Merrifields Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05401232 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2016

for

Merrifields Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

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:

Franklin Underwood

1 Pinnacle Way

Pride Park

Derby

Derbyshire

DE24 8ZS

FIXED ASSETS

Intangible assets

2

90,000

100,000

Tangible assets

3

10,260

9,920

100,260

109,920

CURRENT ASSETS

Debtors

68,228

150,655

Cash at bank

77,326

17,167

145,554

167,822

CREDITORS

Amounts falling due within one year

4

102,273

64,547

NET CURRENT ASSETS

43,281

103,275

TOTAL ASSETS LESS CURRENT
LIABILITIES

143,541

213,195

CREDITORS

Amounts falling due after more than one
year

4

(4,426

)

(6,187

)

PROVISIONS FOR LIABILITIES

(254

)

-

NET ASSETS

138,861

207,008

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

138,761

206,908

SHAREHOLDERS' FUNDS

138,861

207,008

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 22 November 2016 and were signed by:

Mr G D G Ellis - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles - 25% on a reducing balance basis

Fixtures and fittings - 15% on a reducing balance basis

Computer and equipment - 50% on a reducing balance basis

Deferred tax

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

sheet date.

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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

200,000

AMORTISATION

At 1 April 2015

100,000

Amortisation for year

10,000

At 31 March 2016

110,000

NET BOOK VALUE

At 31 March 2016

90,000

At 31 March 2015

100,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

55,770

Additions

6,382

At 31 March 2016

62,152

DEPRECIATION

At 1 April 2015

45,850

Charge for year

6,042

At 31 March 2016

51,892

NET BOOK VALUE

At 31 March 2016

10,260

At 31 March 2015

9,920

4.

CREDITORS

Creditors include an amount of £ 6,342 (2015 - £ 7,979 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2016 and

31 March 2015:

2016

2015

£

Mr G D G Ellis

Balance outstanding at start of year

102,532

98,571

Amounts advanced

133,187

121,945

Amounts repaid

(235,719

)

(117,984

)

Balance outstanding at end of year

-

102,532

The director's loan account was repaid within nine months of the year end. Interest was charged on the loan at a

rate of 3.25% per annum to 5 April 2015 and a rate of 3% per annum thereafter.