Morgan Goodwin Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Morgan Goodwin Limited is a private company, limited by shares, incorporated in Scotland, registered number SC434092 . The registered office is Office 1, Technology House, 9 Newton Place, Glasgow, G3 7PR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Disbursements

The company acts as agent in certain transactions, incurring costs on behalf of clients which are subsequently recharged at cost. In accordance with FRS 102 and the company’s accounting policy, such disbursements are not recognised as either income or expense in the profit and loss account. These amounts are excluded from turnover and operating expenses, as the company is acting as an agent and does not bear the risks and rewards of the underlying transactions.

Disbursements are shown separately in the balance sheet as amounts recoverable from clients (within trade and other receivables), and as amounts payable to suppliers (within trade and other payables), where relevant. This approach ensures the financial statements present a true and fair view of the company’s results and position.

2.3. Intangible Fixed Assets and Amortisation - Intellectual Property

The company has capitalised research and development (R&D) expenditure relating to the development of internally generated software as an intangible asset in accordance with FRS 102.

Accounting Policy

Development costs are capitalised as intangible assets when all recognition criteria in FRS 102 are met, including technical feasibility, intention and ability to complete and use or sell the asset, the availability of resources, the probability of future economic benefits, and the ability to measure costs reliably. Costs incurred during the research phase, or where these criteria are not met, are expensed as incurred.

Amortisation

...CONTINUED

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Morgan Goodwin Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 October 2025

2.3. Intangible Fixed Assets and Amortisation - Intellectual Property - continued

We have amortised the Intangible Asset over the period of 3 years, in accordance with FRS 102 requirements.

Impairment Review

The carrying amount of the software development asset is reviewed at each reporting date by the director for indicators of impairment. Any impairment loss is recognised immediately in profit or loss.

Disclosure

At the year-end, the carrying amount of the capitalised software development costs was £150,734.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

25% RBM

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was:

	2025	2024
Office and administration	4	6

	4	6

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Morgan Goodwin Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 October 2025

4. Intangible Assets

	Intellectual Property
	£
Cost
As at 31 October 2024	226,101

As at 30 October 2025	226,101

Amortisation
As at 31 October 2024	-
Provided during the period	75,367

As at 30 October 2025	75,367

Net Book Value
As at 30 October 2025	150,734

As at 31 October 2024	226,101

5. Tangible Assets

	Computer Equipment
	£
Cost
As at 31 October 2024	6,589

As at 30 October 2025	6,589

Depreciation
As at 31 October 2024	2,632
Provided during the period	989

As at 30 October 2025	3,621

Net Book Value
As at 30 October 2025	2,968

As at 31 October 2024	3,957

6. Debtors

	2025	2024
	£	£
Due within one year
Director's loan account	11,955	8,458

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Morgan Goodwin Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 October 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	3,238	3,238
Other loans	38,000	51,000
Other taxes and social security	2,018	2,006
VAT	1,879	4,040
Pension Payable	356	276
Intercompany	(3,732 )	-
Provision for professional fees	-	28,000

	41,759	88,560

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	11,408	11,408

9. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 31 October 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 30 October 2025
	£	£	£	£	£
Mr Abdul Mann	8,458	32,700	29,203	-	11,955

The above loan is unsecured, interest free and repayable on demand.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		150,734		226,101
Tangible Assets	5		2,968		3,957

			153,702		230,058
CURRENT ASSETS
Debtors	6	11,955		8,458
Cash at bank and in hand		51,193		185

		63,148		8,643
Creditors: Amounts Falling Due Within One Year	7	(41,759 )		(88,560 )

NET CURRENT ASSETS (LIABILITIES)			21,389		(79,917 )

TOTAL ASSETS LESS CURRENT LIABILITIES			175,091		150,141

NET ASSETS			175,091		150,141

CAPITAL AND RESERVES
Called up share capital	8		11,408		11,408
Share premium account			777,311		777,311
Profit and Loss Account			(613,628 )		(638,578 )

SHAREHOLDERS' FUNDS			175,091		150,141