| REGISTERED NUMBER: |
| Morrow Brothers Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2025 |
| REGISTERED NUMBER: |
| Morrow Brothers Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2025 |
| Morrow Brothers Limited (Registered number: 01885223) |
| Contents of the Financial Statements |
| for the year ended 31 March 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Morrow Brothers Limited |
| Company Information |
| for the year ended 31 March 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 28 Eaton Avenue |
| Matrix Office Park |
| Buckshaw Village |
| Chorley |
| Lancashire |
| PR7 7NA |
| Morrow Brothers Limited (Registered number: 01885223) |
| Balance Sheet |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Revaluation reserve | 10 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Morrow Brothers Limited (Registered number: 01885223) |
| Balance Sheet - continued |
| 31 March 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Morrow Brothers Limited (Registered number: 01885223) |
| Notes to the Financial Statements |
| for the year ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| Morrow Brothers Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The amounts in the financial statements have been rounded to the nearest £1. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| At the balance sheet date the company had an excess of current liabilities over current assets. The financial statements have been prepared on a going concern basis as the directors have confirmed that they will continue to provide financial support to the company for the foreseeable future. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| In accordance with the provisions of FRS102, the freehold property is revalued as required on a regular basis and the company reviews the carrying value of the freehold property at each period end to ensure that this is not materially different from its fair value. Provision is made for any impairment in the value of the freehold property as necessary during the period. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| 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. |
| Morrow Brothers Limited (Registered number: 01885223) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2025 |
| 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. |
| Foreign currencies |
| 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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| During 2022 the company's freehold land and buildings were revalued to £455,000 by the directors on an open market, existing use basis. The directors arrived at this valuation using data available from readily available sources concerning similar property types in the local area. The historic cost of freehold land and buildings is £200,432 (2024: £200,432). |
| Morrow Brothers Limited (Registered number: 01885223) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2025 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Tax |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Social security and other taxes |
| VAT | 64,820 | 29,718 |
| Other creditors |
| Directors' current accounts | 50,314 | 44,961 |
| Accruals and deferred income |
| Included within other creditors are amounts due to the directors £50,314 (2024: £44,961). These amounts are unsecured and have no fixed repayment dates. |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans - 1-2 years |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Hire purchase contracts | - | 10,000 |
| The bank overdraft is secured by a legal charge over the freehold property and a fixed and floating charge over all assets, both dated 18 June 2015. |
| Hire purchase borrowings are secured on certain plant & vehicles. |
| Morrow Brothers Limited (Registered number: 01885223) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2025 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary A | £1 | 250 | 250 |
| Ordinary B | £1 | 250 | 250 |
| Ordinary C | £1 | 250 | 250 |
| Ordinary D | £1 | 250 | 250 |
| 1,000 | 1,000 |
| 10. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 April 2024 |
| and 31 March 2025 |
| No deferred tax has been provided on the revaluation surplus as any gain arising on sale will be off set by tax allowances that are available. |
| 11. | ULTIMATE CONTROLLING PARTY |
| In the opinion of the directors the company is controlled by the directors. |