IRIS Accounts Production v25.1.3.33 07362441 Board of Directors 1.10.23 30.9.24 30.9.24 Medium entities selling and repairing of agricultural harvesting machines, tractors and other agricultural equipment. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary A 1.00000 Ordinary B 1.00000 Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh073624412023-09-30073624412024-09-30073624412023-10-012024-09-30073624412022-09-30073624412022-10-012023-09-30073624412023-09-3007362441ns15:EnglandWales2023-10-012024-09-3007362441ns14:PoundSterling2023-10-012024-09-3007362441ns10:Director12023-10-012024-09-3007362441ns10:Director22023-10-012024-09-3007362441ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3007362441ns10:MediumEntities2023-10-012024-09-3007362441ns10:Audited2023-10-012024-09-3007362441ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3007362441ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3007362441ns10:FullAccounts2023-10-012024-09-3007362441ns10:OrdinaryShareClass12023-10-012024-09-3007362441ns10:OrdinaryShareClass22023-10-012024-09-3007362441ns10:Director32023-10-012024-09-3007362441ns10:RegisteredOffice2023-10-012024-09-3007362441ns5:CurrentFinancialInstruments2024-09-3007362441ns5:CurrentFinancialInstruments2023-09-3007362441ns5:ShareCapital2024-09-3007362441ns5:ShareCapital2023-09-3007362441ns5:SharePremium2024-09-3007362441ns5:SharePremium2023-09-3007362441ns5:RetainedEarningsAccumulatedLosses2024-09-3007362441ns5:RetainedEarningsAccumulatedLosses2023-09-3007362441ns5:ShareCapital2022-09-3007362441ns5:RetainedEarningsAccumulatedLosses2022-09-3007362441ns5:SharePremium2022-09-3007362441ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3007362441ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3007362441ns5:LongLeaseholdAssetsns5:LandBuildings2023-10-012024-09-3007362441ns5:PlantMachinery2023-10-012024-09-3007362441ns5:FurnitureFittings2023-10-012024-09-3007362441ns5:MotorVehicles2023-10-012024-09-3007362441ns5:ComputerEquipment2023-10-012024-09-300736244112023-10-012024-09-3007362441ns5:ReportableOperatingSegment12023-10-012024-09-3007362441ns5:ReportableOperatingSegment12022-10-012023-09-3007362441ns5:ReportableOperatingSegment22023-10-012024-09-3007362441ns5:ReportableOperatingSegment22022-10-012023-09-3007362441ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-10-012024-09-3007362441ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-10-012023-09-3007362441ns15:UnitedKingdom2023-10-012024-09-3007362441ns15:UnitedKingdom2022-10-012023-09-3007362441ns15:Europe2023-10-012024-09-3007362441ns15:Europe2022-10-012023-09-3007362441ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-10-012024-09-3007362441ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-10-012023-09-3007362441ns5:OwnedAssets2023-10-012024-09-3007362441ns5:OwnedAssets2022-10-012023-09-3007362441ns10:OrdinaryShareClass12022-10-012023-09-3007362441ns10:OrdinaryShareClass22022-10-012023-09-3007362441ns5:LongLeaseholdAssetsns5:LandBuildings2023-09-3007362441ns5:PlantMachinery2023-09-3007362441ns5:FurnitureFittings2023-09-3007362441ns5:LongLeaseholdAssetsns5:LandBuildings2024-09-3007362441ns5:PlantMachinery2024-09-3007362441ns5:FurnitureFittings2024-09-3007362441ns5:LongLeaseholdAssetsns5:LandBuildings2023-09-3007362441ns5:PlantMachinery2023-09-3007362441ns5:FurnitureFittings2023-09-3007362441ns5:MotorVehicles2023-09-3007362441ns5:ComputerEquipment2023-09-3007362441ns5:MotorVehicles2024-09-3007362441ns5:ComputerEquipment2024-09-3007362441ns5:MotorVehicles2023-09-3007362441ns5:ComputerEquipment2023-09-3007362441ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3007362441ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3007362441ns5:CurrentFinancialInstruments2023-10-012024-09-3007362441ns5:WithinOneYear2024-09-3007362441ns5:WithinOneYear2023-09-3007362441ns5:BetweenOneFiveYears2024-09-3007362441ns5:BetweenOneFiveYears2023-09-3007362441ns5:AllPeriods2024-09-3007362441ns5:AllPeriods2023-09-3007362441ns5:Secured2024-09-3007362441ns5:Secured2023-09-3007362441ns5:DeferredTaxation2023-09-3007362441ns5:DeferredTaxation2024-09-3007362441ns10:OrdinaryShareClass12024-09-3007362441ns10:OrdinaryShareClass22024-09-3007362441ns5:RetainedEarningsAccumulatedLosses2023-09-3007362441ns5:SharePremium2023-09-30
REGISTERED NUMBER: 07362441 (England and Wales)











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: S J Corfield
D N Duppa
N C Duppa



REGISTERED OFFICE: Benthall Works
Benthall
Broseley
SHROPSHIRE
TF12 5BB



REGISTERED NUMBER: 07362441 (England and Wales)



AUDITORS: Just Audit Limited
Chartered Accountants
and Statutory Auditors
Strelley Hall
Main Street
Strelley
Nottingham
England
NG8 6PE



ACCOUNTANTS: Streets Dyke Ruscoe Ltd
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:





N C Duppa - Director


5 June 2025

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.

S J Corfield
D N Duppa
N C Duppa

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:





N C Duppa - Director


5 June 2025

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.




David Fletcher BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Just Audit Limited
Chartered Accountants
and Statutory Auditors
Strelley Hall
Main Street
Strelley
Nottingham
England
NG8 6PE

5 June 2025

Morris, Corfield & Co. Limited (Registered number: 07362441)

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 1,519,968 1,540,718
1,807,903 1,808,056
1,233,366 1,387,359

Other operating income 5 9,108 8,466
OPERATING PROFIT 8 1,242,474 1,395,825

Interest receivable and similar income 403 418
1,242,877 1,396,243

Interest payable and similar expenses 9 82,635 68,052
PROFIT BEFORE TAXATION 1,160,242 1,328,191

Tax on profit 10 291,505 297,305
PROFIT FOR THE FINANCIAL YEAR 868,737 1,030,886

Morris, Corfield & Co. Limited (Registered number: 07362441)

Other Comprehensive Income
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 868,737 1,030,886


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

868,737

1,030,886

Morris, Corfield & Co. Limited (Registered number: 07362441)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Property, plant and equipment 12 511,436 479,241

CURRENT ASSETS
Inventories 13 11,756,662 11,959,255
Debtors 14 5,580,980 4,156,651
Cash at bank and in hand 1,008 144,431
17,338,650 16,260,337
CREDITORS
Amounts falling due within one year 15 8,328,717 8,014,429
NET CURRENT ASSETS 9,009,933 8,245,908
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,521,369

8,725,149

PROVISIONS FOR LIABILITIES 19 117,587 108,754
NET ASSETS 9,403,782 8,616,395

CAPITAL AND RESERVES
Called up share capital 20 406,750 406,750
Share premium 21 47,355 47,355
Retained earnings 21 8,949,677 8,162,290
SHAREHOLDERS' FUNDS 9,403,782 8,616,395

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. 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 406,750 7,212,754 47,355 7,666,859

Changes in equity
Dividends - (81,350 ) - (81,350 )
Total comprehensive income - 1,030,886 - 1,030,886
Balance at 30 September 2023 406,750 8,162,290 47,355 8,616,395

Changes in equity
Dividends - (81,350 ) - (81,350 )
Total comprehensive income - 868,737 - 868,737
Balance at 30 September 2024 406,750 8,949,677 47,355 9,403,782

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
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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on cost, 20% on cost and 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on 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.

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
£    £   
Sale of goods 39,002,959 36,234,243
Rendering of services 1,499,162 1,318,478
40,502,121 37,552,721

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 39,667,208 36,638,821
Europe 834,913 913,900
40,502,121 37,552,721

5. OTHER OPERATING INCOME
2024 2023
£    £   
Sundry receipts 9,108 8,466

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
65 68

7. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 172,800 165,241
Directors' pension contributions to money purchase schemes 12,024 11,797

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

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 330,000 330,000
Depreciation - owned assets 130,795 141,773
Profit on disposal of fixed assets (4,679 ) (11,296 )
Auditors remuneration 23,626 29,086

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 17,650 1,307
Loan interest 64,985 66,745
82,635 68,052

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 282,672 299,862

Deferred tax 8,833 (2,557 )
Tax on profit 291,505 297,305

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 1,160,242 1,328,191
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

290,061

332,048

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 62,250 62,250
Ordinary B shares of £1 each
Interim 19,100 19,100
81,350 81,350

12. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 October 2023 77,348 235,538 60,563
Additions - 20,220 32,137
Disposals - (7,322 ) (3,205 )
At 30 September 2024 77,348 248,436 89,495
DEPRECIATION
At 1 October 2023 47,754 141,207 27,184
Charge for year 6,264 15,029 6,454
Eliminated on disposal - (4,196 ) (212 )
At 30 September 2024 54,018 152,040 33,426
NET BOOK VALUE
At 30 September 2024 23,330 96,396 56,069
At 30 September 2023 29,594 94,331 33,379

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 732,911 164,549 1,270,909
Additions 113,431 8,181 173,969
Disposals (77,310 ) - (87,837 )
At 30 September 2024 769,032 172,730 1,357,041
DEPRECIATION
At 1 October 2023 432,654 142,869 791,668
Charge for year 89,355 13,693 130,795
Eliminated on disposal (72,450 ) - (76,858 )
At 30 September 2024 449,559 156,562 845,605
NET BOOK VALUE
At 30 September 2024 319,473 16,168 511,436
At 30 September 2023 300,257 21,680 479,241

13. INVENTORIES
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

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors less provisions 5,426,910 3,998,174
Other debtors 17,023 19,220
Prepayments and accrued income 137,047 139,257
5,580,980 4,156,651

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 390,969 -
Other loans (see note 16) 3,475,822 3,680,324
Trade creditors 2,479,890 2,548,364
Amounts owed to group undertakings 799,588 903,959
Corporation tax 282,672 294,752
Social security and other taxes 455,432 358,941
Other creditors - 1,553
Deferred income 281,350 81,000
Accrued expenses 162,994 145,536
8,328,717 8,014,429

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 390,969 -
Other loan 3,475,822 3,680,324
3,866,791 3,680,324

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 50,000 25,000
Between one and five years 75,000 -
125,000 25,000

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 390,969 -
Other loan 3,475,822 3,680,324
3,866,791 3,680,324

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 108,754
Movement during year 8,833
Balance at 30 September 2024 117,587

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
311,250 Ordinary A £1 311,250 311,250
95,500 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 8,162,290 47,355 8,209,645
Profit for the year 868,737 868,737
Dividends (81,350 ) (81,350 )
At 30 September 2024 8,949,677 47,355 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.