Morris Mair Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10230287 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

MORRIS MAIR LIMITED

Page

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

to

4

Notes to the Financial Statements

5

to

9

DIRECTORS:

Mr G M Cleaver

Mr J P Cleaver

REGISTERED OFFICE:

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

REGISTERED NUMBER:

10230287 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Limited

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

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 Morris Mair Limited for the year ended 30 June 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 Morris Mair 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 Morris Mair Limited and state those matters that we have agreed to state to the Board of Directors of Morris Mair 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 Morris Mair Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Morris Mair 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 Morris Mair Limited. You consider that Morris Mair 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 Morris Mair 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.

Seymour Taylor Limited

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

8 March 2024

FIXED ASSETS

Tangible assets

4

184,137

211,756

CURRENT ASSETS

Stocks

768,240

431,968

Debtors

5

234,869

117,610

Cash at bank

9,048

149,427

1,012,157

699,005

CREDITORS

Amounts falling due within one year

6

519,193

280,785

NET CURRENT ASSETS

492,964

418,220

TOTAL ASSETS LESS CURRENT LIABILITIES

677,101

629,976

CREDITORS

Amounts falling due after more than one year

7

(83,924

)

(102,460

)

PROVISIONS FOR LIABILITIES

(21,985

)

(25,233

)

NET ASSETS

571,192

502,283

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

571,190

502,281

SHAREHOLDERS' FUNDS

571,192

502,283

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 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 8 March 2024 and were signed on its behalf by:

Mr G M Cleaver - Director

1.	STATUTORY INFORMATION

Morris Mair Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is 57 London Road, High Wycombe, Buckinghamshire, HP11 1BS. The principal place of business is 25 Doonholm Road, Alloway, Ayrshire, KA7 4QQ. The registered number is 10230287.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

Going concern

The directors have considered forecasts for the next twelve months. Following this, the directors consider there to be little impact on the company's ability to act as a going concern.

The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for at least the next twelve months.

Turnover

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be reliably measured, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

This is usually when the goods have been dispatched and legal title has passed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life:

Motor vehicles

Reducing balance - 25%

Computer equipment

Straight line - 33%

Plant and machinery

Straight line - 25%

Leasehold property improvements

Straight line - 4%

Stocks

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

Financial instruments

The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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

Assets and liabilities in foreign currencies are translated 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

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 8 (2022 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Leasehold

property

Motor

Computer

improvements

vehicles

equipment

Totals

£

£

£

£

COST

At 1 July 2022

121,784

141,945

2,963

266,692

Additions

1,658

-

-

1,658

At 30 June 2023

123,442

141,945

2,963

268,350

DEPRECIATION

At 1 July 2022

5,208

47,504

2,224

54,936

Charge for year

4,928

23,610

739

29,277

At 30 June 2023

10,136

71,114

2,963

84,213

NET BOOK VALUE

At 30 June 2023

113,306

70,831

-

184,137

At 30 June 2022

116,576

94,441

739

211,756

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

109,092

1,636

Other debtors

125,777

115,974

234,869

117,610

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

30,088

17,047

Hire purchase contracts (see note 8)

8,537

8,536

Trade creditors

366,066

114,167

Taxation and social security

90,689

121,039

Other creditors

23,813

19,996

519,193

280,785

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

21,667

31,667

Hire purchase contracts (see note 8)

62,257

70,793

83,924

102,460

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

8,537

8,536

Between one and five years

62,257

70,793

70,794

79,329

Non-cancellable

operating leases

2023

2022

£

£

Within one year

5,948

5,948

Between one and five years

9,418

15,367

15,366

21,315

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

70,794

79,329

The obligations under hire purchase contracts are secured on the assets concerned.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

2

Ordinary

£1

2

2

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

2023

2022

£

£

Mr J P Cleaver

Balance outstanding at start of year

36,065

39,571

Amounts advanced

105,271

97,994

Amounts repaid

(82,000

)

(101,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

59,336

36,065

Mr G M Cleaver

Balance outstanding at start of year

77,512

101,408

Amounts advanced

63,351

77,604

Amounts repaid

(78,000

)

(101,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

62,863

77,512

The loans are unsecured and repayable on demand. Interest is charged at a rate of 2% per annum prior to April 2023 and 2.25% thereafter.

12.	RELATED PARTY DISCLOSURES

The company operates from property owned by one of the directors which it occupies on a rent-free basis.