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COMPANY REGISTRATION NUMBER: 06635523
Morphose Ltd
Filleted Financial Statements
30 June 2024
Morphose Ltd
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Morphose Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
11,513
9,157
Current assets
Debtors
6
648,484
426,964
Cash at bank and in hand
1,005
245
---------
---------
649,489
427,209
Creditors: amounts falling due within one year
7
459,363
235,028
---------
---------
Net current assets
190,126
192,181
---------
---------
Total assets less current liabilities
201,639
201,338
Creditors: amounts falling due after more than one year
8
25,677
27,905
Provisions
Taxation including deferred tax
9
2,878
2,289
---------
---------
Net assets
173,084
171,144
---------
---------
Capital and reserves
Called up share capital
289
289
Share premium account
168,309
168,309
Capital redemption reserve
47
47
Profit and loss account
4,439
2,499
---------
---------
Shareholders funds
173,084
171,144
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Morphose Ltd
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 23 June 2025 , and are signed on behalf of the board by:
Mr R D Kilgour
Mr D J Seaton
Director
Director
Mr O J Jones
Mr J A K Milne
Director
Director
Mr A W Turville
Mr N Atherton
Director
Director
Company registration number: 06635523
Morphose Ltd
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Mortimer Street, London, W1W 7RQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, in sterling, which is the functional and presentational currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, therefore the company continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 4 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 July 2023
8,289
9,319
17,608
Additions
5,243
2,388
7,631
Disposals
( 1,518)
( 4,364)
( 5,882)
--------
-------
--------
At 30 June 2024
12,014
7,343
19,357
--------
-------
--------
Depreciation
At 1 July 2023
3,875
4,576
8,451
Charge for the year
2,360
1,448
3,808
Disposals
( 1,270)
( 3,145)
( 4,415)
--------
-------
--------
At 30 June 2024
4,965
2,879
7,844
--------
-------
--------
Carrying amount
At 30 June 2024
7,049
4,464
11,513
--------
-------
--------
At 30 June 2023
4,414
4,743
9,157
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
8,011
11,591
Other debtors
640,473
415,373
---------
---------
648,484
426,964
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,598
4,223
Trade creditors
103,502
32,865
Corporation tax
73,581
45,630
Social security and other taxes
19,415
12,577
Other creditors
258,267
139,733
---------
---------
459,363
235,028
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,677
27,905
--------
--------
9. Provisions
Deferred tax
£
At 1 July 2023
2,289
Additions
589
-------
At 30 June 2024
2,878
-------
10. Events after the end of the reporting period
After the reporting date, the company received a settlement of £200,000 in relation to a customer contract that had been disclosed as a contingent asset in previous financial statements.
11. Summary audit opinion
The auditor's report dated 23 June 2025 was unqualified .
The senior statutory auditor was Alexander Baker , for and on behalf of Burgess Hodgson LLP .
12. Directors' advances, credits and guarantees
During the year aggregate advances of £157,380 (2023: £68,480) were made to a director and repayments were received totalling £190,004 (2023: £218,577). During the year interest of £41 (2023: £1,761) was charged on the overdrawn balance.
13. Related party transactions
At the balance sheet date, the parent of a director owed the company £37,068 (2023: £37,068). No interest was charged on this loan. At the year end the company owed the directors £91,563 (2023: £58,979). At the year end the company owed £6,418 (2023: £6,418) to a shareholder of the company. At the year end the company owed £52,928 (2023: the company was owed £374) to associated companies.