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 2022 |
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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 2022 |
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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 2022 |
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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 | 4 |
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Morfitt & Turnbull (Management Services) |
Limited |
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Company Information |
for the Year Ended 28 February 2022 |
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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 2022 |
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28.2.22 | 28.2.21 |
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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Creditors |
Amounts falling due after more than one
year |
8 |
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Provisions for liabilities | ( |
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Net assets |
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Morfitt & Turnbull (Management Services) |
Limited (Registered number: 00740613) |
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Balance Sheet - continued |
28 February 2022 |
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28.2.22 | 28.2.21 |
Notes | £ | £ |
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 and authorised for issue 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 2022 |
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1. | Statutory information |
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Morfitt & Turnbull (Management Services) Limited is a
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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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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
Morfitt & Turnbull (Management Services) |
Limited (Registered number: 00740613) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2022 |
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2. | Accounting policies - continued |
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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. |
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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. |
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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 directors. |
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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 2022 |
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4. | Tangible fixed assets |
Plant and |
machinery |
etc |
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Cost |
At 1 March 2021 |
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Additions |
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At 28 February 2022 |
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Depreciation |
At 1 March 2021 |
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Charge for year |
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At 28 February 2022 |
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Net book value |
At 28 February 2022 |
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At 28 February 2021 |
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The depreciation policy for certain assets was changed from 25% on reducing balance to 15% on reducing balance in the year, This has decreased the charge for the year by £8,325. |
Morfitt & Turnbull (Management Services) |
Limited (Registered number: 00740613) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2022 |
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4. | Tangible fixed assets - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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Cost |
At 1 March 2021 |
and 28 February 2022 |
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Depreciation |
At 1 March 2021 |
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Charge for year |
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At 28 February 2022 |
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Net book value |
At 28 February 2022 |
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At 28 February 2021 |
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5. | Fixed asset investments |
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Investments (neither listed nor unlisted) were as follows: |
28.2.22 | 28.2.21 |
£ | £ |
Manchester Bee | 25,630 | 25,630 |
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6. | Debtors: amounts falling due within one year |
28.2.22 | 28.2.21 |
£ | £ |
Trade debtors |
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Other debtors |
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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 2022 |
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7. | Creditors: amounts falling due within one year |
28.2.22 | 28.2.21 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | Creditors: amounts falling due after more than one year |
28.2.22 | 28.2.21 |
£ | £ |
Hire purchase contracts |
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9. | Secured debts |
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The following secured debts are included within creditors: |
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28.2.22 | 28.2.21 |
£ | £ |
Hire purchase contracts | 72,560 | 79,023 |
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Hire purchase liabilities are secured on the assets to which they relate. |
Morfitt & Turnbull (Management Services) |
Limited (Registered number: 00740613) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2022 |
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10. | 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 29 February 2021 and 2022. |
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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. No provision was required at 28 February 2021 and 2022. 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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11. | Directors' advances, credits and guarantees |
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The following advances and credits to directors subsisted during the years ended 28 February 2022 and 28 February 2021: |
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28.2.22 | 28.2.21 |
£ | £ |
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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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Morfitt & Turnbull (Management Services) |
Limited (Registered number: 00740613) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2022 |
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11. | Directors' advances, credits and guarantees - continued |
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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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The loans were at commercial rates of interest and repaid before 28 February 2022. |