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REGISTERED NUMBER: 07822136 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Merrow Asset Management Limited

Merrow Asset Management Limited (Registered number: 07822136)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Report of the Directors 2

Chartered Accountants' Report 3

Statement of Comprehensive Income 4

Statement of Financial Position 5

Statement of Changes in Equity 7

Notes to the Financial Statements 8


Merrow Asset Management Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: C J Smith
V Smith





REGISTERED OFFICE: 14 Pilgrims Way
Reigate
Surrey
RH2 9LG





REGISTERED NUMBER: 07822136 (England and Wales)





ACCOUNTANTS: Ascendant Partners Limited
Second Floor
Curzon House
24 High Street
Banstead
Surrey
SM7 2LJ

Merrow Asset Management Limited (Registered number: 07822136)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of property development, investment and management.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

C J Smith
V Smith

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





C J Smith - Director


14 November 2023

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Merrow Asset Management Limited


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Merrow Asset Management Limited for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 Merrow Asset Management Limited, as a body, in accordance with the terms of our engagement letter dated 28 November 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Merrow Asset Management Limited and state those matters that we have agreed to state to the Board of Directors of Merrow Asset Management 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 Merrow Asset Management Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Merrow Asset Management 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 loss of Merrow Asset Management Limited. You consider that Merrow Asset Management 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 Merrow Asset Management 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.






Ascendant Partners Limited
Second Floor
Curzon House
24 High Street
Banstead
Surrey
SM7 2LJ


14 November 2023

Merrow Asset Management Limited (Registered number: 07822136)

Statement of Comprehensive Income
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

REVENUE 22,548 36,597

Cost of sales 3,025 7,600
GROSS PROFIT 19,523 28,997

Administrative expenses 23,606 4,402
(4,083 ) 24,595

Other operating income - 286
OPERATING (LOSS)/PROFIT (4,083 ) 24,881


Interest payable and similar expenses 4 - 286
(LOSS)/PROFIT BEFORE TAXATION (4,083 ) 24,595

Tax on (loss)/profit 5 (1,770 ) 4,673
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(2,313

)

19,922

Merrow Asset Management Limited (Registered number: 07822136)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 7 100,000 360,000
100,000 360,000

CURRENT ASSETS
Debtors 8 1,968 -
Cash at bank 176,170 32,951
178,138 32,951
CREDITORS
Amounts falling due within one year 9 15,764 26,384
NET CURRENT ASSETS 162,374 6,567
TOTAL ASSETS LESS CURRENT
LIABILITIES

262,374

366,567

CREDITORS
Amounts falling due after more than one year 10 - (29,845 )

PROVISIONS FOR LIABILITIES (4,000 ) (20,034 )
NET ASSETS 258,374 316,688

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 24,747 100,712
Retained earnings 232,627 214,976
SHAREHOLDERS' FUNDS 258,374 316,688

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

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

Merrow Asset Management Limited (Registered number: 07822136)

Statement of Financial Position - continued
31 March 2023


The financial statements have been prepared 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 14 November 2023 and were signed on its behalf by:





C J Smith - Director


Merrow Asset Management Limited (Registered number: 07822136)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 April 2021 1,000 116,113 187,653 304,766

Changes in equity
Dividends - (8,000 ) - (8,000 )
Total comprehensive income - 106,863 (86,941 ) 19,922
Balance at 31 March 2022 1,000 214,976 100,712 316,688

Changes in equity
Dividends - (56,000 ) - (56,000 )
Total comprehensive loss - 73,651 (75,965 ) (2,314 )
Balance at 31 March 2023 1,000 232,627 24,747 258,374

Merrow Asset Management Limited (Registered number: 07822136)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Merrow Asset Management 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Going concern
The preparation of the financial statements requires the directors to make an assessment of the entity's ability to continue as a going concern. The directors have reviewed this and consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue originates from three sources being, rental income, management fees and the sale of property. Revenue is recognised on rental properties when received and management fees are recognised when rental income is transferred to the relevant party. Revenue is recognised on the sale of property at completion.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred taxation is provided on these gains at the future tax rate expected to apply when the property may be sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Merrow Asset Management Limited (Registered number: 07822136)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

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

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest - 286

5. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 14,264 20,280

Deferred tax (16,034 ) (15,607 )
Tax on (loss)/profit (1,770 ) 4,673

UK corporation tax has been charged at 19% (2022 - 19%).

6. DIVIDENDS

20222021
££
Interim:

A ordinary shares of £1 each25,0001,200
B ordinary shares of £1 each25,000800
C ordinary shares of £1 each2,0002,000
D ordinary shares of £1 each2,0002,000
E ordinary shares of £1 each2,0002,000
56,0008,000

Merrow Asset Management Limited (Registered number: 07822136)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 360,000
Disposals (260,000 )
At 31 March 2023 100,000
NET BOOK VALUE
At 31 March 2023 100,000
At 31 March 2022 360,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2016 189,143
Valuation in 2021 34,151
Valuation in 2022 (102,548 )
Valuation in 2023 (91,999 )
Cost 71,253
100,000

During 2021 one of the directors, C Smith, revalued the properties to reflect their fair value.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,968 -

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation tax 14,264 20,280
Other creditors - 4,604
Accruals and deferred income 1,500 1,500
15,764 26,384

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Directors' loan accounts - 29,845

11. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.