Morgan Engineering Limited - Accounts to registrar (filleted) - small 23.2.5

Morgan Engineering Limited - Accounts to registrar (filleted) - small 23.2.5

MORGAN ENGINEERING LIMITED - Company Information

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REGISTERED NUMBER: 05517090 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

MORGAN ENGINEERING LIMITED
MORGAN ENGINEERING LIMITED (REGISTERED NUMBER: 05517090)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MORGAN ENGINEERING LIMITED

COMPANY INFORMATION
for the Year Ended 30 September 2023







DIRECTORS: Mr J T Morgan
Mr P J Purvis
Mrs B A Purvis





SECRETARY: Mr J T Morgan





REGISTERED OFFICE: Unit 5-6
Crucible Court
Mushett Industrial Park
Coleford
Gloucestershire
GL16 8RE





REGISTERED NUMBER: 05517090 (England and Wales)





ACCOUNTANTS: Kingscott Dix (Cheltenham) Limited
Malvern View Business Park
Stella Way
Bishops Cleeve
Cheltenham
Gloucestershire
GL52 7DQ
Page 1
MORGAN ENGINEERING LIMITED (REGISTERED NUMBER: 05517090)

BALANCE SHEET
30 September 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 64,963 63,480
64,963 63,480

CURRENT ASSETS
Stocks 19,924 15,000
Debtors 6 293,633 278,928
Cash at bank 126,250 119,400
439,807 413,328
CREDITORS
Amounts falling due within one year 7 (254,150 ) (258,072 )
NET CURRENT ASSETS 185,657 155,256
TOTAL ASSETS LESS CURRENT
LIABILITIES
250,620
218,736

CREDITORS
Amounts falling due after more than one
year
8
(32,418
)
(54,827
)

PROVISIONS FOR LIABILITIES 10 (16,503 ) (11,791 )
NET ASSETS 201,699 152,118

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 201,599 152,018
SHAREHOLDERS' FUNDS 201,699 152,118

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The notes form part of these financial statements

Page 2 continued...
MORGAN ENGINEERING LIMITED (REGISTERED NUMBER: 05517090)

BALANCE SHEET - continued
30 September 2023


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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2024 and were signed on its behalf by:




Mr J T Morgan - Director



Mr P J Purvis - Director


The notes form part of these financial statements

Page 3
MORGAN ENGINEERING LIMITED (REGISTERED NUMBER: 05517090)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Morgan Engineering 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
The directors are of the opinion that there are no significant judgements or estimations used in preparing the financial statements.

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 - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 Profit and loss account, 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.

Page 4 continued...
MORGAN ENGINEERING LIMITED (REGISTERED NUMBER: 05517090)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

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 11 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 203,450
AMORTISATION
At 1 October 2022
and 30 September 2023 203,450
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 -

Page 5 continued...
MORGAN ENGINEERING LIMITED (REGISTERED NUMBER: 05517090)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2022 339,666 9,490 8,732 357,888
Additions 23,771 - - 23,771
At 30 September 2023 363,437 9,490 8,732 381,659
DEPRECIATION
At 1 October 2022 283,206 3,796 7,406 294,408
Charge for year 20,058 1,898 332 22,288
At 30 September 2023 303,264 5,694 7,738 316,696
NET BOOK VALUE
At 30 September 2023 60,173 3,796 994 64,963
At 30 September 2022 56,460 5,694 1,326 63,480

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 October 2022
and 30 September 2023 74,265
DEPRECIATION
At 1 October 2022 44,579
Charge for year 7,912
At 30 September 2023 52,491
NET BOOK VALUE
At 30 September 2023 21,774
At 30 September 2022 29,686

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 262,151 277,221
Other debtors 30,525 788
Prepayments 957 919
293,633 278,928

Page 6 continued...
MORGAN ENGINEERING LIMITED (REGISTERED NUMBER: 05517090)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 12,410 15,351
Trade creditors 101,977 120,369
Tax 47,375 35,944
Social security and other taxes 74,011 70,619
Other creditors 1,089 1,030
Directors' current accounts 2,148 -
Accrued expenses 5,140 4,759
254,150 258,072

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 6,667 16,667
Hire purchase contracts 15,751 28,160
32,418 54,827

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 26,667 36,667
Hire purchase contracts 28,161 43,511
54,828 80,178

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 16,503 11,791

Deferred
tax
£   
Balance at 1 October 2022 11,791
Provided during year 4,712
Balance at 30 September 2023 16,503

Page 7