Morris Bufton & Co. Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00536727 (England and Wales)

Morris Bufton & Co. Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J L Morris

Mr S J Bufton

Mr D J Bufton

Mr M K J Bufton

SECRETARY:

Mrs D C Bufton

REGISTERED OFFICE:

6 Gravel Hill

Ludlow

SHROPSHIRE

SY8 1QL

REGISTERED NUMBER:

00536727 (England and Wales)

ACCOUNTANTS:

Streets Dyke Ruscoe Ltd

110 Corve Street

Ludlow

SHROPSHIRE

SY8 1DJ

FIXED ASSETS

Property, plant and equipment

4

1,982,322

2,073,489

CURRENT ASSETS

Inventories

5

2,035,224

1,897,354

Debtors

6

245,479

379,772

Cash in hand

9

18

2,280,712

2,277,144

CREDITORS

Amounts falling due within one year

7

1,160,627

1,083,556

NET CURRENT ASSETS

1,120,085

1,193,588

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,102,407

3,267,077

CREDITORS

Amounts falling due after more than one
year

8

(5,834

)

(15,834

)

PROVISIONS FOR LIABILITIES

(48,906

)

(91,711

)

NET ASSETS

3,047,667

3,159,532

CAPITAL AND RESERVES

Called up share capital

6,000

Retained earnings

3,041,667

3,153,532

SHAREHOLDERS' FUNDS

3,047,667

3,159,532

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 7 October 2025 and were signed on its behalf by:

Mr J L Morris - Director

1.	STATUTORY INFORMATION

Morris Bufton & Co. Limited 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

The 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 the historical cost convention as modified by the inclusion of investment properties at their market value at the reporting date,

Turnover

Revenue 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

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

Freehold land

-

Not provided

Freehold buildings

-

2% on cost

Plant and machinery

-

25% on cost, 20% on cost, 20% on reducing balance and 10% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

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.

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 13 (2023 - 12 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Plant and

Motor

land

buildings

machinery

vehicles

Totals

£

COST OR VALUATION

At 1 January 2024

500,578

1,805,116

43,413

120,251

2,469,358

Additions

-

58,015

8,793

-

66,808

Disposals

-

(2,400

)

(2,400

)

Revaluations

-

(118,015

)

-

(118,015

)

At 31 December 2024

500,578

1,745,116

52,206

117,851

2,415,751

DEPRECIATION

At 1 January 2024

-

309,942

26,824

59,103

395,869

Charge for year

-

18,558

5,610

14,521

38,689

Eliminated on disposal

-

(1,129

)

(1,129

)

At 31 December 2024

-

328,500

32,434

72,495

433,429

NET BOOK VALUE

At 31 December 2024

500,578

1,416,616

19,772

45,356

1,982,322

At 31 December 2023

500,578

1,495,174

16,589

61,148

2,073,489

Included within the net book value of freehold land and buildings is an amount of £1,110,000 (2023: £1,070,000) relating to five investment properties.

Cost or valuation at 31 December 2024 is represented by:

Freehold

Plant and

Motor

land

buildings

machinery

vehicles

Totals

£

Valuation in 2008

-

213,756

-

213,756

Valuation in 2013

-

(52,830

)

-

(52,830

)

Valuation in 2014

-

40,000

-

40,000

Valuation in 2018

-

24,000

-

24,000

Valuation in 2020

-

85,000

-

85,000

Valuation in 2022

-

130,000

-

130,000

Valuation in 2023

-

100,000

-

100,000

Valuation in 2024

-

(118,015

)

-

(118,015

)

Cost

500,578

1,323,205

52,206

117,851

1,993,840

500,578

1,745,116

52,206

117,851

2,415,751

If the investment properties had not been revalued they would have been included at the following historical cost:

2024

2023

£

Cost

526,264

The residential investment properties have been valued by the directors based on a review of the current market values.

The commercial investment property has been valued by the company's directors at its original cost and they are of the opinion that this has not changed.

5.	INVENTORIES

2024

2023

£

Stocks

2,035,224

1,897,354

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

186,038

305,960

Other debtors

5,925

6,384

Directors' loan accounts

19,924

21,106

Tax

2,210

-

VAT

13,041

29,578

Prepayments and accrued income

18,341

16,744

245,479

379,772

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

83,670

47,924

Trade creditors

814,390

827,316

Tax

-

12,505

Social security and other taxes

7,863

6,369

Other creditors

1,266

1,002

Other loans

215,187

162,202

Directors' loan accounts

1,829

1,916

Accruals and deferred income

36,422

24,322

1,160,627

1,083,556

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loan

5,834

15,834

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

Mr S J Bufton

Balance outstanding at start of year

21,106

22,939

Amounts advanced

768

-

Amounts repaid

(1,950

)

(1,833

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

19,924

21,106

10.	RELATED PARTY DISCLOSURES

The directors' loan account within debtors relates to Mr S J Bufton and is repayable upon demand and is currently interest free.

Mr J L Morris, who holds 50% of the shares in the company, is the majority shareholder in Morris Corfield & Co Holdings Limited. The company had no transactions with Morris Corfield & Co Holdings Limited during the year to 31 December 2024.

Morris Corfield & Co Holdings Limited owns the majority of shares in Morris Corfield & Co Limited.

The following transactions have taken place during the year:

£

Sales to Morris Corfield & Co Limited

925

Amounts due from Morris Corfield & Co Limited

-

Purchases from Morris Corfield & Co Limited

-

Amounts due to Morris Corfield & Co Limited

-