F W Morgan (TBS) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05597710 (England and Wales)

Audited Financial Statements for the Year Ended 30 April 2023

for

F W Morgan (TBS) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M J Britton

C Britton

J A Herrmann

P D Spillane

REGISTERED OFFICE:

Unit 4

Wharfedale Road

Pentwyn

Cardiff

CF23 7HB

REGISTERED NUMBER:

05597710 (England and Wales)

SENIOR STATUTORY AUDITOR:

Dawn Bray Bsc ACA ATII

INDEPENDENT AUDITORS:

DHB Accountants Limited

Chartered Accountants

Statutory Auditors

110 Whitchurch Road

Cardiff

CF14 3LY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

255,915

5,241

255,915

5,241

CURRENT ASSETS

Stocks

260,757

-

Debtors

6

377,277

22,491

Cash at bank

-

4,141

638,034

26,632

CREDITORS

Amounts falling due within one year

7

532,406

27,044

NET CURRENT ASSETS/(LIABILITIES)

105,628

(412

)

TOTAL ASSETS LESS CURRENT LIABILITIES

361,543

4,829

CREDITORS

Amounts falling due after more than one year

8

357,335

-

NET ASSETS

4,208

4,829

CAPITAL AND RESERVES

Called up share capital

120,100

120,100

Retained earnings

(115,892

)

(115,271

)

4,208

4,829

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:

M J Britton - Director

1.	STATUTORY INFORMATION

F W Morgan (TBS) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are prepared in Pounds Sterling which is the functional currency of the company.

The accounts, which disclose a trading loss for the year, have been prepared on a going concern basis and make no allowance for any losses or additional costs that might prove necessary if this were found to be inappropriate. The directors have reviewed future trading prospects and available financial resources and with the continued support of the holding company are satisfied that the company will be able to meet its obligations as they fall due for at least twelve months after the date of signing these accounts. The directors are satisfied that the going concern concept is entirely appropriate.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2022

and 30 April 2023

30,000

AMORTISATION

At 1 May 2022

and 30 April 2023

30,000

NET BOOK VALUE

At 30 April 2023

-

At 30 April 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2022

-

46,666

46,666

Additions

-

268,673

268,673

Disposals

-

(28,745

)

(28,745

)

Reclassification/transfer

4,675

(4,675

)

-

At 30 April 2023

4,675

281,919

286,594

DEPRECIATION

At 1 May 2022

-

41,425

41,425

Charge for year

974

20,531

21,505

Eliminated on disposal

-

(28,745

)

(28,745

)

Reclassification/transfer

3,506

(3,506

)

-

At 30 April 2023

4,480

29,705

34,185

NET BOOK VALUE

At 30 April 2023

195

252,214

252,409

At 30 April 2022

-

5,241

5,241

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

24,568

At 30 April 2023

24,568

DEPRECIATION

Charge for year

1,024

At 30 April 2023

1,024

NET BOOK VALUE

At 30 April 2023

23,544

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

332,166

18,080

Other debtors

45,111

4,411

377,277

22,491

7.	CREDITORS LESS THAN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

89,950

-

Hire purchase contracts

8,189

-

Trade creditors

419,210

-

Taxation and social security

15,057

6,419

Other creditors

-

20,625

532,406

27,044

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

11,602

-

Amounts owed to group undertakings

345,733

-

357,335

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank overdraft

89,950

-

Bank loans and overdrafts are secured by way of a fixed and floating charge over the assets of the company and a cross guarantee by the holding company , Brittons Holdings Limited, in favour of the company bank.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Dawn Bray Bsc ACA ATII (Senior Statutory Auditor)

for and on behalf of DHB Accountants Limited

11.	RELATED PARTY DISCLOSURES

Sales includes £84,370 relating to transactions with companies in which a director and/or a shareholder have an interest.

In addition assets were purchased from a group company in the amount of £73,270.

The directors are of the view these transactions have been entered into in the normal course of business and on an arms length basis.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company is considered by the directors to be the shareholders of its holding company, Brittons Holdings Limited, a company incorporated in England and Wales. A copy of their accounts can be obtained from the Registrar of Companies.