Merrifields Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05401232 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

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

20,000

30,000

Tangible assets

5

3,065

4,573

23,065

34,573

CURRENT ASSETS

Debtors

6

192,510

248,313

Cash at bank and in hand

69,810

65,253

262,320

313,566

CREDITORS

Amounts falling due within one year

7

133,259

149,671

NET CURRENT ASSETS

129,061

163,895

TOTAL ASSETS LESS CURRENT LIABILITIES

152,126

198,468

PROVISIONS FOR LIABILITIES

546

664

NET ASSETS

151,580

197,804

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

151,480

197,704

SHAREHOLDERS' FUNDS

151,580

197,804

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 31 August 2023 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

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 (2022 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

200,000

AMORTISATION

At 1 April 2022

170,000

Amortisation for year

10,000

At 31 March 2023

180,000

NET BOOK VALUE

At 31 March 2023

20,000

At 31 March 2022

30,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2022

2,451

15,025

17,476

Additions

737

-

737

At 31 March 2023

3,188

15,025

18,213

DEPRECIATION

At 1 April 2022

2,015

10,888

12,903

Charge for year

176

2,069

2,245

At 31 March 2023

2,191

12,957

15,148

NET BOOK VALUE

At 31 March 2023

997

2,068

3,065

At 31 March 2022

436

4,137

4,573

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

68,113

64,185

Lynton Projects Limited

-

100,000

Other debtors

16,907

-

Directors' current accounts

93,420

70,089

Prepayments and accrued income

14,070

14,039

192,510

248,313

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

8,913

8,345

Tax

72,517

72,577

Social security and other taxes

7,467

7,706

VAT

40,881

41,761

Other creditors

-

15,117

Accruals and deferred income

3,481

4,165

133,259

149,671

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

Mr G D G Ellis

Balance outstanding at start of year

70,089

30,137

Amounts advanced

111,483

129,615

Amounts repaid

(88,152

)

(89,663

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

93,420

70,089

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% to 5th April 2022 and 2% per annum thereafter.

9.	RELATED PARTY TRANSACTIONS

Interest free loans advanced from companies with common directors and under common control amounted to £nil at 31 March 2023 (2022 - £100,000)