IRIS Accounts Production v25.1.3.33 00647325 Board of Directors 30.9.24 1.10.23 30.9.24 30.9.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. selling and repairing agricultural harvesting machines, tractors and other agricultural equipment. ++ The principle activities of Morris Corfield & Co Holdings Ltd was that of selling and repairing new and second hand motor vehicles and the rental of properties to group undertakings. true true false true true false false true false Fair value model Ordinary 0 A 0 Ordinary 0 A 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh006473252023-09-30006473252024-09-30006473252023-10-012024-09-30006473252022-09-30006473252022-10-012023-09-30006473252023-09-3000647325ns15:EnglandWales2023-10-012024-09-3000647325ns14:PoundSterling2023-10-012024-09-3000647325ns10:Director12023-10-012024-09-3000647325ns10:Director22023-10-012024-09-3000647325ns10:Consolidated2024-09-3000647325ns10:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3000647325ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3000647325ns10:Consolidatedns10:MediumEntities2023-10-012024-09-3000647325ns10:Consolidatedns10:Audited2023-10-012024-09-3000647325ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3000647325ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3000647325ns10:Consolidated2023-10-012024-09-3000647325ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3000647325ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3000647325ns10:FullAccounts2023-10-012024-09-3000647325ns10:OrdinaryShareClass12023-10-012024-09-3000647325ns10:OrdinaryShareClass22023-10-012024-09-3000647325ns10:Director32023-10-012024-09-3000647325ns10:Director42023-10-012024-09-3000647325ns10:Director52023-10-012024-09-3000647325ns10:RegisteredOffice2023-10-012024-09-3000647325ns10:Consolidated2022-10-012023-09-3000647325ns5:CurrentFinancialInstruments2024-09-3000647325ns5:CurrentFinancialInstruments2023-09-3000647325ns5:Non-currentFinancialInstruments2024-09-3000647325ns5:Non-currentFinancialInstruments2023-09-3000647325ns5:ShareCapital2024-09-3000647325ns5:ShareCapital2023-09-3000647325ns5:CapitalRedemptionReserve2024-09-3000647325ns5:CapitalRedemptionReserve2023-09-3000647325ns5:FurtherSpecificReserve1ComponentTotalEquity2024-09-3000647325ns5:FurtherSpecificReserve1ComponentTotalEquity2023-09-3000647325ns5:RetainedEarningsAccumulatedLosses2024-09-3000647325ns5:RetainedEarningsAccumulatedLosses2023-09-3000647325ns5:ShareCapital2022-09-3000647325ns5:RetainedEarningsAccumulatedLosses2022-09-3000647325ns5:CapitalRedemptionReserve2022-09-3000647325ns5:FurtherSpecificReserve1ComponentTotalEquity2022-09-3000647325ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3000647325ns5:CapitalRedemptionReserve2022-10-012023-09-3000647325ns5:FurtherSpecificReserve1ComponentTotalEquity2022-10-012023-09-3000647325ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3000647325ns5:CapitalRedemptionReserve2023-10-012024-09-3000647325ns5:FurtherSpecificReserve1ComponentTotalEquity2023-10-012024-09-3000647325ns5:LandBuildings2023-09-3000647325ns5:LandBuildings2023-10-012024-09-3000647325ns5:LandBuildings2024-09-3000647325ns5:LandBuildings2023-09-3000647325ns5:CostValuation2023-09-3000647325ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-09-3000647325ns5:UnlistedNon-exchangeTraded2024-09-3000647325ns5:UnlistedNon-exchangeTraded2023-09-3000647325ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3000647325ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3000647325ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-09-3000647325ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-09-3000647325ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-09-3000647325ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-09-3000647325ns5:Secured2024-09-3000647325ns5:Secured2023-09-3000647325ns5:DeferredTaxation2023-09-3000647325ns5:DeferredTaxation2023-10-012024-09-3000647325ns5:DeferredTaxation2024-09-3000647325ns10:OrdinaryShareClass12024-09-3000647325ns10:OrdinaryShareClass22024-09-3000647325ns5:RetainedEarningsAccumulatedLosses2023-09-3000647325ns5:CapitalRedemptionReserve2023-09-3000647325ns5:FurtherSpecificReserve1ComponentTotalEquity2023-09-30
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: J L Morris
N C Duppa
S J Corfield
D N Duppa
W G Corfield



REGISTERED OFFICE: Benthall Works
Benthall
Broseley
SHROPSHIRE
TF12 5BB



REGISTERED NUMBER: 00647325 (England and Wales)



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



ACCOUNTANT: Streets Dyke Ruscoe Ltd
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:





N C Duppa - Director


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.

J L Morris
N C Duppa
S J Corfield
D N Duppa
W G Corfield

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:





N C Duppa - Director


5 June 2025

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.




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 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 1,044,047 1,254,673
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 2,623,152 2,595,112
Investments 13 311,500 311,500
Investment property 14 579,429 579,429
3,514,081 3,486,041

CURRENT ASSETS
Debtors 16 816,919 921,731
Cash at bank 283,904 190,122
1,100,823 1,111,853
CREDITORS
Amounts falling due within one year 17 139,174 206,271
NET CURRENT ASSETS 961,649 905,582
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,475,730

4,391,623

CREDITORS
Amounts falling due after more than one
year

18

(934,633

)

(980,563

)

PROVISIONS FOR LIABILITIES 21 (39,292 ) (36,095 )
NET ASSETS 3,501,805 3,374,965

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 2,925,277 2,798,437
SHAREHOLDERS' FUNDS 3,501,805 3,374,965

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 5 June 2025 and were signed on its behalf by:





D N Duppa - Director


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 3,194 2,619,540 1,906 571,428 3,196,068

Changes in equity
Dividends - (107,140 ) - - (107,140 )
Total comprehensive income - 286,037 - - 286,037
Balance at 30 September 2023 3,194 2,798,437 1,906 571,428 3,374,965

Changes in equity
Dividends - (110,720 ) - - (110,720 )
Total comprehensive income - 237,560 - - 237,560
Balance at 30 September 2024 3,194 2,925,277 1,906 571,428 3,501,805

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
65 68

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 2,966,420
Additions 98,507
At 30 September 2024 3,064,927
DEPRECIATION
At 1 October 2023 371,308
Charge for year 70,467
At 30 September 2024 441,775
NET BOOK VALUE
At 30 September 2024 2,623,152
At 30 September 2023 2,595,112

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 311,250 250 311,500
NET BOOK VALUE
At 30 September 2024 311,250 250 311,500
At 30 September 2023 311,250 250 311,500


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 579,429
NET BOOK VALUE
At 30 September 2024 579,429
At 30 September 2023 579,429

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 10,271 9,454
Other debtor 17,023 19,220 - -
Amounts owed by group undertakings - - 799,588 903,959
Other debtors 92 2,046 92 2,046
Prepayments 144,015 145,528 6,968 6,272
5,598,311 4,174,422 816,919 921,731

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 40,864 40,214
Other loans (see note 19) 3,475,822 3,680,324 - -
Trade creditors 2,484,459 2,552,888 4,568 4,521
Tax 345,286 361,897 62,614 67,145
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 31,128 28,421
7,628,614 7,316,740 139,174 206,271

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) 934,633 980,563 934,633 980,563

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 40,864 40,214
Other loan 3,475,822 3,680,324 - -
3,867,965 3,720,538 40,864 40,214
Amounts falling due between one and two years:
Bank loans - 1-2 years 43,863 40,215 43,863 40,215
Amounts falling due between two and five years:
Bank loans- two and five years 890,770 940,348 890,770 940,348

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 1,020,777 975,497 1,020,777
Other loan 3,475,822 3,680,324 - -
4,802,598 4,701,101 975,497 1,020,777

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 36,095
Charge to Income Statement during year 3,197
Balance at 30 September 2024 39,292

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,094 Ordinary £1 3,094 3,094
100 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 2,798,437 1,906 571,428 3,371,771
Profit for the year 237,560 237,560
Dividends (110,720 ) (110,720 )
At 30 September 2024 2,925,277 1,906 571,428 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.