MERINO PROPERTY HOLDINGS LIMITED 30/11/2022 iXBRL

MERINO PROPERTY HOLDINGS LIMITED 30/11/2022 iXBRL

MERINO PROPERTY HOLDINGS LIMITED - Company Information

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0 30/11/2022 2022-11-30 true false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-12-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08029153 2021-12-01 2022-11-30 08029153 2022-11-30 08029153 2021-11-30 08029153 2021-11-30 08029153 core:NetGoodwill 2021-12-01 2022-11-30 08029153 core:Subsidiary1 2021-12-01 2022-11-30 08029153 bus:Director1 2021-12-01 2022-11-30 08029153 core:NetGoodwill 2021-11-30 08029153 core:NetGoodwill 2022-11-30 08029153 core:WithinOneYear 2022-11-30 08029153 core:WithinOneYear 2021-11-30 08029153 core:AfterOneYear 2022-11-30 08029153 core:AfterOneYear 2021-11-30 08029153 core:ShareCapital 2022-11-30 08029153 core:ShareCapital 2021-11-30 08029153 core:RetainedEarningsAccumulatedLosses 2022-11-30 08029153 core:RetainedEarningsAccumulatedLosses 2021-11-30 08029153 core:NetGoodwill 2021-11-30 08029153 core:CostValuation core:Non-currentFinancialInstruments 2022-11-30 08029153 core:Non-currentFinancialInstruments 2022-11-30 08029153 core:Non-currentFinancialInstruments 2021-11-30 08029153 bus:SmallEntities 2021-12-01 2022-11-30 08029153 bus:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 08029153 bus:FullAccounts 2021-12-01 2022-11-30 08029153 bus:SmallCompaniesRegimeForAccounts 2021-12-01 2022-11-30 08029153 bus:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30
MERINO PROPERTY HOLDINGS LIMITED
Unaudited filleted financial statements
30 November 2022
Company registration number 08029153
MERINO PROPERTY HOLDINGS LIMITED
Contents
Statement of financial position
Notes to the financial statements
MERINO PROPERTY HOLDINGS LIMITED
Statement of financial position
30 November 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 4 - 206,872
Investments 5 4 4
_______ _______
4 206,876
Current assets
Cash at bank and in hand 159,884 158,493
_______ _______
159,884 158,493
Creditors: amounts falling due
within one year 6 ( 4) ( 4)
_______ _______
Net current assets 159,880 158,489
_______ _______
Total assets less current liabilities 159,884 365,365
Creditors: amounts falling due
after more than one year 7 ( 364,521) ( 385,628)
_______ _______
Net liabilities ( 204,637) ( 20,263)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 204,638) ( 20,264)
_______ _______
Shareholders deficit ( 204,637) ( 20,263)
_______ _______
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 25 August 2023 , and are signed on behalf of the board by:
Mr M. E. Colley
Director
Company registration number: 08029153
MERINO PROPERTY HOLDINGS LIMITED
Notes to the financial statements
Year ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Milestone House, Millbrook, Guilford.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2021 and 30 November 2022 1,241,224 1,241,224
_______ _______
Amortisation
At 1 December 2021 1,034,352 1,034,352
Charge for the year 206,872 206,872
_______ _______
At 30 November 2022 1,241,224 1,241,224
_______ _______
Carrying amount
At 30 November 2022 - -
_______ _______
At 30 November 2021 206,872 206,872
_______ _______
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 December 2021 and 30 November 2022 4 4
_______ _______
Impairment
At 1 December 2021 and 30 November 2022 - -
_______ _______
Carrying amount
At 30 November 2022 4 4
_______ _______
At 30 November 2021 4 4
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Merino Properties Limited Milestone House, Millbrook, Guildford, GU1 3YA Ordinary 100
6. Creditors: amounts falling due within one year
2022 2021
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 4 4
_______ _______
7. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 364,521 385,628
_______ _______
The bank loan is secured via fixed and floating charges held by the lender over the Company's assets.