated was £325,000 (2023: £325,000). |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Company |
| Freehold |
| property |
| £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The cost of land in freehold property not depreciated was £325,000 (2023: £325,000). |
| 13. | FIXED ASSET INVESTMENTS |
| Group |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 | 250 |
| NET BOOK VALUE |
| At 30 September 2024 | 250 |
| At 30 September 2023 | 250 |
| Company |
| Shares in |
| group | Unlisted |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 | 311,500 |
| NET BOOK VALUE |
| At 30 September 2024 | 311,500 |
| At 30 September 2023 | 311,500 |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| Company |
| The Shares in group undertakings relates to the subsidiary company Morris, Corfield & Co Limited and represents 311,250 of the issued Ordinary share capital of 406,750 (2023: 406,750) in that company. |
| Group |
| The £250 long term fixed asset investment in Combine World Limited represents 10% of the issued Ordinary share capital in that company. |
| 14. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| and 30 September 2024 | 579,429 |
| NET BOOK VALUE |
| At 30 September 2024 | 579,429 |
| At 30 September 2023 | 579,429 |
| Fair value at 30 September 2024 is represented by: |
| £ |
| Valuation in 2019 | (129,429 | ) |
| Valuation in 2022 | 50,286 |
| Valuation in 2023 | 32,857 |
| Cost | 625,715 |
| 579,429 |
| Company |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The investment properties of Smithfield Works and the house on the land at Benthall Works (by virtue of being properties not let to group companies) were valued on 30 September 2024 by the directors. The directors are of the opinion that this is a fair representation of the current market value. |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 14. | INVESTMENT PROPERTY - continued |
| Company |
| Fair value at 30 September 2024 is represented by: |
| £ |
| Valuation in 2019 | (129,429 | ) |
| Valuation in 2022 | 50,286 |
| Valuation in 2023 | 32,857 |
| Cost | 625,715 |
| 579,429 |
| Group and Company |
| 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 | 625,715 | 625,715 |
| Accumulated depreciation and impairments | (230,742 | ) | (218,228 | ) |
| 394,973 | 407,487 |
| 15. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Work-in-progress | 501,667 | 611,598 |
| Finished goods and parts | 11,254,995 | 11,347,657 |
| 11,756,662 | 11,959,255 |
| 16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 5,437,181 | 4,007,628 |
| Other debtor | 17,023 | 19,220 | - | - |
| Amounts owed by group undertakings | - | - |
| Other debtors | 92 | 2,046 |
| Prepayments | 144,015 | 145,528 |
| 5,598,311 | 4,174,422 |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 19) | 392,143 | 40,214 |
| Other loans (see note 19) | 3,475,822 | 3,680,324 |
| Trade creditors | 2,484,459 | 2,552,888 |
| Tax | 345,286 | 361,897 |
| Social security and other taxes | 455,432 | 358,941 |
| Other creditors | - | 1,553 |
| Directors' current accounts | - | 65,970 | - | 65,970 |
| Deferred income | 281,350 | 81,000 |
| Accrued expenses | 194,122 | 173,953 |
| 7,628,614 | 7,316,740 |
| Included in the group's 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 group upon payment. Whilst on the stocking plan the group assumes the risks of ownership of the machine and can advertise the machine as stock for sale. |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans (see note 19) | 934,633 | 980,563 |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 19. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | 351,279 | - |
| Bank loans | 40,864 | 40,214 |
| Other loan | 3,475,822 | 3,680,324 |
| 3,867,965 | 3,720,538 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 43,863 | 40,215 |
| Amounts falling due between two and five | years: |
| Bank loans- two and five years | 890,770 | 940,348 |
| The bank loan is repayable in instalments over the next fifteen years. However, the bank has the right to request a renegotiation of the terms on the 10th anniversary of the drawdown, being June 2028. If that renegotiation fails, the bank has the right to demand repayment of the loan in full. Therefore the loan is classified as falling due in less than five years. |
| 20. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank overdrafts | 351,279 | - |
| Bank loans | 975,497 | 1,020,777 |
| Other loan | 3,475,822 | 3,680,324 | - | - |
| 4,802,598 | 4,701,101 |
| The bank borrowing facility is secured by fixed and floating charges over properties and other assets of the group together with multilateral guarantees within the group.The bank have a right of set off between subsidiary and parent company. |
| Interest on the bank loans is charged at 2% above the Bank of England base rate, and the loans are repayable in instalments. |
| The Other loan is secured on the items of machinery held in stock finance. |
| 21. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax | 156,878 | 144,849 | 39,292 | 36,095 |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 21. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 | 144,849 |
| Charge to Income Statement during year | 12,029 |
| Balance at 30 September 2024 | 156,878 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Charge to Income Statement during year |
| Balance at 30 September 2024 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 3,094 | 3,094 |
| A | £1 | 100 | 100 |
| 3,194 | 3,194 |
| Rights, preferences and restrictions |
| Ordinary shares have the following rights, preferences and restrictions: |
| - Full voting rights. |
| - Full rights to participate in any distribution with regard to dividends out of any profits, aside from the A Fund, available for distribution relating to this class of share. |
| - Full rights to participate in any distribution on winding up, being any surplus left after holders of the A shares have received repayment of the A Fund. |
| A shares have the following rights, preferences and restrictions: |
| - Full voting rights. |
| - Full rights to participate in any distribution with regard to dividends from the A Fund. |
| - Full rights to participate in any distribution of funds from the A Fund on winding up. |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 23. | RESERVES |
| Group |
| Capital |
| Retained | redemption | Other |
| earnings | reserve | reserves | Totals |
| £ | £ | £ | £ |
| At 1 October 2023 | 9,111,762 | 1,906 | 571,428 | 9,685,096 |
| Profit for the year | 839,297 | 839,297 |
| Dividends | (110,720 | ) | (110,720 | ) |
| At 30 September 2024 | 9,840,339 | 1,906 | 571,428 | 10,413,673 |
| Company |
| Capital |
| Retained | redemption | Other |
| earnings | reserve | reserves | Totals |
| £ | £ | £ | £ |
| At 1 October 2023 | 3,371,771 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 30 September 2024 | 3,498,611 |
| Group and Company |
| The reserves are as follows: |
| - Retained earnings represents the cumulative profit and loss net of dividends paid. |
| - Capital redemption reserve relates to company repurchase of own shares. |
| - Other reserves represents the 'A Fund' and is made up of an amount attributable to J L Morris when 4/7 of the Smithfield Works property was gifted to the company. This amount is ring fenced and repayable to J L Morris on sale of the property or winding up of the company as explained in note 22 above. |
| 24. | NON-CONTROLLING INTERESTS |
| At 30 September 2024 23.48% of the shares in Morris, Corfield & Co Limited are held by the management team. |
| The capital and reserves attributable to non-controlling interests represents shares issued, and share of profits in the subsidiary less dividends paid to non-controlling interests. |
| 25. | OTHER FINANCIAL COMMITMENTS |
| Certain premises are leased from directors and members of their families. There are no formal leases in place, but the annual aggregate rental for these properties, payable by the group, is £32,270. |
| The directors consider the above commitment is for over five years. |
| 26. | TRANSACTIONS WITH DIRECTORS |
| During the year to 30 September 2024, properties owned by directors and their families were leased by the group. Rentals paid by the group during the year were £32,563 (2023: £33,642) and both periods were at commercial rate. |
| Dividends paid to directors totalled £110,670 (2023: £107,094). Directors also received dividends totalling £4,500 (2023: £4,500) from the subsidiary undertaking, Morris, Corfield & Co Limited. |
| Morris, Corfield & Co Holdings Ltd (Registered number: 00647325) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 27. | CONSOLIDATION |
| Consolidated accounts are prepared for the group consisting of Morris, Corfield & Co Holdings Ltd as the parent company with one subsidiary being Morris, Corfield & Co Limited.Copies of the consolidated accounts are available from Companies House |
| Morris, Corfield & Co Limited registered office address is: |
| Benthall Works, |
| Benthall, |
| Broseley, |
| Shropshire, |
| TF12 5BB |
| Morris, Corfield & Co Holdings Ltd has committed to support Morris, Corfield & Co Limited for the foreseeable future, and for at least 12 months from the date of authorising these financial statements. Repayment of the loan owed by Morris, Corfield & Co Limited will not be demanded unless and until the subsidiary is in a position to do so. |
| 28. | CONTROLLING PARTY |
| Throughout the year, the group was under the daily control of its directors, however, the controlling party was J L Morris. |