REGISTERED NUMBER: 02174066 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MORGAN INNOVATION & TECHNOLOGY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Clarke

J Quest

H Clarke

Mrs S Clarke

SECRETARY:

Mrs S Clarke

REGISTERED OFFICE:

Unit 17

Petersfield Business Park

Bedford Road

Petersfield

Hampshire

GU32 3QA

REGISTERED NUMBER:

02174066 (England and Wales)

ACCOUNTANTS:

Durrants, Chartered Accountants

24 Wellington Business Park

Dukes Ride

Crowthorne

Berkshire

RG45 6LS

FIXED ASSETS

Tangible assets

4

892

5,580

CURRENT ASSETS

Stocks

62,512

71,363

Debtors

5

436,704

556,149

Cash at bank and in hand

7,566

419,817

506,782

1,047,329

CREDITORS

Amounts falling due within one year

6

585,801

623,475

NET CURRENT (LIABILITIES)/ASSETS

(79,019

)

423,854

TOTAL ASSETS LESS CURRENT LIABILITIES

(78,127

)

429,434

CREDITORS

Amounts falling due after more than one year

7

165,741

218,518

NET (LIABILITIES)/ASSETS

(243,868

)

210,916

CAPITAL AND RESERVES

Called up share capital

9

970

970

Retained earnings

(244,838

)

209,946

SHAREHOLDERS' FUNDS

(243,868

)

210,916

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2025 and were signed on its behalf by:

N Clarke - Director

1.	STATUTORY INFORMATION

Morgan Innovation & Technology Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents revenue earned under a wide variety of contracts to provide services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at fair value of the right to consideration, which represents amounts chargeable to customers excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

over the life of the lease

Plant and machinery etc

-

33% on cost and 25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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.

Debtors and creditors receivable / payable within one year

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

182,109

224,784

406,893

DEPRECIATION

At 1 January 2024

178,130

223,183

401,313

Charge for year

3,199

1,489

4,688

At 31 December 2024

181,329

224,672

406,001

NET BOOK VALUE

At 31 December 2024

780

112

892

At 31 December 2023

3,979

1,601

5,580

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade debtors

68,758

217,865

Other debtors

367,946

338,284

436,704

556,149

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Bank loans and overdrafts

129,700

61,112

Trade creditors

142,911

123,276

Taxation and social security

56,069

18,998

Other creditors

257,121

420,089

585,801

623,475

Bank loans totalling £50,000 (2023: £50,000) are secured by a fixed and floating charge over all of the company's assets.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/24

31/12/23

£

£

Bank loans

165,741

218,518

Bank loans totalling £158,333 (2023: £200,000) are secured by a fixed and floating charge over all of the company's assets.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/12/24

31/12/23

£

£

Within one year

57,647

57,647

Between one and five years

288,235

288,235

In more than five years

-

57,647

345,882

403,529

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/24

31/12/23

value:

£

£

790

Ordinary

£1

790

790

180

Ordinary A

£1

180

180

970

970

10.	RELATED PARTY DISCLOSURES

Included within the other debtors, is a loan in the sum of £168,165 (2023: £152,443) to Deck42 Ltd a company in which J Quest and N Clarke are directors. During the year the company recharged expenses of £15,722 to Deck42 Ltd.

During the year, the company received consultancy services for the total value of £1,000 from Salurate Ltd, a company in which H Clarke, S Clarke, N Clarke and J Quest are directors and shareholders. The balance owed from Salurate Ltd at the year end was £1,200 (2023: £5,160).

During the year, the company recharged expenses totalling £8,930 to Zeus Sleep Ltd, an associated company in which N Clarke and J Quest serve as directors and shareholders. As of the year end, the outstanding balance due from Zeus Sleep Ltd was £10,716 (2023: £nil).

11.	ULTIMATE CONTROLLING PARTY

12.	GOING CONCERN

These financial statements have been prepared on a going concern basis. Although the company had net liabilities of £243,868 as at the balance sheet date, the directors have prepared detailed cash flow forecasts and projections which indicate that the company is expected to return to profitability and generate positive cash flows in the foreseeable future.

The directors have considered the company’s current financial position, trading performance, and future prospects, and have concluded that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.