MERIT HOMES RAMSGATE LIMITED 31/08/2021 iXBRL

MERIT HOMES RAMSGATE LIMITED - Company Information

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MERIT HOMES RAMSGATE LIMITED

Unaudited filleted financial statements

31 August 2021

Company registration number 12296150

MERIT HOMES RAMSGATE LIMITED

Contents

Statement of financial position

Notes to the financial statements

MERIT HOMES RAMSGATE LIMITED

Statement of financial position

31 August 2021

		31/08/21		31/08/20
	Note	£	£	£	£

Current assets
Stocks		891,244		840,361
Debtors	4	5,114		2,117
Cash at bank and in hand		417		6,105
		_______		_______
		896,775		848,583
Creditors: amounts falling due
within one year	5	( 901,240)		( 849,536)
		_______		_______
Net current liabilities			( 4,465)		( 953)
			_______		_______
Total assets less current liabilities			( 4,465)		( 953)

			_______		_______
Net liabilities			( 4,465)		( 953)
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			( 4,466)		( 954)
			_______		_______
Shareholders deficit			( 4,465)		( 953)
			_______		_______

For the year ending 31 August 2021 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 financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 26 May 2022 , and are signed on behalf of the board by:

Mr R. Ashford

Director

Company registration number: 12296150

MERIT HOMES RAMSGATE LIMITED

Notes to the financial statements

Year ended 31 August 2021

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 1-4 Whitewall Road, Medway City Estate, Rochester, Kent, ME2 4WS.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

These accounts have been prepared on the going concern basis.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 third parties and loans to related parties.

4. Debtors

	31/08/21	31/08/20
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1	1
Other debtors	5,113	2,116
	_______	_______
	5,114	2,117
	_______	_______

5. Creditors: amounts falling due within one year

	31/08/21	31/08/20
	£	£
Bank loans and overdrafts	300,000	300,000
Trade creditors	55,538	8,736
Other creditors	545,702	540,800
	_______	_______
	901,240	849,536
	_______	_______

The directors have personally guaranteed the loan.

6. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	Year	Period	Year	Period
	ended	ended	ended	ended
	31/08/21	31/08/20	31/08/21	31/08/20
	£	£	£	£
Loan from connected Companies	4,077	540,000	( 544,077)	( 540,000)
	_______	_______	_______	_______

The directors of this Company and it's parent Company, Merit Developments Group Limited, have a controlling interests in the aforementioned Company. This loan is interest free, unsecured and has no fixed repayment schedule.

7. Going concern

As at 31 August 2021 the balance sheet shows net current liabilities. These accounts have been prepared on the going concern basis as the director, through support from connected Companies, have agreed to continue to support the Company to ensure it is able to meets its debts as they fall due.