Morison and Smith Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

Registered number: SC578297

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		151,000		105,000
Tangible Assets	5		141,444		22,864

			292,444		127,864
CURRENT ASSETS
Stocks	6	142,317		105,889
Debtors	7	125,870		250,046
Cash at bank and in hand		164,231		131,274

		432,418		487,209
Creditors: Amounts Falling Due Within One Year	8	(291,498 )		(252,037 )

NET CURRENT ASSETS (LIABILITIES)			140,920		235,172

TOTAL ASSETS LESS CURRENT LIABILITIES			433,364		363,036

Creditors: Amounts Falling Due After More Than One Year	9		(58,828 )		(24,380 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	11		(13,190 )		(5,716 )

NET ASSETS			361,346		332,940

CAPITAL AND RESERVES
Called up share capital	12		60		60
Revaluation reserve	15		29,211		-
Capital redemption reserve			40		40
Profit and Loss Account			332,035		332,840

SHAREHOLDERS' FUNDS			361,346		332,940

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Morison and Smith Limited

Balance Sheet (continued)

As At 31 March 2026

For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mrs Leona Murphy Director	Mrs Lisa Hendry Director
23/09/2026

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

1. General Information

Morison and Smith Limited is a private company, limited by shares, incorporated in Scotland, registered number SC578297 . The registered office is 2nd Floor, Belgrave Court, Rosehall Road, Bellshill, Lanarkshire, ML4 3NR.

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, excluding discounts, rebates, value added tax and other sales taxes.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

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.

2.5. Tangible Fixed Assets and Depreciation

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold	Not depreciatied
Fixtures & Fittings	15% on reducing balance
Computer Equipment	33% on cost

Tangible assets are initially recognised at cost which is the purchase price plus any directly attributable costs.

Subsequently tangible assets are measured at cost less accumulated depreciation and impairment losses.

2.6. Leasing and Hire Purchase Contracts

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

2.7. Stocks and Work in Progress

Work in progress is valued at the lower of cost and estimated selling price less costs to sell, cost includes a relevant proportion of overheads according to the stage of completion.

2.8. Financial Instruments

The company only has basic financial instruments.

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.

Short term trade 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.

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Morison and Smith Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.9. 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.

2.10. Pensions

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 23 (2025: 19)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 April 2025	350,000
Additions	90,000

As at 31 March 2026	440,000

Amortisation
As at 1 April 2025	245,000
Provided during the period	44,000

As at 31 March 2026	289,000

Net Book Value
As at 31 March 2026	151,000

As at 1 April 2025	105,000

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Morison and Smith Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

5. Tangible Assets

	Land & Property
	Freehold	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost or Valuation
As at 1 April 2025	-	33,988	32,794	66,782
Additions	90,789	3,963	4,749	99,501
Revaluation	29,211	-	-	29,211

As at 31 March 2026	120,000	37,951	37,543	195,494

Depreciation
As at 1 April 2025	-	25,385	18,533	43,918
Provided during the period	-	4,274	5,858	10,132

As at 31 March 2026	-	29,659	24,391	54,050

Net Book Value
As at 31 March 2026	120,000	8,292	13,152	141,444

As at 1 April 2025	-	8,603	14,261	22,864

6. Stocks

	2026	2025
	£	£
Work in progress	142,317	105,889

7. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	63,237	63,222
Prepayments and accrued income	24,267	23,102
Client current account	4,795,982	5,603,956
Balances due to clients	(4,757,616 )	(5,460,317 )
Directors' loan accounts	-	20,083

	125,870	250,046

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Morison and Smith Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

8. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Bank loans and overdrafts	10,478	66,800
Corporation tax	104,535	83,080
Other taxes and social security	11,746	3,872
VAT	74,615	65,150
Other creditors	50,500	-
Other loans	12,644	13,046
Accruals and deferred income	26,980	20,089

	291,498	252,037

9. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Bank loans - 1-2 years	10,478	5,133
Other creditors	-	19,247
Bank loans - 2-5 years	48,350	-

	58,828	24,380

10. Secured Creditors

Of the creditors the following amounts are secured.

Bank of Scotland plc holds a standard security over the property at 99 High Street Biggar in relation to loan provided.

Bank of Scotland plc also hold a floating charge over all the property or undertaking of the company.

	2026		2025
	£		£
Bank loans and overdrafts	69,306		71,933

11. Deferred Taxation

The provision for deferred tax is made up as follows:

	2026	2025
	£	£
Accelerated capital allowances	13,190	5,716

12. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	60	60

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Morison and Smith Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

13. Other Commitments

Leases of property are included within the operating lease disclosure below. Each property has been leased on a ten year term with review periods after the initial 2-3 years and subsequently every 3 years thereafter.

Minimum lease payments under non-cancellable operating leases fall due as follows:

	2026	2025
	£	£
Not later than one year	6,429	-
Later than one year and not later than five years	269,799	46,937
Later than five years	-	437,000

	276,228	483,937

14. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2026
	£	£	£	£	£
Mrs Leona Murphy	10,146	-	10,146	-	-
Mrs Lisa Hendry	10,146	-	10,146	-	-

The above loans are unsecured, interest free and were repaid during the year.

15. Reserves

	Revaluation reserve	Capital Redemption	Profit and Loss Account
	£	£	£
As at 1 April 2025	-	40	332,840
Profit for year	-	-	280,478

Surplus on revaluation	29,211	-	-

Other comprehensive income for the year	29,211	-	-

Total comprehensive income for the year	29,211	-	280,478

Dividends paid	-	-	(281,283)

As at 31 March 2026	29,211	40	332,035

16. Related Party Transactions

During the year the copmany repaid a loan owed to Murphy Properties (Scotland) Ltd, a company in which Leona Murphy is a director, in full such there was no balance due at the year-end (2025: £19,247).

This loan is non-interest bearing and is repayable on demand though payment will not be sought within one year of the company year end where this would impair the company's trade and has therefore been disclosed as due more than one year from the company year-end.

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