Company registration number NI044596 (Northern Ireland)
GLENHILL MERCHANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
GLENHILL MERCHANTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 11
GLENHILL MERCHANTS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
153,387
77,683
Investments
6
735,537
735,537
888,924
813,220
Current assets
Stocks
8
1,554,336
1,280,123
Debtors
9
660,968
615,440
Cash at bank and in hand
687,670
893,142
2,902,974
2,788,705
Creditors: amounts falling due within one year
10
(876,613)
(896,680)
Net current assets
2,026,361
1,892,025
Total assets less current liabilities
2,915,285
2,705,245
Creditors: amounts falling due after more than one year
11
(734,287)
(734,287)
Provisions for liabilities
Deferred tax liability
12
26,318
13,094
(26,318)
(13,094)
Net assets
2,154,680
1,957,864
Capital and reserves
Called up share capital
14
31,734
31,734
Share premium account
301,273
301,273
Revaluation reserve
401,280
401,280
Profit and loss reserves
1,420,393
1,223,577
Total equity
2,154,680
1,957,864
GLENHILL MERCHANTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 September 2022 and are signed on its behalf by:
Mr Brendan Farnan
Mrs Rosaleen Farnan
Director
Director
Company Registration No. NI044596
GLENHILL MERCHANTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2020
31,734
301,273
401,280
1,094,780
1,829,067
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
-
295,871
295,871
Dividends
-
-
-
(167,074)
(167,074)
Balance at 31 December 2020
31,734
301,273
401,280
1,223,577
1,957,864
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
-
345,885
345,885
Dividends
-
-
-
(149,069)
(149,069)
Balance at 31 December 2021
31,734
301,273
401,280
1,420,393
2,154,680
GLENHILL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
Glenhill Merchants Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Unit 1, Musgrave Park Industrial Estate, Stockmans Way, Belfast, BT9 7ET.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% Straight Line
Fixtures, fittings & equipment
20% Straight Line
Motor vehicles
20% Straight Line
GLENHILL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
GLENHILL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
GLENHILL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
1.11
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GLENHILL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 8 -
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
24
21
4
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
96,244
92,144
GLENHILL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2021
354,746
250,549
103,530
708,825
Additions
4,193
116,983
121,176
At 31 December 2021
358,939
367,532
103,530
830,001
Depreciation and impairment
At 1 January 2021
350,484
200,228
80,430
631,142
Depreciation charged in the year
1,899
37,413
6,160
45,472
At 31 December 2021
352,383
237,641
86,590
676,614
Carrying amount
At 31 December 2021
6,556
129,891
16,940
153,387
At 31 December 2020
4,262
50,321
23,100
77,683
6
Fixed asset investments
2021
2020
Notes
£
£
Investments in subsidiaries
7
734,287
734,287
Unlisted investments
1,250
1,250
735,537
735,537
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Juniper Merchants Ltd
Northern Ireland
Ordinary Shares
100.00
8
Stocks
2021
2020
£
£
Finished goods and goods for resale
1,554,336
1,280,123
GLENHILL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
9
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
600,287
595,764
Other debtors
30,897
6,919
Prepayments and accrued income
29,784
12,757
660,968
615,440
10
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
606,782
605,391
Corporation tax
69,456
73,367
Other taxation and social security
83,135
78,429
Other creditors
88,174
121,374
Accruals and deferred income
29,066
18,119
876,613
896,680
11
Creditors: amounts falling due after more than one year
2021
2020
£
£
Amounts owed to group undertakings
734,287
734,287
12
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
26,318
13,094
2021
Movements in the year:
£
Liability at 1 January 2021
13,094
Charge to profit or loss
13,224
Liability at 31 December 2021
26,318
GLENHILL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
13
Related party transactions
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
734,287
734,287
14
Share capital
2021
2020
Ordinary share capital
£
£
Issued and fully paid
Ordinary Shares of £1 each
31,734
31,734
2021-12-312021-01-01false13 September 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityMR B FARNANMRS R FARNANA MCCRORYMr Brendan FarnanNI0445962021-01-012021-12-31NI0445962021-12-31NI0445962020-12-31NI044596core:PlantMachinery2021-12-31NI044596core:FurnitureFittings2021-12-31NI044596core:MotorVehicles2021-12-31NI044596core:PlantMachinery2020-12-31NI044596core:FurnitureFittings2020-12-31NI044596core:MotorVehicles2020-12-31NI044596core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-31NI044596core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-31NI044596core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-31NI044596core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-31NI044596core:CurrentFinancialInstruments2021-12-31NI044596core:CurrentFinancialInstruments2020-12-31NI044596core:ShareCapital2021-12-31NI044596core:ShareCapital2020-12-31NI044596core:SharePremium2021-12-31NI044596core:SharePremium2020-12-31NI044596core:RevaluationReserve2021-12-31NI044596core:RevaluationReserve2020-12-31NI044596core:RetainedEarningsAccumulatedLosses2021-12-31NI044596core:RetainedEarningsAccumulatedLosses2020-12-31NI044596core:ShareCapital2019-12-31NI044596core:SharePremium2019-12-31NI044596core:RevaluationReserve2019-12-31NI044596core:RetainedEarningsAccumulatedLosses2019-12-31NI0445962019-12-31NI044596bus:CompanySecretaryDirector12021-01-012021-12-31NI044596bus:Director12021-01-012021-12-31NI044596core:RetainedEarningsAccumulatedLosses2020-01-012020-12-31NI0445962020-01-012020-12-31NI044596core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31NI044596core:PlantMachinery2021-01-012021-12-31NI044596core:FurnitureFittings2021-01-012021-12-31NI044596core:MotorVehicles2021-01-012021-12-31NI044596core:PlantMachinery2020-12-31NI044596core:FurnitureFittings2020-12-31NI044596core:MotorVehicles2020-12-31NI0445962020-12-31NI044596core:Non-currentFinancialInstruments2021-12-31NI044596core:Non-currentFinancialInstruments2020-12-31NI044596core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2021-12-31NI044596core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2020-12-31NI044596core:Subsidiary12021-01-012021-12-31NI044596core:Subsidiary112021-01-012021-12-31NI044596bus:PrivateLimitedCompanyLtd2021-01-012021-12-31NI044596bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-31NI044596bus:FRS1022021-01-012021-12-31NI044596bus:AuditExemptWithAccountantsReport2021-01-012021-12-31NI044596bus:Director22021-01-012021-12-31NI044596bus:Director32021-01-012021-12-31NI044596bus:CompanySecretary12021-01-012021-12-31NI044596bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP