Company Registration No. NI047960 (Northern Ireland)
Morrow Enterprises Limited
Unaudited accounts
for the year ended 30 September 2024
Morrow Enterprises Limited
Unaudited accounts
Contents
Morrow Enterprises Limited
Company Information
for the year ended 30 September 2024
Directors
Dermot Morrow
Clare Morrow
Company Number
NI047960 (Northern Ireland)
Registered Office
21-22 The Diamond
Londonderry
BT48 6HP
Accountants
Satori Accounting
11 Orchard Business Park
Pennyburn Industrial Estate
Derry
Northern Ireland
BT48 0LU
Morrow Enterprises Limited
Statement of financial position
as at 30 September 2024
Tangible assets
22,851
27,904
Inventories
150,000
132,827
Cash at bank and in hand
85,796
68,121
Creditors: amounts falling due within one year
(124,891)
(160,897)
Net current assets
423,557
377,228
Total assets less current liabilities
446,408
405,132
Creditors: amounts falling due after more than one year
(10,686)
(16,200)
Provisions for liabilities
Net assets
435,722
388,178
Called up share capital
337,904
337,904
Profit and loss account
97,818
50,274
Shareholders' funds
435,722
388,178
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by
Dermot Morrow
Director
Company Registration No. NI047960
Morrow Enterprises Limited
Notes to the Accounts
for the year ended 30 September 2024
Morrow Enterprises Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI047960. The registered office is 21-22 The Diamond, Londonderry, BT48 6HP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Morrow Enterprises Limited
Notes to the Accounts
for the year ended 30 September 2024
Hire purchase and leasing
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 October 2023
25,462
131,111
156,573
At 30 September 2024
25,462
134,213
159,675
At 1 October 2023
5,092
123,577
128,669
Charge for the year
5,093
3,062
8,155
At 30 September 2024
10,185
126,639
136,824
At 30 September 2024
15,277
7,574
22,851
At 30 September 2023
20,370
7,534
27,904
Amounts falling due within one year
Trade debtors
123,499
148,251
Accrued income and prepayments
-
11,819
Amounts falling due after more than one year
Other debtors
182,481
174,263
Morrow Enterprises Limited
Notes to the Accounts
for the year ended 30 September 2024
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
818
8,627
Obligations under finance leases and hire purchase contracts
5,154
7,731
Trade creditors
25,914
25,230
Taxes and social security
18,775
24,604
Other creditors
1,024
4,141
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
-
5,154
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loans to director
2,844
6,828
3,000
6,672
Amounts advanced to the director are repayable on demand. Loans are repaid within 9 months of year-end date, by way of dividends.
9
Transactions with related parties
During the year, loans in the sum of £8,218 were made to a company under the control of Mr D Morrow.
The amount owed to Morrow Enterprises Ltd by this associated entity at the year-end date was £182,481. This is disclosed at debtors falling due after one year. No interest is being charged on this loan.
10
Average number of employees
During the year the average number of employees was 11 (2023: 7).