Registration number:
S.Murray & Company Limited
for the Year Ended 31 December 2025
S.Murray & Company Limited
Contents
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
S.Murray & Company Limited
(Registration number: 00145824)
Balance Sheet as at 31 December 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
681,100 |
681,100 |
|
|
Revaluation reserve |
1,866,000 |
1,866,000 |
|
|
Retained earnings |
(308,110) |
(65,747) |
|
|
Shareholders' funds |
2,238,990 |
2,481,353 |
For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
S.Murray & Company Limited
(Registration number: 00145824)
Balance Sheet as at 31 December 2025
|
......................................... |
S.Murray & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
S.Murray & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025
Going concern
The financial statements have been prepared on a going concern basis. The company had returned to a net operating profit position in 2023, and restructuring of the company undertaken in that period meant the successful sale of the Sheffield division. This resulted in a positive realisation of gains on disposal in the period and a significant boost to net current assets to c£621k at the 2023 year end, including over £300k of cash held.
During 2024 and 2025, progress has continued to be made with regards to infrastructure changes and improvements to benefit the future of the remaining core business, the immediate costs of which have contributed to the reported loss in the current period. Despite ongoing global economic issues, demand for products remains strong, and the company has continued to adapt and change its production focus to maintain its operations.
The restructure process undertaken leaves the company in a strong position to meet that demand and benefit from improved margins on trade, and the directors are content that forecast results and cash flow are sufficient for the company to continue to meet its obligations for a period of 12 months from the date of approval of these accounts, and further beyond that into the future.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
S.Murray & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying value amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation is not charged on freehold land or buildings, on the basis that property is subject to ongoing maintenance and regular valuation, and thus any depreciation charge would likely to be immaterial.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold property |
Nil |
|
Solar panels |
4% straight line |
|
Plant and machinery |
10% straight line |
|
Furniture and fittings |
10-15% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
S.Murray & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
S.Murray & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
S.Murray & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2025 |
|
|
|
|
Additions |
- |
|
|
|
At 31 December 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2025 |
- |
|
|
|
Charge for the year |
- |
|
|
|
At 31 December 2025 |
- |
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
|
|
|
|
At 31 December 2024 |
|
|
|
Included within the net book value of land and buildings above is £2,700,000 (2024 - £2,700,000) in respect of freehold land and buildings. Land valued at £1,080,000 (2022: £1,187,298) has not been depreciated.
Revaluation
The fair value of the company's Freehold property was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
S.Murray & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
S.Murray & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Prepayments |
|
|
|
Other debtors |
- |
|
|
|
|
S.Murray & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2025 |
2024 |
|
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
2025 |
2024 |
|
|
Due after more than five years |
||
|
After more than five years not by instalments |
|
- |
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
681,000 |
|
681,000 |
S.Murray & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Other borrowings |
|
- |
|
|
|
|
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
- |
|
|
Bank overdrafts |
|
|
|
|
|
|
Bank borrowings
|
The bank loan was secured via a first legal mortgage dated 2 September 2005 over the Woking properties, and an unscheduled mortgage debenture incorporating a fixed and floating charge over all the current and future assets of the company dated 8 February 2007. This loan was repaid in full during the year.
|
Other borrowings
|
The other loan balance is denominated in sterling with a nominal interest rate of 6%. The carrying amount at year end is £800,000 (2024 - £Nil). The loans are in three tranches, with full and final settlement due in April, June and October 2032. |
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
S.Murray & Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025
|
Related party transactions |
Summary of transactions with other related parties
The S Murray & Company Limited Executive Retirement Benefits Scheme
Rent charged was at commercial rates.
Legal costs of £2,132 were paid by the pension fund in the prior year on behalf of the company, and subsequently reimbursed.
At the year end, £nil was due to the Scheme by the company (2024: £nil).
|
Parent and ultimate parent undertaking |
The company's immediate parent is