E.T. Morris & Sons Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01330634 (England and Wales)

E.T. MORRIS & SONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

6

Chartered Accountants' Report

7

DIRECTOR:

J B Morris

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

2,066,540

1,838,985

CURRENT ASSETS

Stocks

157,581

177,628

Debtors

5

805,492

882,822

Cash at bank

83,625

100,617

1,046,698

1,161,067

CREDITORS

Amounts falling due within one year

6

1,480,364

1,139,384

NET CURRENT (LIABILITIES)/ASSETS

(433,666

)

21,683

TOTAL ASSETS LESS CURRENT LIABILITIES

1,632,874

1,860,668

CREDITORS

Amounts falling due after more than one year

7

(459,059

)

(748,047

)

PROVISIONS FOR LIABILITIES

(114,636

)

(127,264

)

NET ASSETS

1,059,179

985,357

CAPITAL AND RESERVES

Called up share capital

10

3,360

3,360

Capital redemption reserve

1,440

1,440

Retained earnings

1,054,379

980,557

SHAREHOLDERS' FUNDS

1,059,179

985,357

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 by the director and authorised for issue on 26 May 2023 and were signed 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

-

at variable rates 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 32 (2022 - 37 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2022

26,716

2,794,046

2,820,762

Additions

-

647,848

647,848

Disposals

-

(476,393

)

(476,393

)

At 31 March 2023

26,716

2,965,501

2,992,217

DEPRECIATION

At 1 April 2022

26,716

955,061

981,777

Charge for year

-

190,970

190,970

Eliminated on disposal

-

(247,070

)

(247,070

)

At 31 March 2023

26,716

898,961

925,677

NET BOOK VALUE

At 31 March 2023

-

2,066,540

2,066,540

At 31 March 2022

-

1,838,985

1,838,985

The net book value of tangible fixed assets includes £ 1,222,473 (2022 - £ 966,659 ) in respect of assets held under hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

617,058

745,274

Other debtors

188,434

137,548

805,492

882,822

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

227,465

256,346

Hire purchase contracts (see note 8)

370,135

180,576

Trade creditors

749,496

511,180

Taxation and social security

76,502

124,812

Other creditors

56,766

66,470

1,480,364

1,139,384

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

112,500

162,500

Hire purchase contracts (see note 8)

346,559

585,547

459,059

748,047

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

-

82,766

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Gross obligations repayable:

Within one year

390,433

196,214

Between one and five years

365,775

550,356

In more than five years

-

92,286

756,208

838,856

Finance charges repayable:

Within one year

20,298

15,638

Between one and five years

19,216

47,575

In more than five years

-

9,520

39,514

72,733

Net obligations repayable:

Within one year

370,135

180,576

Between one and five years

346,559

502,781

In more than five years

-

82,766

716,694

766,123

Non-cancellable operating

leases

2023

2022

£

£

Within one year

275,507

364,126

Between one and five years

34,128

300,112

309,635

664,238

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:

2023

2022

£

£

Bank overdrafts

177,465

206,346

Bank loans

162,500

212,500

339,965

418,846

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

There is an unlimited debenture from E T Morris and Sons Limited in relation to the Lloyds bank loan.

The hire purchase contracts are secured on the assets to which they relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

3,360

Ordinary

£1

3,360

3,360

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

J B Morris

Balance outstanding at start of year

-

-

Amounts advanced

40,197

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

40,197

-

Interest on overdrawn director's loan account is provided at the official rate. The balance outstanding at the end of the year is unsecured and repayable on demand.

The following reproduces the text of the report prepared for the director 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 Director 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 2023 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 director of E.T. Morris & Sons Limited 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 director of E.T. Morris & Sons Limited 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 director 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: .............................................