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REGISTERED NUMBER:
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Morris & Co. (Handlers) Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements For The Year Ended 1 October 2018 |
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REGISTERED NUMBER:
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Morris & Co. (Handlers) Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements For The Year Ended 1 October 2018 |
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Morris & Co. (Handlers) Limited (Registered number: 01240380) |
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Contents of the Financial Statements |
For The Year Ended 1 October 2018 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Income Statement | 6 |
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Balance Sheet | 7 |
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Statement of Changes in Equity | 8 |
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Cash Flow Statement | 9 |
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Notes to the Cash Flow Statement | 10 |
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Notes to the Financial Statements | 11 |
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Morris & Co. (Handlers) Limited |
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Company Information |
For The Year Ended 1 October 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
Morris & Co. (Handlers) Limited (Registered number: 01240380) |
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Strategic Report |
For The Year Ended 1 October 2018 |
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The directors present their strategic report for the year ended 1 October 2018. |
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REVIEW OF BUSINESS |
The 2018 profit before tax increased to £2,017,139 from £347,962 in the year to 1 October 2017. |
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The capital and reserves at the end of the year amounted to £2,401,553 (2017 £1,406,277). |
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The directors consider the level of activity and year end position to be satisfactory. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Within the commercial activities the main risk facing the group are the fluctuations in scrap metal prices , credit and |
liquidity risk. |
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KEY PERFORMANCE INDICATORS |
In the year to 1 October 2018 the company employed 40 people ( 32 in 2017) producing a turnover of £25,306,502 |
(2017 £17,032,343). The turnover shows an increase of 49.2 % compared with the previous year. The increase in |
turnover was largely due to the increase in demand from UK markets |
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ON BEHALF OF THE BOARD: |
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Morris & Co. (Handlers) Limited (Registered number: 01240380) |
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Report of the Directors |
For The Year Ended 1 October 2018 |
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The directors present their report with the financial statements of the company for the year ended 1 October 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the sale of salvaged and reclaimed materials. |
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DIVIDENDS |
The total distribution of interim dividends for the year ended 1 October 2018 was £623,500 (2017 £Nil) |
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The directors recommend that no final dividend be paid. |
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FUTURE DEVELOPMENTS |
The directors constantly review opportunities to improve profitability and performance but have no future developments |
planned for the company at this time. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 2 October 2017 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have |
taken as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
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AUDITORS |
The auditors, Allotts Business Services Ltd, Statutory Auditor, will be proposed for re-appointment at the forthcoming |
Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Morris & Co. (Handlers) Limited |
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Opinion |
We have audited the financial statements of Morris & Co. (Handlers) Limited (the 'company') for the year ended |
1 October 2018 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, |
including a summary of significant accounting policies. The financial reporting framework that has been applied in their |
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted |
Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 1 October 2018 and of its profit for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Morris & Co. (Handlers) Limited |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Accountants |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
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Morris & Co. (Handlers) Limited (Registered number: 01240380) |
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Income Statement |
For The Year Ended 1 October 2018 |
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2018 | 2017 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income |
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2,156,407 | 501,152 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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Morris & Co. (Handlers) Limited (Registered number: 01240380) |
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Balance Sheet |
1 October 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Stocks | 11 |
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Debtors | 12 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
14 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 18 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 19 |
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Revaluation reserve | 20 |
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Capital redemption reserve | 20 |
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Retained earnings | 20 | 1,843,065 | 807,989 |
SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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Morris & Co. (Handlers) Limited (Registered number: 01240380) |
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Statement of Changes in Equity |
For The Year Ended 1 October 2018 |
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Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
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Balance at 2 October 2016 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 1 October 2017 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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( |
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Balance at 1 October 2018 |
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Morris & Co. (Handlers) Limited (Registered number: 01240380) |
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Cash Flow Statement |
For The Year Ended 1 October 2018 |
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2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase payments
paid |
( |
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( |
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Tax paid | ( |
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Net cash from operating activities |
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( |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Sale of fixed asset investments |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Loan repayments in year | ( |
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Invoice financing | (67,762 | ) | 1,302,302 |
Subsidiary loan | (100 | ) | - |
Capital repayments in year | ( |
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Amount introduced by directors | 652,677 | 60,634 |
Amount withdrawn by directors | (577,542 | ) | (47,933 | ) |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning
of year |
2 |
724,612 |
228,014 |
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Cash and cash equivalents at end of year | 2 | 1,268,490 | 724,612 |
Morris & Co. (Handlers) Limited (Registered number: 01240380) |
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Notes to the Cash Flow Statement |
For The Year Ended 1 October 2018 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2018 | 2017 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Finance costs | 139,268 | 153,190 |
Finance income | (729 | ) | (347 | ) |
2,861,090 | 1,091,359 |
(Increase)/decrease in stocks | ( |
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Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of |
these Balance Sheet amounts: |
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Year ended 1 October 2018 |
1.10.18 | 2.10.17 |
£ | £ |
Cash and cash equivalents | 1,268,490 | 724,612 |
Year ended 1 October 2017 |
1.10.17 | 2.10.16 |
£ | £ |
Cash and cash equivalents | 724,612 | 228,014 |
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3. | MAJOR NON-CASH TRANSACTIONS |
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During the year the company entered into hire purchase and finance lease arrangements in respect of assets |
with a total capital value at the inception of the leases of £1,078,775 (2017 £774,553). |
Morris & Co. (Handlers) Limited (Registered number: 01240380) |
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Notes to the Financial Statements |
For The Year Ended 1 October 2018 |
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1. | STATUTORY INFORMATION |
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Morris & Co. (Handlers) Limited is a
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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 |
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The directors are aware of the year end net current liabilities of the company and have taken steps to ensure the |
company has adequate financial resource to continue trading over the next twelve months . The directors have |
produced forecasts which show that the company can continue to operate within its financial resources for twelve |
months from the date of this report and management accounts indicate these projections should be achieved. |
Consequently the directors are confident that the financial statements are properly prepared on a going concern |
basis. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Short leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet 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. |
Morris & Co. (Handlers) Limited (Registered number: 01240380) |
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Notes to the Financial Statements - continued |
For The Year Ended 1 October 2018 |
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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. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market is given below: |
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2018 | 2017 |
£ | £ |
United Kingdom |
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Europe |
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All turnover relates to the sale of goods. |
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4. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2018 | 2017 |
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Site operatives | 35 | 27 |
Administration | 5 | 5 |
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2018 | 2017 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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Morris & Co. (Handlers) Limited (Registered number: 01240380) |
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Notes to the Financial Statements - continued |
For The Year Ended 1 October 2018 |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2018 | 2017 |
£ | £ |
Hire of plant and machinery |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Loss on disposal of fixed assets |
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Auditors' remuneration |
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Operating leases - rent |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2018 | 2017 |
£ | £ |
Bank interest |
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Bank loan interest |
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Other interest |
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Hire purchase |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax |
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Adjustment for earlier years | (14,502 | ) | (424 | ) |
Total current tax |
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Deferred tax |
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( |
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Tax on profit |
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UK corporation tax has been charged at 19% (2017 - 19.52%). |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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2018 | 2017 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2017 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Fall in rate of corporation tax | (476 | ) | (14,574 | ) |
Taxation on revalued assets | (13,453 | ) | (28,677 | ) |
Total tax charge | 398,363 | 51,880 |
Morris & Co. (Handlers) Limited (Registered number: 01240380) |
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Notes to the Financial Statements - continued |
For The Year Ended 1 October 2018 |
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8. | DIVIDENDS |
2018 | 2017 |
£ | £ |
Ordinary Shares shares of £1 each |
Interim |
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9. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST OR VALUATION |
At 2 October 2017 |
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Additions |
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Disposals |
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( |
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Reclassification/transfer | ( |
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At 1 October 2018 |
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DEPRECIATION |
At 2 October 2017 |
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Charge for year |
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Eliminated on disposal |
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( |
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Reclassification/transfer | ( |
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At 1 October 2018 |
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NET BOOK VALUE |
At 1 October 2018 |
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At 1 October 2017 |
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Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 2 October 2017 |
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Additions |
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Disposals |
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( |
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( |
) |
At 1 October 2018 |
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DEPRECIATION |
At 2 October 2017 |
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Charge for year |
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Eliminated on disposal |
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( |
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( |
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Reclassification/transfer |
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At 1 October 2018 |
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NET BOOK VALUE |
At 1 October 2018 |
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At 1 October 2017 |
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Included in cost or valuation of land and buildings is freehold land of £ 569,695 (2017 - £ 569,695 ) which is not |
depreciated. |
Morris & Co. (Handlers) Limited (Registered number: 01240380) |
|
Notes to the Financial Statements - continued |
For The Year Ended 1 October 2018 |
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Cost or valuation at 1 October 2018 is represented by: |
|
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
Valuation in 2015 | - | - | 800,000 |
Valuation in 2013 | 970,000 | - | - |
Valuation in 2011 | - | - | 460,000 |
Cost | 293,236 | 133,537 | 4,291,453 |
1,263,236 | 133,537 | 5,551,453 |
|
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2015 | - | - | - | 800,000 |
Valuation in 2013 | - | - | - | 970,000 |
Valuation in 2011 | - | - | - | 460,000 |
Cost | 93,663 | 998,855 | 11,140 | 5,821,884 |
93,663 | 998,855 | 11,140 | 8,051,884 |
|
If property and static plant had not been revalued they would have been included at the following historical cost |
|
Cost £1,962,461 (2017 £1,962,461) |
|
Aggregate Depreciation £609,236 (2017 £484,346) |
|
Net book value £1,353,225 (2017 £1,478,115) |
|
Plant and machinery includes static plant at a written down value of £672,530 (2017 £850,672) that have been |
revalued by the directors at depreciated replacement cost. |
|
The land and buildings were revalued on 16th December 2013 as it is the directors' belief that this provides a |
true and fair view of their value. Properties to the value of £885,000 were valued by Grice & Hunter (Chartered |
Surveyors) on an open market existing use basis. A further property to the value of £85,000 was valued by the |
directors at the same time. |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 2 October 2017 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 1 October 2018 |
|
|
|
DEPRECIATION |
At 2 October 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 1 October 2018 |
|
|
|
NET BOOK VALUE |
At 1 October 2018 |
|
|
|
At 1 October 2017 |
|
|
|
Morris & Co. (Handlers) Limited (Registered number: 01240380) |
|
Notes to the Financial Statements - continued |
For The Year Ended 1 October 2018 |
|
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 2 October 2017 |
|
Disposals | ( |
) |
At 1 October 2018 |
|
PROVISIONS |
At 2 October 2017 | 19,951 |
|
Eliminated on disposal | (19,951 | ) |
At 1 October 2018 | - |
NET BOOK VALUE |
At 1 October 2018 |
|
At 1 October 2017 |
|
|
11. | STOCKS |
2018 | 2017 |
£ | £ |
Stocks |
|
|
|
The cost of stock expensed during the year was £16,646,393 (2017 £11,127,275 ) |
|
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts (see note 15) |
|
|
Other loans (see note 15) |
|
|
Hire purchase contracts (see note 16) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Taxation |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Directors' current accounts | 185,029 | 109,894 |
Accruals and deferred income |
|
|
|
|
|
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans (see note 15) |
|
|
Hire purchase contracts (see note 16) |
|
|
|
|
Morris & Co. (Handlers) Limited (Registered number: 01240380) |
|
Notes to the Financial Statements - continued |
For The Year Ended 1 October 2018 |
|
15. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2018 | 2017 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
Other loans |
|
|
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Other loans comprise an invoice discounting facility. |
|
16. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable operating |
leases |
2018 | 2017 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
Morris & Co. (Handlers) Limited (Registered number: 01240380) |
|
Notes to the Financial Statements - continued |
For The Year Ended 1 October 2018 |
|
17. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2018 | 2017 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts | 1,681,032 | 1,509,923 |
Invoice Discounting | 3,650,710 | 3,718,472 |
|
|
|
The bank loans (and overdraft facilities) are secured against the business property and additionally there is a |
charge over the other assets of the company. Further security over the bank loans and overdraft facilities is |
provided by personal guarantees from the directors amounting to £400,000. |
|
The bank loan comprises: |
|
i) a 24 month £383,320 term loan at a variable interest rate of LIBOR plus margin at 3.25%. The bank loan is |
repayable by quarterly instalments and is due to be repaid in full by January 2020. |
|
ii) a 60 month £200,000 term loan at a variable interest rate of LIBOR plus margin at 3.25%. The bank loan is |
repayable by quarterly instalments and is due to be repaid in full by July 2020. |
|
Finance leases and hire purchase creditors are secured on the assets concerned. |
|
The invoice discounting facility is secured by an all asset debenture, a joint and several guarantee from the |
directors amounting to £300,000 and a guarantee from an entity controlled by a director. |
|
18. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
Other timing differences | - | 12,481 |
318,672 | 300,253 |
|
Deferred |
tax |
£ |
Balance at 2 October 2017 |
|
Provided during year |
|
Balance at 1 October 2018 |
|
|
19. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary Shares | £1 | 250 | 250 |
Morris & Co. (Handlers) Limited (Registered number: 01240380) |
|
Notes to the Financial Statements - continued |
For The Year Ended 1 October 2018 |
|
20. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
|
At 2 October 2017 | 807,989 |
|
|
1,406,027 |
Profit for the year |
|
|
Dividends | ( |
) | ( |
) |
Transfer | 39,800 | (39,800 | ) | - | - |
At 1 October 2018 |
|
|
|
2,401,303 |
|
21. | CAPITAL COMMITMENTS |
2018 | 2017 |
£ | £ |
Contracted but not provided for in the |
financial statements |
|
|
|
22. | RELATED PARTY DISCLOSURES |
|
Amounts totalling £185,029 were owed to directors of the company. (2017 £109,894) |
|
Amounts owing from other related parties were £698,144 (2017 £317,156). |
|
Amounts due to other related parties were £ 9,320 (2017 £36,946). |
|
A related party has provided an unlimited guarantee and indemnity for the company in respect of the invoice |
discounting facility. |
|
The company has provided security on a loan to an other related party, the balance outstanding on which at the |
year end was £Nil (2017 £15,083) |
|
All other transactions with these and other related parties are considered to be under normal market conditions. |