Merrion Developments Limited - Period Ending 2019-12-31

Merrion Developments Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Merrion Developments Limited

Balance Sheet

31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	-	1,153
Investment property	5	325,105	325,105
		325,105	326,258
Current assets
Stocks	6	4,250	-
Debtors	7	-	264
Cash at bank and in hand		6,995	3,481
		11,245	3,745
Creditors: Amounts falling due within one year	8	(16,128)	(20,945)
Net current liabilities		(4,883)	(17,200)
Net assets		320,222	309,058
Capital and reserves
Called up share capital		50,000	50,000
Profit and loss account		270,222	259,058
Shareholders' funds		320,222	309,058

Merrion Developments Limited

Balance Sheet

31 December 2019

For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 June 2020 and signed on its behalf by:
 

......................................... Mr G S Jackson Director

Company Registration Number: 03889413

Merrion Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
13 Blue Bay 75 Boscombe Overcliff Drive
Bournemouth
Dorset
BH5 2EL

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£).

Going concern

The company has net current liabilities at the Balance Sheet date. The financial statements have been prepared on a going concern basis due to the confirmed financial support of the directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of boats and the rental of property in the ordinary course of the company’s activities. Revenue is recognised on invoice date or when rent becomes receivable, Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Merrion Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2019

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Merrion Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 2).

4	Tangible assets

	Office equipment  £	Total £
Cost or valuation
At 1 January 2019	8,857	8,857
At 31 December 2019	8,857	8,857
Depreciation
At 1 January 2019	7,704	7,704
Charge for the year	1,153	1,153
At 31 December 2019	8,857	8,857
Carrying amount
At 31 December 2019	-	-
At 31 December 2018	1,153	1,153

Merrion Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2019

5	Investment properties

	2019 £
At 1 January	325,105

The investment property, which was purchased in 2015, is believed to be held at fair value. Therefore no adjustment to the cost has been required.

There has been no valuation of investment property by an independent valuer.

6

Stocks

	2019 £	2018 £
Other inventories	4,250	-

7

Debtors

	2019 £	2018 £
Other debtors	-	264
	-	264

8

Creditors

Creditors: amounts falling due within one year

		2019  £	2018  £
Due within one year
Other creditors		10,783	15,940
Accrued expenses		2,410	2,663
Corporation tax		2,935	2,342
		16,128	20,945