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REGISTERED NUMBER:
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Morfitt & Turnbull (Management Services) |
Limited |
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Unaudited Financial Statements |
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for the Year Ended 28 February 2019 |
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REGISTERED NUMBER:
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Morfitt & Turnbull (Management Services) |
Limited |
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Unaudited Financial Statements |
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for the Year Ended 28 February 2019 |
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Morfitt & Turnbull (Management Services) |
Limited (Registered number: 00740613) |
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Contents of the Financial Statements |
for the Year Ended 28 February 2019 |
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Page |
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Company information | 1 |
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Balance sheet | 2 |
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Notes to the financial statements | 3 |
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Morfitt & Turnbull (Management Services) |
Limited |
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Company Information |
for the Year Ended 28 February 2019 |
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Directors: |
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Secretary: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
Mynshull House |
78 Churchgate |
Stockport |
Cheshire |
SK1 1YJ |
Morfitt & Turnbull (Management Services) |
Limited (Registered number: 00740613) |
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Balance Sheet |
28 February 2019 |
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28.2.19 | 28.2.18 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Investments | 5 |
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Current assets |
Debtors | 6 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 7 | ( |
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Net current assets |
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Total assets less current liabilities |
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Capital and reserves |
Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Morfitt & Turnbull (Management Services) |
Limited (Registered number: 00740613) |
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Notes to the Financial Statements |
for the Year Ended 28 February 2019 |
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1. | Statutory information |
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Morfitt & Turnbull (Management Services) Limited is a
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England and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | Accounting policies |
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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. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. The company also makes contributions to |
personal pension schemes of employees and a director. |
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Contributions payable are charged to the profit and loss account in the period to which they relate. |
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Fixed asset investments |
Fixed asset investments are stated at fair value. Changes in fair value are recognised in profit or loss. |
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3. | Employees and directors |
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The average number of employees during the year was
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Morfitt & Turnbull (Management Services) |
Limited (Registered number: 00740613) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2019 |
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4. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 March 2018 |
and 28 February 2019 |
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Depreciation |
At 1 March 2018 |
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Charge for year |
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At 28 February 2019 |
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Net book value |
At 28 February 2019 |
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At 28 February 2018 |
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5. | Fixed asset investments |
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Investments (neither listed nor unlisted) were as follows: |
28.2.19 | 28.2.18 |
£ | £ |
Manchester City Bee |
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6. | Debtors: amounts falling due within one year |
28.2.19 | 28.2.18 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | Creditors: amounts falling due within one year |
28.2.19 | 28.2.18 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Morfitt & Turnbull (Management Services) |
Limited (Registered number: 00740613) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2019 |
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8. | Contingent liabilities |
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The company has claims against it in connection with pension, endowment and investment policies that it is |
alleged the company has missold in the past. The overall amount of the claims and the company's liability |
arising from them have not yet been determined. |
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In the financial statements to 27 February 1999 the company charged £400,000 to the profit and loss account in |
respect of such claims. |
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In April 1999 when the company was acquired by some of the current shareholders from N Brown Group Plc, it |
was agreed that N Brown Group Plc would indemnify the company against any liabilities arising from these and |
similar claims. There were no amounts indemnified but not received at 28 February 2018 and 2019(. |
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It is anticipated that, because of the indemnity given to the company by N Brown Group Plc, no material charge |
to the profit and loss account would arise in connection with such liabilities relating to the period before the |
acquisition in April 1999 . |
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In addition to the above cases there are other pension, endowment and investment policies sold in the past that |
could result in claims being made against the company. A provision of £5,500 was required at 28 February |
2019 (2018 no provision required) in respect of such claims. Any provision represents the best estimate of the |
probable cost. However, under the company's current professional indemnity policy the company is required to |
pay an excess of £10,000 per claim. There are no claims that relate to policies taken out after 31 October 1997 |
other than those provided in these financial statements. |
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The directors are confident that the company has sufficient funds to meet any excess payments that may result |
from any successful claims against the company. |
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9. | Directors' advances, credits and guarantees |
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The following advances and credits to directors subsisted during the years ended 28 February 2019 and |
28 February 2018: |
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28.2.19 | 28.2.18 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The loans were at commercial rates of interest and repayable on demand. |