ACCOUNTS - Final Accounts

MERCHANT PROJECTS (IPSWICH) LTD - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-10-312021-10-31false2020-11-01No description of principal activity44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06160645 2020-11-01 2021-10-31 06160645 2019-11-01 2020-10-31 06160645 2021-10-31 06160645 2020-10-31 06160645 c:Director1 2020-11-01 2021-10-31 06160645 d:ComputerEquipment 2020-11-01 2021-10-31 06160645 d:ComputerEquipment 2021-10-31 06160645 d:ComputerEquipment 2020-10-31 06160645 d:ComputerEquipment d:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 06160645 d:CurrentFinancialInstruments 2021-10-31 06160645 d:CurrentFinancialInstruments 2020-10-31 06160645 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 06160645 d:CurrentFinancialInstruments d:WithinOneYear 2020-10-31 06160645 d:ShareCapital 2021-10-31 06160645 d:ShareCapital 2020-10-31 06160645 d:RetainedEarningsAccumulatedLosses 2021-10-31 06160645 d:RetainedEarningsAccumulatedLosses 2020-10-31 06160645 c:FRS102 2020-11-01 2021-10-31 06160645 c:AuditExempt-NoAccountantsReport 2020-11-01 2021-10-31 06160645 c:FullAccounts 2020-11-01 2021-10-31 06160645 c:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31 06160645 2 2020-11-01 2021-10-31 06160645 4 2020-11-01 2021-10-31 06160645 6 2020-11-01 2021-10-31 iso4217:GBP xbrli:pure

Registered number: 06160645

MERCHANT PROJECTS (IPSWICH) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2021

MERCHANT PROJECTS (IPSWICH) LIMITED

REGISTERED NUMBER: 06160645

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		942		1,482
Investments	5		-		250,006
			942		251,488
Current assets
Stocks		16,810		4,000
Debtors: amounts falling due within one year	6	12,853		235,108
Cash at bank and in hand		844,320		65,998
		873,983		305,106
Creditors: amounts falling due within one year	7	(203,874)		(192,216)
Net current assets			670,109		112,890
Total assets less current liabilities			671,051		364,378

Net assets			671,051		364,378

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	670,051	363,378
	671,051	364,378

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MERCHANT PROJECTS (IPSWICH) LIMITED

REGISTERED NUMBER: 06160645

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 OCTOBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 June 2022.

M G Blake

Director

The notes on pages 3 to 8 form part of these financial statements.

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MERCHANT PROJECTS (IPSWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

1.	General information

Merchant Projects (Ipswich) Limited is a private company limited by shares and incorporated in England & Wales, registration number 06160645. The registered office is 23 Winston Avenue, Ipswich, Suffolk, IP4 3LS.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2

Going concern

The Directors have considered the Company’s position at the time of signing the financial statements, and in particular the current issues caused by Covid-19 and its potential impact on the Company and the wider economy. As such under the current circumstances, it is difficult to produce meaningful forecasts for the remainder of the financial year and medium term.
Based on this, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, and, based on the economic environment recovering within the timeframe currently being widely anticipated, at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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MERCHANT PROJECTS (IPSWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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MERCHANT PROJECTS (IPSWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

33%

on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.11

Stock

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other

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MERCHANT PROJECTS (IPSWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

2.15

Financial instruments (continued)

third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 4 (2020 - 4).

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 November 2020	4,829
	Disposals	(359)
	At 31 October 2021	4,470
	Depreciation
	At 1 November 2020	3,347
	Charge for the year on owned assets	540
	Disposals	(359)
	At 31 October 2021	3,528
	Net book value
	At 31 October 2021	942
	At 31 October 2020	1,482

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MERCHANT PROJECTS (IPSWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

5.	Fixed asset investments

		Investments in subsidiary companies
		£

	At 1 November 2020	250,006
	Disposals	(250,006)
	At 31 October 2021	-

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MERCHANT PROJECTS (IPSWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

Debtors

					2021	2020
					£	£


Trade debtors	725	-
Amounts owed by group undertakings	-	57,500
Amounts owed by joint ventures and associated undertakings	-	159,416
Other debtors	962	7,550
Prepayments and accrued income	11,166	10,642
	12,853	235,108

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	15,860	39,073
Corporation tax	36,081	-
Other taxation and social security	204	557
Other creditors	148,504	149,361
Accruals and deferred income	3,225	3,225
	203,874	192,216

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