Company Registration No. 9422091 (England and Wales)
Morton Pattison Ltd
Unaudited accounts
for the year ended 29 February 2024
Morton Pattison Ltd
Statement of financial position
as at 29 February 2024
Tangible assets
127,062
66,761
Cash at bank and in hand
545
545
Creditors: amounts falling due within one year
(87,449)
(77,499)
Net current liabilities
(8,494)
(23,440)
Total assets less current liabilities
118,568
43,321
Creditors: amounts falling due after more than one year
(57,442)
(15,851)
Provisions for liabilities
Deferred tax
(24,142)
(12,425)
Called up share capital
100
100
Profit and loss account
36,884
14,945
Shareholders' funds
36,984
15,045
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024 and were signed on its behalf by
M S Morton
Director
Company Registration No. 9422091
Morton Pattison Ltd
Notes to the Accounts
for the year ended 29 February 2024
Morton Pattison Ltd is a private company, limited by shares, registered in England and Wales, registration number 9422091. The registered office is 17 Woodgreen Road, Winchester, SO22 6LH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
These accounts have been prepared on a going concern basis.
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least 12 months from the date of signing the accounts, and the extent to which they might affect the preparation of the accounts on a going concern basis.
The directors consider the going concern basis is appropriate to the presentation of the accounts.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Morton Pattison Ltd
Notes to the Accounts
for the year ended 29 February 2024
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing balance
Motor vehicles
25% Reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion ad other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in creditors due within one year in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Morton Pattison Ltd
Notes to the Accounts
for the year ended 29 February 2024
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments, which comprise cash and cash equivalents, trade and other debtors, equity investments, trade and other creditors, and loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.
Financial assets - classified as basic financial instruments:
i) Cash and cash equivalents include cash in hand, deposits held with banks, and other short term highly liquid investments with original maturities of three months or less.
ii) Trade and other debtors that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. At the end of each reporting period, the company assesses whether there is objective evidence that any receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of debt. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the profit and loss account.
iii) Trade and other creditors that are payable within one year are measured at the undiscounted amount of the cash expected to be paid.
Critical accounting judgements and key sources of estimation uncertainty:
In applying the company's accounting policies, the director is required to make judgements, estimates, and assumptions in determining the carrying amount of assets and liabilities. The estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Morton Pattison Ltd
Notes to the Accounts
for the year ended 29 February 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 March 2023
83,656
31,935
115,591
Additions
11,794
81,192
92,986
Disposals
-
(30,945)
(30,945)
At 29 February 2024
95,450
82,182
177,632
At 1 March 2023
19,896
28,934
48,830
Charge for the year
9,385
20,298
29,683
On disposals
-
(27,943)
(27,943)
At 29 February 2024
29,281
21,289
50,570
At 29 February 2024
66,169
60,893
127,062
At 28 February 2023
63,760
3,001
66,761
Carrying values included above held under finance leases and hire purchase contracts:
£
£
Amounts falling due within one year
Trade debtors
65,744
51,132
Accrued income and prepayments
394
417
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
15,251
9,265
Obligations under finance leases and hire purchase contracts
18,430
-
Trade creditors
9,681
21,825
Taxes and social security
12,733
5,099
Loans from directors
4,263
18,847
Morton Pattison Ltd
Notes to the Accounts
for the year ended 29 February 2024
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
47,569
-
8
Deferred taxation
2024
2023
Accelerated capital allowances
24,142
12,425
Provision at start of year
12,425
9,531
Charged to the profit and loss account
11,717
2,894
Provision at end of year
24,142
12,425
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
There is no controlling party.
11
Average number of employees
During the year the average number of employees was 9 (2023: 7).