E.T. Morris & Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01330634 (England and Wales)

E.T. MORRIS & SONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

8

Chartered Accountants' Report

9

DIRECTORS:

J B Morris

M Waterton

REGISTERED OFFICE:

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

BUSINESS ADDRESS:

127 Hedon Road

Hull

HU9 1NJ

REGISTERED NUMBER:

01330634 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

FIXED ASSETS

Tangible assets

4

1,320,718

1,517,870

CURRENT ASSETS

Stocks

117,985

99,398

Debtors

5

1,108,122

986,198

Cash at bank and in hand

478

384

1,226,585

1,085,980

CREDITORS

Amounts falling due within one year

6

1,662,858

1,692,743

NET CURRENT LIABILITIES

(436,273

)

(606,763

)

TOTAL ASSETS LESS CURRENT LIABILITIES

884,445

911,107

CREDITORS

Amounts falling due after more than one year

7

(181,869

)

(287,776

)

PROVISIONS FOR LIABILITIES

(110,853

)

(85,394

)

NET ASSETS

591,723

537,937

CAPITAL AND RESERVES

Called up share capital

10

3,360

3,360

Capital redemption reserve

1,440

1,440

Retained earnings

586,923

533,137

SHAREHOLDERS' FUNDS

591,723

537,937

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 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 and authorised for issue by the Board of Directors on 24 September 2019 and were signed on its behalf by:

J B Morris - Director

1.	STATUTORY INFORMATION

E.T. Morris & Sons 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Revenue is recognised based on terms of the sale, either on despatch from the company or on delivery and

acceptance by the customer.

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.

Land and buildings

-

10% on reducing balance

Plant and machinery etc

-

33% on reducing balance, 25% on reducing balance, 20% on reducing balance, 15% on reducing balance, 12.5% on reducing balance, 10% on reducing balance, 5% on reducing balance and 2.5% on reducing balance

The cost of tangible assets represents the invoice value of the assets, as well as other costs that are deemed

necessary in order to bring the asset in to use.

Stocks

Stocks are stated at the lower of cost and fair value less costs to complete and sell after making due allowance

for slow moving and obsolete 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates of

exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated

into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into

account in arriving at the operating result.

Hire purchase and leasing commitments

Where assets are financed by leasing agreements that give rights approximating to ownership ('finance

leases'), the assets are treated as if they had been purchased outright. The amount capitalised is the present

value of the minimum lease payments payable during the lease term. The corresponding leasing commitments

are shown as obligations to the lessor.

Lease payments are treated as consisting of capital and interest elements, and the interest is charged to profit

or loss in proportion to the remaining balance outstanding.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the companies

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 NIL (2018 - 60 ).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2018

26,716

2,660,167

2,686,883

Additions

-

626,942

626,942

Disposals

-

(758,230

)

(758,230

)

At 31 March 2019

26,716

2,528,879

2,555,595

DEPRECIATION

At 1 April 2018

23,422

1,145,591

1,169,013

Charge for year

3,294

326,757

330,051

Eliminated on disposal

-

(264,187

)

(264,187

)

At 31 March 2019

26,716

1,208,161

1,234,877

NET BOOK VALUE

At 31 March 2019

-

1,320,718

1,320,718

At 31 March 2018

3,294

1,514,576

1,517,870

The net book value of tangible assets includes £778,700 (2017 - £383,521) in respects of assets held under hire

purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

958,635

874,155

Other debtors

149,487

112,043

1,108,122

986,198

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

454,137

474,483

Hire purchase contracts (see note 8)

242,965

277,145

Trade creditors

765,929

592,915

Taxation and social security

109,145

125,601

Other creditors

90,682

222,599

1,662,858

1,692,743

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

181,869

287,776

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Gross obligations repayable:

Within one year

254,911

291,288

Between one and five years

190,659

302,154

445,570

593,442

Finance charges repayable:

Within one year

11,946

14,143

Between one and five years

8,790

14,378

20,736

28,521

Net obligations repayable:

Within one year

242,965

277,145

Between one and five years

181,869

287,776

424,834

564,921

Non-cancellable operating

leases

2019

2018

£

£

Within one year

457,789

627,803

Between one and five years

45,914

322,903

503,703

950,706

The hire purchase contracts relate to lorries and trailers. The remaining lease terms are due within five years.

At the end of the lease, title of the assets passes to the company.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

454,137

474,483

There is a fixed and floating charge over the assets of the company in relation to the factoring facility.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

3,360

Ordinary

£1

3,360

3,360

11.	RELATED PARTY DISCLOSURES

At the year end £36,000 (2018: £108,000) was owed to J B Morris. This loan was interest free, unsecured and

repayable on demand.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a

Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of E.T. Morris & Sons Limited for the year ended 31 March 2019 which comprise the Income

Statement, Statement of Financial Position and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of E.T. Morris & Sons Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of E.T. Morris & Sons Limited and state those matters that we have agreed to state to the Board of Directors of E.T. Morris & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than E.T. Morris & Sons Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that E.T. Morris & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of E.T. Morris & Sons Limited. You consider that E.T. Morris & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of E.T. Morris & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Duncan & Toplis Limited

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

Date: .............................................