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REGISTERED NUMBER: 10621237 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 FEBRUARY 2023

FOR

MERRIMENTS GARDENS LIMITED

MERRIMENTS GARDENS LIMITED (REGISTERED NUMBER: 10621237)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MERRIMENTS GARDENS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Mr A L Ainslie
Mr P C Bennett
Mrs C L E Cross
Mr A G L Ainslie





REGISTERED OFFICE: Savills
Unex House
132 - 134 Hills Road
Cambridge
Cambridgeshire
CB2 8PA





REGISTERED NUMBER: 10621237 (England and Wales)





ACCOUNTANTS: Honey Barrett Limited
Chartered Accountants
Pharmacy Chambers
High Street
Wadhurst
East Sussex
TN5 6AP

MERRIMENTS GARDENS LIMITED (REGISTERED NUMBER: 10621237)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 579,085 670,259

CURRENT ASSETS
Stocks 268,000 245,000
Debtors 6 368,581 246,030
Cash at bank and in hand 26,154 15,013
662,735 506,043
CREDITORS
Amounts falling due within one year 7 274,916 235,946
NET CURRENT ASSETS 387,819 270,097
TOTAL ASSETS LESS CURRENT
LIABILITIES

966,904

940,356

CREDITORS
Amounts falling due after more than one
year

8

2,290,122

2,005,900
NET LIABILITIES (1,323,218 ) (1,065,544 )

MERRIMENTS GARDENS LIMITED (REGISTERED NUMBER: 10621237)

BALANCE SHEET - continued
28 FEBRUARY 2023

2023 2022
as restated
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings (1,323,219 ) (1,065,545 )
SHAREHOLDERS' FUNDS (1,323,218 ) (1,065,544 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2023 and were signed on its behalf by:





Mr A G L Ainslie - Director


MERRIMENTS GARDENS LIMITED (REGISTERED NUMBER: 10621237)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Merriments Gardens 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Equipment - 33% on cost

All fixed assets are initially recorded at cost.

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

MERRIMENTS GARDENS LIMITED (REGISTERED NUMBER: 10621237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.


MERRIMENTS GARDENS LIMITED (REGISTERED NUMBER: 10621237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern
These accounts have been prepared on a going concern basis not withstanding the excess of current liabilities over current assets. The directors have confirmed their intention to continue to support the company for the foreseeable future.

MERRIMENTS GARDENS LIMITED (REGISTERED NUMBER: 10621237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


3. ACCOUNTING POLICIES - continued

Government grants
The entity has adopted the use of the accruals model in respect of grants received.

Any grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in ‘Other income’, in the period to which it relates.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 34 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2022 738,851 151,664 162,498
Additions 8,750 1,400 2,305
At 28 February 2023 747,601 153,064 164,803
DEPRECIATION
At 1 March 2022 256,731 67,245 71,289
Charge for year 73,631 12,873 14,027
At 28 February 2023 330,362 80,118 85,316
NET BOOK VALUE
At 28 February 2023 417,239 72,946 79,487
At 28 February 2022 482,120 84,419 91,209

MERRIMENTS GARDENS LIMITED (REGISTERED NUMBER: 10621237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


5. TANGIBLE FIXED ASSETS - continued

Motor
vehicles Equipment Totals
£    £    £   
COST
At 1 March 2022 18,701 26,977 1,098,691
Additions - 1,821 14,276
At 28 February 2023 18,701 28,798 1,112,967
DEPRECIATION
At 1 March 2022 9,126 24,041 428,432
Charge for year 1,915 3,004 105,450
At 28 February 2023 11,041 27,045 533,882
NET BOOK VALUE
At 28 February 2023 7,660 1,753 579,085
At 28 February 2022 9,575 2,936 670,259

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 39,624 18,701 58,325
DEPRECIATION
At 1 March 2022 15,290 9,126 24,416
Charge for year 3,650 1,915 5,565
At 28 February 2023 18,940 11,041 29,981
NET BOOK VALUE
At 28 February 2023 20,684 7,660 28,344
At 28 February 2022 24,334 9,575 33,909

MERRIMENTS GARDENS LIMITED (REGISTERED NUMBER: 10621237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 494 2,177
Other debtors 480 805
VAT 10,316 6,096
Deferred tax asset 343,316 226,053
Prepayments and accrued income 13,975 10,899
368,581 246,030

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 11,538 11,538
Trade creditors 111,739 127,891
PAYE and social security 28,493 47,703
Other creditors 25,674 28,594
Directors' current accounts 55,964 -
Accruals and deferred income 31,508 10,220
274,916 235,946

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 12,500 22,500
Hire purchase contracts 4,903 16,441
Directors' loan accounts 2,262,719 1,956,959
2,290,122 2,005,900

MERRIMENTS GARDENS LIMITED (REGISTERED NUMBER: 10621237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


9. DEFERRED TAX
£   
Balance at 1 March 2022 (226,053 )
Credit to Profit and loss account during year (117,263 )
Balance at 28 February 2023 (343,316 )

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as
restated
£    £   
1 Ordinary £1 1 1

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Interest has been provided on one of the directors' loans at a rate of 5% above base rate, calculated on the average balance during the year, using the year-end base rate.

12. RELATED PARTY DISCLOSURES

During the year ended 28th February 2022, a lease agreement was proposed between the company and Mrs C L E Cross, a director of the company. A rental accrual was provided in the company's accounts at that date. During the current year, it was decided that the proposed agreement would not be taken up, and the accrual reversed in these accounts, giving rise to a prior year adjustment.