Merrifields Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05401232 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Merrifields Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr G D G Ellis

SECRETARY:

Mrs A T Ellis

REGISTERED OFFICE:

1 Pinnacle Way

Pride Park

Derby

Derbyshire

DE24 8ZS

REGISTERED NUMBER:

05401232 (England and Wales)

ACCOUNTANTS:

Franklins

1 Pinnacle Way

Pride Park

Derby

Derbyshire

DE24 8ZS

FIXED ASSETS

Intangible assets

4

40,000

50,000

Tangible assets

5

3,517

1,852

43,517

51,852

CURRENT ASSETS

Debtors

6

138,995

90,127

Cash at bank and in hand

42,117

79,747

181,112

169,874

CREDITORS

Amounts falling due within one year

7

123,747

152,333

NET CURRENT ASSETS

57,365

17,541

TOTAL ASSETS LESS CURRENT LIABILITIES

100,882

69,393

PROVISIONS FOR LIABILITIES

419

42

NET ASSETS

100,463

69,351

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

100,363

69,251

SHAREHOLDERS' FUNDS

100,463

69,351

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 July 2021 and were signed by:

Mr G D G Ellis - Director

1.	STATUTORY INFORMATION

Merrifields Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of services falling within the company's ordinary activities.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings - 15% on a reducing balance basis

Computer and equipment - 50% on a reducing balance basis

Government grants

During the year the company received income in regard to the Coronavirus Job Retention Scheme for members of staff that had been furloughed. The amounts received are shown in other income within the financial statement and have been accounted for using the accruals basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2020 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

200,000

AMORTISATION

At 1 April 2020

150,000

Amortisation for year

10,000

At 31 March 2021

160,000

NET BOOK VALUE

At 31 March 2021

40,000

At 31 March 2020

50,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2020

3,254

47,420

50,674

Additions

-

5,415

5,415

Disposals

(80

)

(632

)

(712

)

At 31 March 2021

3,174

52,203

55,377

DEPRECIATION

At 1 April 2020

2,492

46,330

48,822

Charge for year

102

2,936

3,038

At 31 March 2021

2,594

49,266

51,860

NET BOOK VALUE

At 31 March 2021

580

2,937

3,517

At 31 March 2020

762

1,090

1,852

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

28,809

25,428

Lynton Projects Limited

70,500

34,500

Directors' current accounts

30,137

19,379

Prepayments and accrued income

9,549

10,820

138,995

90,127

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

7,624

14,112

Tax

35,181

46,239

Social security and other taxes

7,361

4,133

VAT

32,242

26,190

Other creditors

37,633

56,010

Accruals and deferred income

3,706

5,649

123,747

152,333

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

Mr G D G Ellis

Balance outstanding at start of year

19,379

-

Amounts advanced

101,015

209,849

Amounts repaid

(90,257

)

(190,470

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

30,137

19,379

The director's loan account was fully repaid within nine months of the year end. Interest was charged on the director's loan account at HM Revenue & Customs official rate of interest during the year being 2.5% to 5th April 2020 and 2.25% per annum thereafter.

10.	RELATED PARTY TRANSACTIONS

Interest free loans advanced from companies with common directors and under common control amounted to £70,500 at 31 March 2021 ( 2020 - £34,500 )

11.	GOING CONCERN

The financial statements have been prepared on the going concern basis as the director believes the company to be a going concern, despite the ongoing COVID-19 pandemic. This is based on swift actions taken by management at the outset of the pandemic and the utilisation of various government support schemes available for business.