IRIS Accounts Production v23.3.0.418 SC346176 Board of Directors 1.2.22 31.1.23 31.1.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3461762022-01-31SC3461762023-01-31SC3461762022-02-012023-01-31SC3461762021-01-31SC3461762021-02-012022-01-31SC3461762022-01-31SC346176ns10:Originalns15:Scotland2022-02-012023-01-31SC346176ns14:PoundSterlingns10:Original2022-02-012023-01-31SC346176ns10:Originalns10:Director12022-02-012023-01-31SC346176ns10:Original2022-02-012023-01-31SC346176ns10:Original2023-01-31SC346176ns10:Originalns10:PrivateLimitedCompanyLtd2022-02-012023-01-31SC346176ns10:Originalns10:SmallEntities2022-02-012023-01-31SC346176ns10:Originalns10:AuditExempt-NoAccountantsReport2022-02-012023-01-31SC346176ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-02-012023-01-31SC346176ns10:SmallCompaniesRegimeForAccountsns10:Original2022-02-012023-01-31SC346176ns10:Originalns10:FullAccounts2022-02-012023-01-31SC346176ns10:Originalns10:Director22022-02-012023-01-31SC346176ns10:CompanySecretary1ns10:Original2022-02-012023-01-31SC346176ns10:Originalns10:RegisteredOffice2022-02-012023-01-31SC346176ns10:Original2022-01-31SC346176ns10:Originalns5:CurrentFinancialInstruments2023-01-31SC346176ns10:Originalns5:CurrentFinancialInstruments2022-01-31SC346176ns10:Originalns5:Non-currentFinancialInstruments2023-01-31SC346176ns10:Originalns5:Non-currentFinancialInstruments2022-01-31SC346176ns5:ShareCapitalns10:Original2023-01-31SC346176ns5:ShareCapitalns10:Original2022-01-31SC346176ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-01-31SC346176ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-01-31SC346176ns10:Originalns5:PlantMachinery2022-02-012023-01-31SC346176ns10:Originalns5:FurnitureFittings2022-02-012023-01-31SC346176ns10:Originalns5:MotorVehicles2022-02-012023-01-31SC346176ns10:Original2021-02-012022-01-31SC346176ns10:Originalns5:PlantMachinery2022-01-31SC346176ns10:Originalns5:PlantMachinery2023-01-31SC346176ns10:Originalns5:PlantMachinery2022-01-31SC346176ns10:Originalns5:CostValuation2022-01-31SC346176ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-31SC346176ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-01-31
REGISTERED NUMBER: SC346176 (Scotland)



















MERCHANT HOMES PARTNERSHIPS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2023






MERCHANT HOMES PARTNERSHIPS LIMITED (REGISTERED NUMBER: SC346176)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MERCHANT HOMES PARTNERSHIPS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: Alan Martin Brander
Ms Linda McLuskie





SECRETARY: Alan John Minty





REGISTERED OFFICE: Merchant House
Watermark Business Park
365 Govan Road
Govan
Glasgow
G51 2SE





REGISTERED NUMBER: SC346176 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

MERCHANT HOMES PARTNERSHIPS LIMITED (REGISTERED NUMBER: SC346176)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 4,712 8,899
Investments 4 7,500 19,500
12,212 28,399

CURRENT ASSETS
Stocks 444,500 -
Debtors 5 2,519,194 4,910,782
Cash at bank and in hand 161,159 127,291
3,124,853 5,038,073
CREDITORS
Amounts falling due within one year 6 2,450,573 4,104,706
NET CURRENT ASSETS 674,280 933,367
TOTAL ASSETS LESS CURRENT
LIABILITIES

686,492

961,766

CREDITORS
Amounts falling due after more than one
year

7

(25,230

)

-

PROVISIONS FOR LIABILITIES (1,178 ) (12,802 )
NET ASSETS 660,084 948,964

MERCHANT HOMES PARTNERSHIPS LIMITED (REGISTERED NUMBER: SC346176)

BALANCE SHEET - continued
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 659,984 948,864
660,084 948,964

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

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 11 October 2023 and were signed on its behalf by:





Alan Martin Brander - Director


MERCHANT HOMES PARTNERSHIPS LIMITED (REGISTERED NUMBER: SC346176)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. 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.

Preparation of consolidated financial statements
The financial statements contain information about Merchant Homes Partnerships Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in existence for the foreseeable future. The directors are satisfied that the financial forecasts they have prepared demonstrate they the group will continue to operate within its existing working capital facilities. In addition to this the majority shareholders and existing funders have confirmed their willingness to extend any additional funding to the Group as required to meet short term working capital requirements. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover and revenue recognition
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.

Where the company is engaged in construction contracts revenue represents the value of work done during the year ascertained by reference to contract measurement.
On the balance sheet a contract represents an asset where the gross value of work done exceeds payments to account on that contract. These are disclosed within debtors as amounts recoverable on contracts.

Where the company develops and sells properties turnover represents the sales value of the properties and is recognised at the point of legal completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Equipment and Fittings - 33% on cost
Motor vehicles - 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.

MERCHANT HOMES PARTNERSHIPS LIMITED (REGISTERED NUMBER: SC346176)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


1. ACCOUNTING POLICIES - continued

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, 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.

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, 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.

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 HOMES PARTNERSHIPS LIMITED (REGISTERED NUMBER: SC346176)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


1. 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.

Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

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.

MERCHANT HOMES PARTNERSHIPS LIMITED (REGISTERED NUMBER: SC346176)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


1. ACCOUNTING POLICIES - continued

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 34 ) .

3. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 218,080
Additions 5,986
Disposals (124,239 )
At 31 January 2023 99,827
DEPRECIATION
At 1 February 2022 209,181
Charge for year 10,173
Eliminated on disposal (124,239 )
At 31 January 2023 95,115
NET BOOK VALUE
At 31 January 2023 4,712
At 31 January 2022 8,899

MERCHANT HOMES PARTNERSHIPS LIMITED (REGISTERED NUMBER: SC346176)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


4. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Shares in group undertakings 7,500 7,500
Other investments not loans - 12,000
7,500 19,500

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 February 2022
and 31 January 2023 7,500
NET BOOK VALUE
At 31 January 2023 7,500
At 31 January 2022 7,500

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Other investments - 12,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 598,204 1,302,011
Amounts recoverable on contract 1,786,424 2,864,256
Other debtors 134,566 744,515
2,519,194 4,910,782

MERCHANT HOMES PARTNERSHIPS LIMITED (REGISTERED NUMBER: SC346176)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,215 -
Trade creditors 1,355,764 2,449,682
Taxation and social security 198,310 394,435
Other creditors 886,284 1,260,589
2,450,573 4,104,706

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 25,230 -

8. RELATED PARTY DISCLOSURES

The following amounts were outstanding at the reporting end date:

Amount due to related parties - other related parties £Nil (2022: £47,652)

Amount due from related parties - other related parties £14,461 (2022: £270,975)

Amount due to directors £240,000 (2022: nil)

Interest free and repayable on demand.