Morgan Bros (Metalwork Solutions) Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 07037174 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

FOR

MORGAN BROS (METALWORK SOLUTIONS) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P W Morgan

T J Morgan

M Prendergast

REGISTERED OFFICE:

Unit 1 Chapel Lane Business Park

Chapel Lane

Coppull

Chorley

Lancashire

PR7 4NB

REGISTERED NUMBER:

07037174 (England and Wales)

ACCOUNTANTS:

Wallwork Nelson & Johnson

Chandler House

7 Ferry Road Office Park

Riversway

Preston

Lancashire

PR2 2YH

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

815,547

886,357

815,547

886,357

CURRENT ASSETS

Stocks

1,002,572

828,083

Debtors

6

1,007,083

880,418

Cash at bank and in hand

24,384

3,589

2,034,039

1,712,090

CREDITORS

Amounts falling due within one year

7

741,983

792,667

NET CURRENT ASSETS

1,292,056

919,423

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,107,603

1,805,780

CREDITORS

Amounts falling due after more than one
year

8

(609,814

)

(319,899

)

PROVISIONS FOR LIABILITIES

(64,454

)

(56,484

)

NET ASSETS

1,433,335

1,429,397

CAPITAL AND RESERVES

Called up share capital

10

100

Retained earnings

1,433,235

1,429,297

SHAREHOLDERS' FUNDS

1,433,335

1,429,397

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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 12 June 2025 and were signed on its behalf by:

P W Morgan - Director

T J Morgan - Director

1.	STATUTORY INFORMATION

Morgan Bros (Metalwork Solutions) 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

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

Property improvements

- 10% on cost

Fixtures and fittings

- 15% on reducing balance

Motor vehicles

- 25% on reducing balance

Plant and machinery

- 15% on reducing balance

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis of accounting in preparing the annual financial statements has been adopted.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2024 - 37 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2024

and 31 January 2025

73,174

AMORTISATION

At 1 February 2024

and 31 January 2025

73,174

NET BOOK VALUE

At 31 January 2025

-

At 31 January 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

COST

At 1 February 2024

507,950

935,176

14,704

Additions

-

Disposals

-

At 31 January 2025

507,950

935,176

14,704

DEPRECIATION

At 1 February 2024

55,589

674,626

8,978

Charge for year

8,317

39,083

859

Eliminated on disposal

-

At 31 January 2025

63,906

713,709

9,837

NET BOOK VALUE

At 31 January 2025

444,044

221,467

4,867

At 31 January 2024

452,361

260,550

5,726

Motor

Computer

vehicles

equipment

Totals

£

COST

At 1 February 2024

268,721

5,470

1,732,021

Additions

99,430

1,300

100,730

Disposals

(127,047

)

-

(127,047

)

At 31 January 2025

241,104

6,770

1,705,704

DEPRECIATION

At 1 February 2024

102,935

3,536

845,664

Charge for year

30,523

836

79,618

Eliminated on disposal

(35,125

)

-

(35,125

)

At 31 January 2025

98,333

4,372

890,157

NET BOOK VALUE

At 31 January 2025

142,771

2,398

815,547

At 31 January 2024

165,786

1,934

886,357

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 February 2024

241,507

Additions

99,430

Disposals

(127,047

)

At 31 January 2025

213,890

DEPRECIATION

At 1 February 2024

98,844

Charge for year

29,385

Eliminated on disposal

(35,125

)

At 31 January 2025

93,104

NET BOOK VALUE

At 31 January 2025

120,786

At 31 January 2024

142,663

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/25

31/1/24

£

Trade debtors

225,567

291,366

Other debtors

499

Amounts due from related parties

103,092

35,067

Directors' current accounts

598,225

466,313

Tax

58,672

71,078

Prepayments

21,028

16,095

1,007,083

880,418

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/25

31/1/24

£

Bank loans and overdrafts

11,000

81,806

Hire purchase contracts

50,764

56,619

Trade creditors

380,789

385,579

Social security and other taxes

25,581

31,200

VAT

76,821

64,419

Other creditors

150,800

148,956

Accruals and deferred income

46,228

24,088

741,983

792,667

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31/1/25

31/1/24

£

Bank loans - 1-2 years

6,200

28,512

Bank loans - 2-5 years

5,000

85,537

Bank loans more 5 yr by instal

451,680

59,253

Hire purchase contracts

146,934

146,597

609,814

319,899

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

451,680

59,253

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/1/25

31/1/24

£

Hire purchase contracts

197,698

203,216

Bank Loans

473,881

201,814

671,579

405,030

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/1/25

31/1/24

value:

£

100

Ordinary

£1

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2025 and 31 January 2024:

31/1/25

31/1/24

£

P W Morgan and T J Morgan

Balance outstanding at start of year

466,313

460,186

Amounts advanced

406,493

229,552

Amounts repaid

(274,581

)

(223,425

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

598,225

466,313

Interest is charged on the director's loan account at 2.25% , in line with HMRC's official rate.

12.	RELATED PARTY DISCLOSURES

Morgan Bros (Leisure) Limited is a company related by common control.

During the year, the company invoiced Morgan Bros (Leisure) Limited for services totalling £55,747 excl. VAT, and received payments of £113,123. In addition to various monies being loaned and repaid between the companies, management charges of £30,000 excl. VAT were charged by the company to Morgan Bros (Leisure) Limited.

At 31 January 2025, included within debtors, was a balance owed from Morgan Bros (Leisure) Limited of £103,092 (2024: £96,842 - disclosed as Amounts owed from group undertakings £35,067 and Trade debtors £61,775).

No interest is charged on outstanding amounts by agreement.