Morgan Hemp & Co Limited 31/03/2025 iXBRL

Company registration number: 03932737

Morgan Hemp & Co Limited

Trading as Morgan Hemp

Unaudited filleted financial statements

31 March 2025

Morgan Hemp & Co Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Morgan Hemp & Co Limited

Directors and other information


	Directors	Mr R J C Morgan (resigned 29.04.24)
		Mr A M Robinson
		Mr R Reeves
		Mr K Morgan


	Secretary	Mrs J. Morgan (resigned 29.04.24)


	Company number	03932737


	Registered office	104 Walter Road
		Swansea
		SA1 5QF


	Business address	103-104 Walter Road
		Swansea
		SA1 5QF


	Accountants	Morgan Hemp
		103-104 Walter Road
		Swansea
		SA1 5QF




	Bankers	Barclays Bank PLC
		PO Box 350
		Swansea

Morgan Hemp & Co Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	5	684,000		760,000
Tangible assets	6	62,793		63,381
		_______		_______
			746,793		823,381

Current assets
Debtors	7	772,629		599,677
Cash at bank and in hand		250,923		284,742
		_______		_______
		1,023,552		884,419
Creditors: amounts falling due
within one year	8	( 418,227)		( 328,777)
		_______		_______
Net current assets			605,325		555,642
			_______		_______
Total assets less current liabilities			1,352,118		1,379,023

Creditors: amounts falling due
after more than one year	9		( 41,314)		( 69,404)

Provisions for liabilities			( 15,698)		( 15,636)

			_______		_______
Net assets			1,295,106		1,293,983
			_______		_______

Capital and reserves
Called up share capital			400		400
Capital redemption reserve			78		78
Profit and loss account			1,294,628		1,293,505
			_______		_______
Shareholders funds			1,295,106		1,293,983
			_______		_______

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 19 December 2025 , and are signed on behalf of the board by:

Mr R Reeves

Director

Company registration number: 03932737

Morgan Hemp & Co Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 104 Walter Road, Swansea, SA1 5QF.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 28 (2024: 27 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2024 and 31 March 2025	760,000	760,000
	_______	_______
Amortisation
At 1 April 2024	-	-
Charge for the year	76,000	76,000
	_______	_______
At 31 March 2025	76,000	76,000
	_______	_______
Carrying amount
At 31 March 2025	684,000	684,000
	_______	_______
At 31 March 2024	760,000	760,000
	_______	_______

6. Tangible assets

	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2024	156,961	54,765	211,726
Additions	14,723	-	14,723
	_______	_______	_______
At 31 March 2025	171,684	54,765	226,449
	_______	_______	_______
Depreciation
At 1 April 2024	148,345	-	148,345
Charge for the year	6,738	8,573	15,311
	_______	_______	_______
At 31 March 2025	155,083	8,573	163,656
	_______	_______	_______
Carrying amount
At 31 March 2025	16,601	46,192	62,793
	_______	_______	_______
At 31 March 2024	8,616	54,765	63,381
	_______	_______	_______

7. Debtors

	2025	2024
	£	£
Trade debtors	414,236	329,542
Other debtors	358,393	270,135
	_______	_______
	772,629	599,677
	_______	_______

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	28,090	27,674
Trade creditors	40,345	46,828
Social security and other taxes	274,177	192,504
Other creditors	75,615	61,771
	_______	_______
	418,227	328,777
	_______	_______

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	41,314	69,404
	_______	_______

10. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Later than 1 year and not later than 5 years	376,681	230,774
Later than 5 years	89,500	123,000
	_______	_______
	466,181	353,774
	_______	_______