Morning Foods,limited
Credit Worthiness Registered Office Trading Address & Tel Reg No & Incorp DateNorth Western Mills, North Western Mills, Reg No: 00375854
High credit score numbers denote
more credit worthiness. Please Greasty Road, Greasty Road, Incorp Date: 31/08/1942
exercise caution when using this type Crewe, Cheshire Crewe, Cheshire Previous Name:
of information. CW2 6HP CW2 6HP
01270 - 213261 01270 - 213261County Court Judgments In Last Six
Years: Directors & Co Secretary Shareholders
TOT NO = Alexander Wallace Baxter Alan Meikle John E Lea 20,881 Ord £1; 1,465 #1
TOT GBP = £0 David Wallace Baxter David Warr Anne A Borrowdale 3,742 Ord £1; 5,000 #1
Albert Bryan Castle David Warr
Suggested Credit Limit: £247,020 Alan Cullom
John Edward Lea
Company Credit Score=94 Industry Average Credit Score=53 Business DescriptionMilling Oats.
Credit Control Parent & Subsidiaries Reg No Assets Turnover
Ultimate Parent:
Parent:
Hamlyns Of Scotland Limited SC176949 £ 2,440,000 £ 11,661,000
Buckley Foods Limited 04517233 £ 656,608 £ 2,694,543
(Plus A Total Of 10 Others)
year end 31/07/06 31/07/05 31/07/04 31/07/03 31/07/02
consolidated Yes Yes Yes Yes Yes
number of months 12 12 12 12 12
number of employees 202 194 167 149 149
Credit Given (Days) Credit Taken (Days) Balance Land & Buildings 6,210,000 6,387,000 4,953,000 4,912,000 4,634,000
Sheet Fixtures & Fittings
Debt Ratio & Current Ratio Plant & Vehicles 3,934,000 3,732,000 3,095,000 1,672,000 1,569,000Other Tangible Assets
Total Tangible Assets 10,144,000 10,119,000 8,048,000 6,584,000 6,203,000
Intangible Assets 101,000 235,000
Investments 8,000 7,000 7,000 7,000 7,000
Total Fixed Assets 10,153,000 10,227,000 8,291,000 6,591,000 6,210,000
Stock 3,101,000 3,458,000 2,885,000 2,812,000 2,334,000
Debtors 7,481,000 6,792,000 6,543,000 4,565,000 5,324,000
Cash & Liquid Assets 30,000 223,000 192,000 130,000 331,000
Other Current Assets 1,106,000 840,000 810,000 1,045,000 1,012,000
Total Current Assets 11,718,000 11,313,000 10,430,000 8,552,000 9,001,000
Trade Creditors 2,359,000 2,215,000 2,460,000 1,770,000 1,654,000
Company Debt Ratio Industry Average Debt Ratio Bank Loans & Overdrafts 1,956,000 1,519,000 2,439,000 1,575,000 2,214,000
Company Current Ratio Industry Average Current Ratio Other Current Liabilities 1,573,000 2,150,000 1,307,000 1,239,000 1,266,000
Total Current Liabilities 5,888,000 5,884,000 6,206,000 4,584,000 5,134,000
Turnover Growth (% of 2005) Working Capital 5,830,000 5,429,000 4,224,000 3,968,000 3,867,000Net Assets 15,983,000 15,656,000 12,515,000 10,559,000 10,077,000
Group Loans 400,000
Other Long Term Loans 2,805,000 3,060,000 1,900,000 500,000
Long Term Loans 2,805,000 3,060,000 1,900,000 400,000 500,000
Other Long Term Liabilities 535,000 474,000 476,000 318,000
Issued Capital 31,000 31,000 31,000 31,000 31,000
Retained Earnings 12,754,000 11,639,000 9,719,000 9,261,000 8,837,000
Revaluation Reserve
Other Reserves 392,000 391,000 391,000 391,000 392,000
Shareholder Funds 13,177,000 12,061,000 10,141,000 9,683,000 9,260,000
Capital Employed 15,983,000 15,656,000 12,515,000 10,559,000 10,077,000
Company Turnover Industry Average Turnover Profit Turnover 53,736,000 51,140,000 41,258,000 36,305,000 36,334,000
& Loss Cost Of Goods Sold 43,559,000 40,136,000 33,933,000 29,725,000 30,217,000
Turnover Analysis (Estimate in £M's) Statement Gross Profit 10,177,000 11,004,000 7,325,000 6,580,000 6,117,000
Administrative Expenses 8,112,000 7,500,000 6,293,000 5,722,000 5,086,000
Operating Profit 2,066,000 3,504,000 1,031,000 857,000 1,031,000
Exceptional Items -275,000 -273,000
Non-trading Income 14,000 29,000 59,000 36,000 12,000
Profit Before Interest & Tax 1,805,000 3,260,000 1,091,000 893,000 1,044,000
Net Interest 237,000 193,000 152,000 104,000 137,000
Pre-tax Profit 1,568,000 3,067,000 939,000 789,000 907,000
Tax Paid 353,000 1,086,000 308,000 243,000 273,000
Profit After Tax 1,215,000 1,981,000 631,000 546,000 634,000
Extraordinary Items
Company Turnover Turnover Analysis Using Debtors Minority Interests
Turnover Analysis Using Stock Turnover Analysis Using Fixed Assets Dividends 62,000 173,000 123,000 86,000
Retained Profit 1,215,000 1,920,000 458,000 423,000 547,000
Sales Per Employee (£000's) Notes to ExportsAccounts Director Remuneration 478,000 507,000 558,000 445,000 429,000
Highest Paid Director
Employee Remuneration 7,648,000 7,246,000 6,096,000 5,436,000 5,172,000
Audit Fee 29,000 28,000 27,000 24,000 16,000
Flow of Profit Generated 1,568,000 3,067,000 939,000 789,000
Funds Depreciation 1,661,000 1,585,000 1,263,000 1,157,000
Statement Change In Debtors -689,000 -249,000 -1,978,000 759,000
Change In Creditors 144,000 -245,000 690,000 116,000
Change In Stock 357,000 -573,000 -73,000 -478,000
Operating Cash Flow 3,041,000 3,585,000 841,000 2,343,000
Company Sales/Employee Industry Average Sales/Employee Ratio Gross Profit Margin (%) 18.94 / 29.61 21.52 / 29.38 17.75 / 29.37 18.12 / 29.06 16.84 / 24.34
Analysis Operating Profit Margin (%) 3.84 / 5.63 6.85 / 3.79 2.50 / 5.93 2.36 / 6.67 2.84 / -0.66
(Co / Ind PBIT Margin (%) 3.36 / 6.71 6.38 / 4.51 2.64 / 6.64 2.46 / 7.31 2.87 / 0.04Profit Margins (%)
Ave) Return On Total Assets (%) 8.25 / 10.34 15.14 / -3.00 5.83 / 11.74 5.90 / 11.82 6.86 / -1.15
Return On Equity (%) 9.22 / 13.78 16.42 / -10.49 6.22 / 13.91 5.64 / 18.18 6.85 / 5.73
Current Ratio 1.99 / 1.44 1.92 / 1.65 1.68 / 1.62 1.87 / 1.14 1.75 / 1.28
Quick Ratio 1.46 / 1.16 1.33 / 1.47 1.22 / 1.36 1.25 / 0.88 1.30 / 1.16
Debt Ratio 0.40 / 0.50 0.44 / 0.54 0.46 / 0.48 0.36 / 0.59 0.39 / 0.61
Times Interest Earned 7.62 / 15.79 16.89 / 18.36 7.18 / 26.25 8.59 / 16.60 7.62 / 13.48
Credit Given (Days) 51 / 30 48 / 35 58 / 30 46 / 33 53 / 49
Credit Taken (Days) 20 / 34 20 / 37 26 / 25 22 / 29 20 / 36
Fixed Asset Turnover 5.29 / 0.36 5.00 / 0.41 4.98 / 0.58 5.51 / 0.52 5.85 / 0.73
Stock Turnover 17.33 / 11.15 14.79 / 13.19 14.30 / 12.77 12.91 / 9.59 15.57 / 14.99
Debtor Turnover 7.18 / 11.96 7.53 / 10.06 6.31 / 12.09 7.95 / 11.18 6.82 / 7.12
Company Operating Margin Industry Average Operating Margin Sales Per Employee (£000's) 266 / 339 264 / 346 247 / 390 244 / 428 244 / 466
Company Gross Margin Industry Average Gross Margin Average Wage (£000's) 38 / 36 37 / 37 37 / 36 36 / 34 35 / 42
Growth In Sales (%) 5.08 23.95 13.64 -0.08
Growth In Employees (%) 4.12 16.17 12.08
Chapter Four Company Accounts | 39
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