Merrifields Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05401232 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

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:

Franklin Underwood

1 Pinnacle Way

Pride Park

Derby

Derbyshire

DE24 8ZS

FIXED ASSETS

Intangible assets

4

80,000

90,000

Tangible assets

5

10,160

10,260

90,160

100,260

CURRENT ASSETS

Debtors

6

52,773

68,228

Cash at bank and in hand

75,707

77,326

128,480

145,554

CREDITORS

Amounts falling due within one year

7

108,839

102,273

NET CURRENT ASSETS

19,641

43,281

TOTAL ASSETS LESS CURRENT LIABILITIES

109,801

143,541

CREDITORS

Amounts falling due after more than one year

8

(2,375

)

(4,426

)

PROVISIONS FOR LIABILITIES

(474

)

(254

)

NET ASSETS

106,952

138,861

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

106,852

138,761

SHAREHOLDERS' FUNDS

106,952

138,861

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 16 November 2017 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

200,000

AMORTISATION

At 1 April 2016

110,000

Amortisation for year

10,000

At 31 March 2017

120,000

NET BOOK VALUE

At 31 March 2017

80,000

At 31 March 2016

90,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2016

2,769

22,027

37,356

62,152

Additions

-

-

6,825

6,825

At 31 March 2017

2,769

22,027

44,181

68,977

DEPRECIATION

At 1 April 2016

1,879

16,800

33,213

51,892

Charge for year

134

1,307

5,484

6,925

At 31 March 2017

2,013

18,107

38,697

58,817

NET BOOK VALUE

At 31 March 2017

756

3,920

5,484

10,160

At 31 March 2016

890

5,227

4,143

10,260

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2016

and 31 March 2017

22,027

DEPRECIATION

At 1 April 2016

16,800

Charge for year

1,307

At 31 March 2017

18,107

NET BOOK VALUE

At 31 March 2017

3,920

At 31 March 2016

5,227

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

25,769

52,964

Directors' current accounts

7,926

-

Prepayments and accrued income

19,078

15,264

52,773

68,228

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

2,051

1,916

Trade creditors

11,543

13,380

Tax

44,639

54,755

Social security and other taxes

3,641

2,189

VAT

22,759

27,506

Other creditors

21,250

191

Accruals and deferred income

2,956

2,336

108,839

102,273

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

2,375

4,426

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

4,426

6,342

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

Mr G D G Ellis

Balance outstanding at start of year

-

102,532

Amounts advanced

128,006

133,187

Amounts repaid

(120,080

)

(235,719

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,926

-

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

overdrawn directors loan account at the HM Revenue & Customs Official rate of interest during the year being

3%. The total amount of interest paid in the year was £545.

12.	RELATED PARTY DISCLOSURES

Lynton Projects Limited is a company in which G E Ellis is also a director.

A transfer to the value of £119,050 (2016: £202,142), was made during the year. This intercompany balance has

been written off to the profit and loss between the two connected companies being Lynton Projects Limited. This

amount has been included as an exceptional item.

The intercompany balance at 31 March 2017 was £Nil (2016 £Nil).

13.	FIRST YEAR ADOPTION

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with

FRS 102 Section 1A "Small Entities". The date of transition is 1 April 2015. The transition to FRS 102 Section

1A "Small Entities" has resulted in no changes in the amounts stated in these accounts to those stated previously.