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REGISTERED NUMBER: 07559928 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

MERCHANT & MILLS LIMITED

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

MERCHANT & MILLS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: C N K Denham
R A Field





REGISTERED OFFICE: 14A Tower Street
Rye
East Sussex
TN31 7AT





REGISTERED NUMBER: 07559928 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

BALANCE SHEET
31 MARCH 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15,533 17,432
Tangible assets 5 875,844 649,003
Investments 6 5,000 5,000
896,377 671,435

CURRENT ASSETS
Stocks 602,161 471,178
Debtors 7 92,424 25,530
Cash at bank and in hand 772,688 617,901
1,467,273 1,114,609
CREDITORS
Amounts falling due within one year 8 297,412 333,433
NET CURRENT ASSETS 1,169,861 781,176
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,066,238

1,452,611

CREDITORS
Amounts falling due after more than one
year

9

(100,009

)

(106,285

)

PROVISIONS FOR LIABILITIES (33,971 ) (28,397 )
NET ASSETS 1,932,258 1,317,929

CAPITAL AND RESERVES
Called up share capital 4 4
Capital redemption reserve 12 4 4
Retained earnings 12 1,932,250 1,317,921
SHAREHOLDERS' FUNDS 1,932,258 1,317,929

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

BALANCE SHEET - continued
31 MARCH 2022


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2022 and were signed on its behalf by:





C N K Denham - Director


MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Merchant & Mills 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.

In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements. Against the backdrop of the COVID-19 pandemic the directors have paid particular attention to likely cashflow requirements and the future availability of adequate cashflow to the company.

On the basis of this consideration, the directors are satisfied that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they consider that no material uncertainty exists. As a result, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

This has now been amortised fully.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 30 (2021 - 30 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2021 10,000 21,790 31,790
Additions - 3,074 3,074
At 31 March 2022 10,000 24,864 34,864
AMORTISATION
At 1 April 2021 10,000 4,358 14,358
Charge for year - 4,973 4,973
At 31 March 2022 10,000 9,331 19,331
NET BOOK VALUE
At 31 March 2022 - 15,533 15,533
At 31 March 2021 - 17,432 17,432

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2021 254,805 295,369 19,265
Additions - 212,762 6,905
At 31 March 2022 254,805 508,131 26,170
DEPRECIATION
At 1 April 2021 30,577 20,052 11,151
Charge for year 5,096 10,162 3,755
At 31 March 2022 35,673 30,214 14,906
NET BOOK VALUE
At 31 March 2022 219,132 477,917 11,264
At 31 March 2021 224,228 275,317 8,114

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2021 112,923 13,220 157,791 853,373
Additions 76,429 - 43,729 339,825
At 31 March 2022 189,352 13,220 201,520 1,193,198
DEPRECIATION
At 1 April 2021 54,043 7,643 80,904 204,370
Charge for year 33,827 1,394 58,750 112,984
At 31 March 2022 87,870 9,037 139,654 317,354
NET BOOK VALUE
At 31 March 2022 101,482 4,183 61,866 875,844
At 31 March 2021 58,880 5,577 76,887 649,003

6. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
At 1 April 2021
and 31 March 2022 5,000
NET BOOK VALUE
At 31 March 2022 5,000
At 31 March 2021 5,000

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 16,757 6,442
Other debtors 3,581 1,743
VAT 55,986 -
Prepayments 16,100 17,345
92,424 25,530

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Bank loans and overdrafts 5,752 5,576
Trade creditors 87,811 75,349
Tax 181,161 202,486
Social security and other taxes - 12,429
VAT - 10,261
Accrued expenses 22,688 27,332
297,412 333,433

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.22 31.3.21
£    £   
Bank loans - 2-5 years 23,007 21,972
Bank loans more 5 yr by instal 77,002 84,313
100,009 106,285

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 77,002 84,313

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.22 31.3.21
£    £   
Within one year 24,000 24,000
Between one and five years 48,000 48,000
72,000 72,000

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.22 31.3.21
£    £   
Bank loans 105,761 111,778

Barclays Bank PLC have a charge over 14a Tower Street, Rye, East Sussex, TN31 7AT. This property is on the company's balance sheet and where the business conducts its trade from.

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

12. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2021 1,317,921 4 1,317,925
Profit for the year 816,787 816,787
Dividends (202,458 ) (202,458 )
At 31 March 2022 1,932,250 4 1,932,254

13. ULTIMATE PARENT COMPANY

The company is controlled by MMXX Estates Limited (company number 12494079), which holds 100% of the issued share capital.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MERCHANT & MILLS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Merchant & Mills Limited for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Merchant & Mills Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Merchant & Mills Limited and state those matters that we have agreed to state to the Board of Directors of Merchant & Mills Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Merchant & Mills Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Merchant & Mills Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Merchant & Mills Limited. You consider that Merchant & Mills Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Merchant & Mills Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP


2 September 2022