ACCOUNTS - Final Accounts preparation

Registered number: 12414114

MORNINGTON SUPPLY LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 APRIL 2026

MORNINGTON SUPPLY LTD

REGISTERED NUMBER: 12414114

BALANCE SHEET

AS AT 30 APRIL 2026

	30 April	As restated 31 January
	2026	2025
Note

Fixed assets
Tangible assets	4		4,833		5,286
			4,833		5,286
Current assets
Debtors: amounts falling due within one year	5	388,041		240,265
Cash at bank and in hand	6	213,564		287,066
		601,605		527,331
Creditors: amounts falling due within one year	7	(67,824)		(83,057)
Net current assets			533,781		444,274
Total assets less current liabilities			538,614		449,560
Provisions for liabilities
Deferred tax		(1,208)		(1,041)
			(1,208)		(1,041)
Net assets			537,406		448,519

Capital and reserves
Called up share capital	100	100
Profit and loss account	537,306	448,419
	537,406	448,519

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MORNINGTON SUPPLY LTD

REGISTERED NUMBER: 12414114

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2026

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 June 2026.

C R Rea

Director

The notes on pages 3 to 7 form part of these financial statements.

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MORNINGTON SUPPLY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2026

1.	General information

Mornington Supply Ltd is a private company, limited by shares, incorporated in England and Wales, under registration number 12414114. The registered office address is Suite 4a Apex, Victoria Street, Altrincham WA14 1AU.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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MORNINGTON SUPPLY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2026

2.Accounting policies (continued)

2.4

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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MORNINGTON SUPPLY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2026

2.Accounting policies (continued)

2.6

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the period was 1 (2025 -1).

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MORNINGTON SUPPLY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2026

4.	Tangible fixed assets

		Fixtures and fittings
	Cost or valuation
	At 1 February 2025	10,473
	Additions	3,078
	At 30 April 2026	13,551
	Depreciation
	At 1 February 2025	5,187
	Charge for the period on owned assets	3,531
	At 30 April 2026	8,718
	Net book value
	At 30 April 2026	4,833
	At 31 January 2025	5,286

Debtors

					30 April	As restated 31 January
					2026	2025


Trade debtors	21,477	75,647
Amounts owed by group undertakings	336,000	-
Amounts owed by participating interests	-	164,000
Other debtors	30,564	618
	388,041	240,265

6.	Cash and cash equivalents
		30 April	31 January
		2026	2025

	Cash at bank and in hand	213,564	287,066

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MORNINGTON SUPPLY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2026

7.	Creditors: Amounts falling due within one year
		30 April	As restated 31 January
		2026	2025

Trade creditors	1,169	9,248
Corporation tax	45,755	72,181
Other creditors	-	1,628
Accruals and deferred income	20,900	-
	67,824	83,057

8.	Prior year adjustment

Adjustments to the prior year financial statements has been recognised to reflect errors identified in respect of overstated sales, trade debtors, VAT. and investments The adjustments are set out below:

	Profit after tax previously reported year ended 31.1.2025	£432,286
	Error in respect of sales	(£221,280)
	Corporation tax effect of errors	£55,320

	Restated profit after tax year ended 31.1.2025	£266,326

Trade debtors were restated as £75,647, previously reported as £404,107. The VAT debtor was restated as £617, previously reported as £nil. The corporation tax creditor was restated as £72,181, previously reported as £180,803.

	Retained earnings as previously reported 31.1.25	£677,642
	Restatement of comparatives relating to 2024	(£63,263)
	Restatement of comparatives relating to 2025	(£165,960)

	Retained earnings restated 31.1.25	£448,419

9.	Ultimate parent undertaking and controlling party

At the balance sheet date, the immediate parent undertaking is Y1 Group Holdings Ltd, a company incorporated in England and Wales.

Y1 Group Limited is the controlling party of the company.

The ultimate parent undertaking is Y1 Group Limited, a company incorporated in England and Wales.

Mr C R Rea and Mr T R Carson are the ultimate controlling party of the company and parent undertaking.

The company is exempt from the requirement of preparing consolidated financial statements as it is a subsidiary undertaking of a small group under section 383 of the Companies Act 2006.

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