MORRIS ANGEL & SON LIMITED

• ⚠

  Annual accounts overdue

  Due 2026-03-31.

• ⚠

  Material uncertainty over going concern

  Due to the fact that the company needs to secure funding in the near future to continue to trade, management believe this constitutes a material uncertainty related to going concern. The search for a suitable funding partner is ongoing, with several potential candidates identified.

• ◆

  4 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

• ◆

  4 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Ballards LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Due to the fact that the company needs to secure funding in the near future to continue to trade, management believe this constitutes a material uncertainty related to going concern. The search for a suitable funding partner is ongoing, with several potential candidates identified.”

Group structure

1. MORRIS ANGEL & SON LIMITED · parent
   1. Wardrobe Supplies Limited 100% · London · Dormant
   2. Angels Kostümverleih GmbH 100% · Bonn · Costumes
   3. Fancy Dress Dotcom Limited 100% · London · Costumes

Significant events

• “The Professional Hire division has suffered the impact of the strikes of both the Writers Guild of America and the Screen Actors Guild. Turnover reduced from June 2023 substantially and has continued to remain at a low level through the following year. This has resulted in a direct increase in borrowing, causing pressure on the Group's ability to perform. In 2025, the group, in concert with its bankers, is seeking a liquidity injection to provide capital to reduce the cash burden caused by the reduction of business. We are confident a suitable partner can be found, and at the time of signing of these financial statements the search for a partner is ongoing.”
• “Although the Fancy Dress division of the Group performed similarly to the prior year, the cash losses were no longer sustainable leading to the division ceasing activity in March 2025 with assets sold. As a direct result of this, impairments of £1,365,062 were booked in the consolidated financial statements.”
• “On 12th March 2025, the group sold the trade and assets of Fancy Dress Dotcom Limited for £525,000 and ceased trading at that date. An impairment of £1,365,062 has been booked in these financial statements to represent the net realisable value of the assets held.”
• “Following the year end, the company breached banking covenants with their primary lenders. The lenders are working with the group to support them and to help to identify further funding opportunities going forwards.”
• “On 2 May 2023, the Writers Guild of America went on strike causing a rapid slowdown on international filmmaking. This was resolved when the strike ended on 27 September 2023. However, The Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFRA) also went on strike on 14 July 2023 which ended 9 November 2023. This has had and continues to have an impact on revenue, in some part mitigated by revenue from UK and independent Film, TV and theatre business.”
• “On 4 May 2025, the US president announced he would authorise tariffs on non-US made films.”
• “In 2024, It has concluded an agreement with three other European costume houses to offer an international base for productions.”
• “Subsequent to the balance sheet date, Fancy Dress Dotcom Limited, a subsidiary undertaking of the group, ceased trading on 12th March 2025. As a result of the cessation of operations, the assets of the subsidiary were sold. The recoverable amount of these assets was determined to be lower than their carrying value as at the year end, leading to two impairments totalling £1,356,062.”
• “This event also gave rise to an impairment in the carrying value of the parent company's investment in Fancy Dress Dotcom Limited, totalling £1,023,695.”
• “Subsequent to the balance sheet date, the company breached banking covenants associated with its banking facilities and are taking action for this to be rectified.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

16

last 12 months

Capital events

0

last 24 months

Officers appointed

3

last 12 months

Officers resigned

4

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -26.2%

  £14,830,760 → £10,942,378

• Cash

  -83.4%

  £1,186,195 → £196,555

• Net assets

  -386.8%

  £1,174,340 → -£3,367,927

• Employees

  +3.2%

  94 → 97

• Operating profit

  -402.8%

  £1,383,477 → -£4,189,451

• Profit before tax

  -494.4%

  £1,178,304 → -£4,647,061

• Wages

  -4.8%

  £3,974,082 → £3,784,617

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers