H. Morris & Company Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00133248 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

FOR

H. MORRIS & COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Robert H Morris

George F McGraw

Nicholas Savva

SECRETARY:

Robert H Morris

REGISTERED OFFICE:

20-22 Bedford Row

London

WC1R 4JS

REGISTERED NUMBER:

00133248 (England and Wales)

ACCOUNTANTS:

Bannerman Johnstone Maclay

Chartered Accountants

213 St Vincent Street

Glasgow

G2 5QY

BANKERS:

Clydesdale Bank plc

Head Office

30 St Vincent Place

Glasgow

G1 2HL

SOLICITORS:

MacRoberts LLP

Capella

60 York Street

Glasgow

G2 8JX

FIXED ASSETS

Tangible assets

4

11,194,520

11,276,419

Investments

5

2

157,771

11,194,522

11,434,190

CURRENT ASSETS

Stocks

243,749

352,274

Debtors

6

5,338,866

6,763,277

Cash at bank

11,943

159,577

5,594,558

7,275,128

CREDITORS

Amounts falling due within one year

7

4,616,816

4,805,103

NET CURRENT ASSETS

977,742

2,470,025

TOTAL ASSETS LESS CURRENT LIABILITIES

12,172,264

13,904,215

CREDITORS

Amounts falling due after more than one year

8

(332,000

)

(332,000

)

ACCRUALS AND DEFERRED INCOME

(9,778,405

)

(9,778,405

)

NET ASSETS

2,061,859

3,793,810

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

1,961,859

3,693,810

SHAREHOLDERS' FUNDS

2,061,859

3,793,810

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 31 October 2017 and were signed on its behalf by:

Robert H Morris - Director

1.	STATUTORY INFORMATION

H. Morris & Company 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about H. Morris & Company Limited as an individual company and

do not contain consolidated financial information as the parent of a group. The company is exempt under

Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it

and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its

parent, Neidpath Investment Company Limited, .

Turnover

Turnover represents the total invoice value, excluding value added tax, of goods sold and services rendered

during the year.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

33% on cost, 25% on reducing balance, 20% on cost and 10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of the transaction. Exchange differences are taken into the profit and loss account for the year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2016

11,587,070

3,181,637

14,768,707

Additions

43,325

10,686

54,011

Disposals

-

(2,713,161

)

(2,713,161

)

At 31 January 2017

11,630,395

479,162

12,109,557

DEPRECIATION

At 1 February 2016

477,091

3,015,197

3,492,288

Charge for year

55,929

25,877

81,806

Eliminated on disposal

-

(2,659,057

)

(2,659,057

)

At 31 January 2017

533,020

382,017

915,037

NET BOOK VALUE

At 31 January 2017

11,097,375

97,145

11,194,520

At 31 January 2016

11,109,979

166,440

11,276,419

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 February 2016

2

157,769

157,771

Disposals

-

(157,769

)

(157,769

)

At 31 January 2017

2

-

2

NET BOOK VALUE

At 31 January 2017

2

-

2

At 31 January 2016

2

157,769

157,771

The company have disposed of their investment in Nathan Furniture Group Limited during the year.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

88,200

714,146

Amounts owed by group undertakings

304,610

725,363

Amounts owed by related undertakings

1,794,931

1,971,246

Other debtors

3,151,125

3,352,522

5,338,866

6,763,277

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

5,056

-

Trade creditors

97,128

53,914

Amounts owed to group undertakings

4,069,659

4,075,359

Amounts owed to related undertakings

-

130,685

Taxation and social security

840

47,733

Other creditors

444,133

497,412

4,616,816

4,805,103

Bank facilities are secured by a counter indemnity and floating charges over the company's properties at 147

Drakemire Drive, Glasgow and Glenmill Works, Lennoxtown.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

332,000

332,000

2017

2016

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

2,000

2,000

9.	ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party is Neidpath Investment Company Limited, a company incorporated in

Scotland.