Merryfield Estates Limited Filleted accounts for Companies House (small and micro)

MERRYFIELD ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09659870

MERRYFIELD ESTATES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 June 2023

MERRYFIELD ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION

30 June 2023

	2023	2022
Note	£	£

Fixed assets

Intangible assets	4	–	1,000
Tangible assets	5	373,891	350,304
		---------	---------
		373,891	351,304

Current assets

Debtors	6	13,623	8,779
Cash at bank and in hand		2,047	11,598
		--------	--------
		15,670	20,377

Creditors: amounts falling due within one year	7	646,644	534,494
		---------	---------
Net current liabilities		630,974	514,117
		---------	---------
Total assets less current liabilities		( 257,083)	( 162,813)

Creditors: amounts falling due after more than one year	8	11,947	45,684
		---------	---------
Net liabilities		( 269,030)	( 208,497)
		---------	---------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		( 269,130)	( 208,597)
		---------	---------
Shareholders deficit		( 269,030)	( 208,497)
		---------	---------

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 income and retained earnings has not been delivered.

For the year ending 30 June 2023 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 .

MERRYFIELD ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2023

These financial statements were approved by the board of directors and authorised for issue on 24 March 2024 , and are signed on behalf of the board by:

Mr T D E Robinson

Director

Company registration number: 09659870

MERRYFIELD ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, Blisworth Hill Farm , Stoke Road, Blisworth, Northampton, Northants, NN7 3DB.

2. Statement of compliance

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

The accounts have been prepared under the going concern concept; the Director has confirmed that they will continue to support the company for a period of 12 months after the date of signing the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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:

	Patents, trademarks and licences	-	5 Years

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Buildings	-	4% straight line
Plant and machinery	-	20% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Intangible assets

	Patents, trademarks and licences
	£
Cost
At 1 July 2022 and 30 June 2023	5,000
	-------
Amortisation
At 1 July 2022	4,000
Charge for the year	1,000
	-------
At 30 June 2023	5,000
	-------
Carrying amount
At 30 June 2023	–
	-------
At 30 June 2022	1,000
	-------

5. Tangible assets

	Short leasehold property	Plant and machinery	Total
	£	£	£
Cost
At 1 July 2022	196,897	357,818	554,715
Additions	–	88,000	88,000
Disposals	–	( 30,750)	( 30,750)
	---------	---------	---------
At 30 June 2023	196,897	415,068	611,965
	---------	---------	---------
Depreciation
At 1 July 2022	45,802	158,609	204,411
Charge for the year	7,876	39,842	47,718
Disposals	–	( 14,055)	( 14,055)
	---------	---------	---------
At 30 June 2023	53,678	184,396	238,074
	---------	---------	---------
Carrying amount
At 30 June 2023	143,219	230,672	373,891
	---------	---------	---------
At 30 June 2022	151,095	199,209	350,304
	---------	---------	---------

6. Debtors

	2023	2022
	£	£
Trade debtors	1,560	–
Other debtors	12,063	8,779
	--------	-------
	13,623	8,779
	--------	-------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	2,979	2,906
Trade creditors	8,656	9,560
Accruals and deferred income	1,334	1,010
Obligations under finance leases and hire purchase contracts	30,667	30,667
Director loan accounts	449,385	406,728
Other creditors	153,623	83,623
	---------	---------
	646,644	534,494
	---------	---------

Included in creditors are amounts due of £30,667 (2022: £30,667) which are secured on the assets to which they relate.

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	6,776	9,846
Other creditors	5,171	35,838
	--------	--------
	11,947	45,684
	--------	--------

Included in creditors are amounts due of £5,171 (2022: £35,838) which are secured on the assets to which they relate.

9. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----