REGISTERED NUMBER: 00242437 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 28 JANUARY 2024 TO 1 FEBRUARY 2025

FOR

MORLEYS (BICESTER) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

B H Dreesmann

J Egan

A Smith

D Green

SECRETARY:

T James

REGISTERED OFFICE:

472-488 Brixton Road

Brixton

London

SW9 8EH

REGISTERED NUMBER:

00242437 (England and Wales)

SENIOR STATUTORY AUDITOR:

Andrew Green LLB FCA

AUDITORS:

THP Limited

Chartered Accountants

and Statutory Auditors

34-40 High Street

Wanstead

London

E11 2RJ

BANKERS:

Barclays Bank plc

Level 27

One Churchill Place

London

E14 5HP

FIXED ASSETS

Intangible assets

5

75,813

89,118

Tangible assets

6

57,052

57,018

Investments

7

100

100

132,965

146,236

CURRENT ASSETS

Stocks

489,890

535,970

Debtors

8

999,194

1,093,285

Cash at bank

113,907

321,510

1,602,991

1,950,765

CREDITORS

Amounts falling due within one year

9

912,267

1,002,991

NET CURRENT ASSETS

690,724

947,774

TOTAL ASSETS LESS CURRENT LIABILITIES

823,689

1,094,010

CREDITORS

Amounts falling due after more than one year

10

(707,711

)

(721,402

)

PROVISIONS FOR LIABILITIES

(3,804

)

(11,887

)

NET ASSETS

112,174

360,721

CAPITAL AND RESERVES

Called up share capital

10,500

10,500

Retained earnings

101,674

350,221

SHAREHOLDERS' FUNDS

112,174

360,721

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 2 April 2025 and were signed on its behalf by:

A Smith - Director

1.	STATUTORY INFORMATION

Morleys (Bicester) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparation and going concern

The financial statements have been prepared under the historical cost convention.

The Directors report that the 2024/25 financial year started with a reduction of £2.4m of agreed contractor business as compared with the previous year. This was the main factor in the reduction of full year sales by £3.1m. The general election and other economic factors saw a delay in contractors committing to projects.

This has recovered since the general election, with £1.8m of contractor business already secured for 2025/26. The Directors are confident that the strategic changes they have made in the second half of 2024, together with a strong starting order book, have placed the Company in a solid position to return to profit in 2025/26.

The Company continues to be fully supported by its Parent Company as required.

The accounts have therefore been prepared on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Morleys (Bicester) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Morleys Stores Limited, .

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent company and other wholly owned subsidiaries within the group.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and value added taxes.

Revenue from the sale of educational furniture and equipment is recognised when the significant risks and rewards of the goods have passed to the customer, which on deliveries is typically the point where goods are delivered to and accepted by the customer.

Goodwill

Goodwill in relation to the acquisition of certain brands in 2013 has now been fully amortised.

Software costs

Computer software and website development costs are initially measured at cost. After initial recognition, the assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Software costs are being amortised at a rate of 15% per annum on cost.

Tangible fixed assets

Tangible Fixed Assets are stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost of Tangible Fixed Assets, less their estimated residual value, over their estimated useful lives at the following rates:

Plant, Fixtures & Fittings

- 16.67% Straight Line

Computer Equipment

- 15% - 33% Straight Line

Motor Vehicles

- 25% Straight Line

Plant, Fixtures and Fittings over 15 years old and Equipment over 10 years old are eliminated from fixed assets, except in instances where they are known to be still in use.

Items costing less than £500 are not capitalised but written off to the Profit and Loss Account as incurred.

Stock

Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for impairment of obsolete or slow moving items. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties, transport and handling directly attributable to bringing the stock to its present location and condition.

Taxation

Taxation for the period 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 period 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.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments.

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently carried at this value less any provision for impairment.

Foreign currencies

Foreign exchange transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items (such as trade debtors and trade creditors) are translated using the closing rate.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

Employee benefits

The company provides a range of benefits to employees, including paid holiday arrangements and a group personal pension plan.

(i) Short Term Benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

(ii) Group Personal Pension Plan

The Company operates a group personal pension plan for its employees. This is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown as a creditor on the balance sheet. The assets of the scheme are held separately from the Company in independently administered funds.

Catalogue costs

Catalogue costs are recognised in the profit and loss account in the same financial year that derives the main benefit from these costs.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 38 (2024 - 39 ) .

5.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 28 January 2024

296,535

165,200

461,735

Additions

-

13,500

13,500

At 1 February 2025

296,535

178,700

475,235

AMORTISATION

At 28 January 2024

296,535

76,082

372,617

Amortisation for period

-

26,805

26,805

At 1 February 2025

296,535

102,887

399,422

NET BOOK VALUE

At 1 February 2025

-

75,813

75,813

At 27 January 2024

-

89,118

89,118

6.	TANGIBLE FIXED ASSETS

Plant,

Fixtures

Motor

Computer

& Fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 28 January 2024

367,186

65,441

66,107

498,734

Additions

16,312

-

10,943

27,255

Disposals

(233,912

)

(43,015

)

-

(276,927

)

At 1 February 2025

149,586

22,426

77,050

249,062

DEPRECIATION

At 28 January 2024

320,941

65,440

55,335

441,716

Charge for period

17,849

-

8,640

26,489

Eliminated on disposal

(233,180

)

(43,015

)

-

(276,195

)

At 1 February 2025

105,610

22,425

63,975

192,010

NET BOOK VALUE

At 1 February 2025

43,976

1

13,075

57,052

At 27 January 2024

46,245

1

10,772

57,018

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 28 January 2024

and 1 February 2025

100

NET BOOK VALUE

At 1 February 2025

100

At 27 January 2024

100

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

801,976

908,911

VAT

-

64,664

Other debtors

9,706

-

Corporation tax recoverable

91,883

-

Prepayments

95,629

119,710

999,194

1,093,285

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

599,184

664,111

Corporation tax

-

9,912

VAT

84,645

-

Amount due to group companies

154,545

200,000

Accrued expenses

73,893

128,968

912,267

1,002,991

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to group companies

707,711

721,402

11.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

14,380

28,437

Between one and five years

5,904

8,568

20,284

37,005

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Green LLB FCA (Senior Statutory Auditor)

for and on behalf of THP Limited

13.	CONTINGENT LIABILITIES

The Company had no contingent liabilities at 1 February 2025 (2024: £nil) other than in respect of a cross guarantee in the form of a charge over the Company's assets, to the favour of the Group's principal Bankers, covering all borrowings and overdrafts by the Group from that bank.

14.	ULTIMATE CONTROLLING PARTY

The Company is a wholly owned subsidiary of Morleys Stores Limited, a company incorporated in England & Wales that shares its registered office with that of the company. Details of the ultimate controlling party can be found in the accounts of Morleys Stores Limited.

A copy of the group consolidated accounts may be obtained from Companies House.