PTP Accounts Production v23.3.0.418 08317743 Board of Directors 1.6.22 31.5.23 31.5.23 0 0 false true false false true false Fair value model 0 0 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure083177432022-05-31083177432023-05-31083177432022-06-012023-05-31083177432021-05-31083177432021-06-012022-05-31083177432022-05-3108317743ns16:EnglandWales2022-06-012023-05-3108317743ns15:PoundSterling2022-06-012023-05-3108317743ns11:Director12022-06-012023-05-3108317743ns11:PrivateLimitedCompanyLtd2022-06-012023-05-3108317743ns11:SmallEntities2022-06-012023-05-3108317743ns11:AuditExemptWithAccountantsReport2022-06-012023-05-3108317743ns11:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3108317743ns11:SmallCompaniesRegimeForAccounts2022-06-012023-05-3108317743ns11:FullAccounts2022-06-012023-05-3108317743ns11:Director22022-06-012023-05-3108317743ns11:Director32022-06-012023-05-3108317743ns11:Director42022-06-012023-05-3108317743ns11:RegisteredOffice2022-06-012023-05-3108317743ns6:CurrentFinancialInstruments2023-05-3108317743ns6:CurrentFinancialInstruments2022-05-3108317743ns6:Non-currentFinancialInstruments2023-05-3108317743ns6:Non-currentFinancialInstruments2022-05-3108317743ns6:ShareCapital2023-05-3108317743ns6:ShareCapital2022-05-3108317743ns6:FurtherSpecificReserve3ComponentTotalEquity2023-05-3108317743ns6:FurtherSpecificReserve3ComponentTotalEquity2022-05-3108317743ns6:RetainedEarningsAccumulatedLosses2023-05-3108317743ns6:RetainedEarningsAccumulatedLosses2022-05-3108317743ns6:ShareCapital2021-05-3108317743ns6:RetainedEarningsAccumulatedLosses2021-05-3108317743ns6:FurtherSpecificReserve3ComponentTotalEquity2021-05-3108317743ns6:RetainedEarningsAccumulatedLosses2021-06-012022-05-3108317743ns6:FurtherSpecificReserve3ComponentTotalEquity2021-06-012022-05-3108317743ns6:RetainedEarningsAccumulatedLosses2022-06-012023-05-3108317743ns6:FurtherSpecificReserve3ComponentTotalEquity2022-06-012023-05-310831774342022-06-012023-05-310831774342021-06-012022-05-3108317743ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-05-3108317743ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-05-3108317743ns6:BetweenOneFiveYearsns6:Non-currentFinancialInstruments2023-05-3108317743ns6:BetweenOneFiveYearsns6:Non-currentFinancialInstruments2022-05-3108317743ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2023-05-3108317743ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2022-05-3108317743ns6:DeferredTaxation2022-05-3108317743ns6:DeferredTaxation2023-05-31
REGISTERED NUMBER: 08317743 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 May 2023

for

Merrow Property Limited

Merrow Property Limited (Registered number: 08317743)






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




Page

Company Information 1

Report of the Directors 2

Chartered Accountants' Report 3

Income Statement 4

Statement of Financial Position 5

Statement of Changes in Equity 7

Notes to the Financial Statements 8


Merrow Property Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: C J Smith
D J Smith
D E Smith
F A Smith





REGISTERED OFFICE: Second Floor
Curzon House
24 High Street
Banstead
Surrey
SM7 2LJ





REGISTERED NUMBER: 08317743 (England and Wales)





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

Merrow Property Limited (Registered number: 08317743)

Report of the Directors
for the Year Ended 31 May 2023

The directors present their report with the financial statements of the company for the year ended 31 May 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 June 2022 to the date of this report.

C J Smith
D J Smith
D E Smith
F A 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 Property 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 Property Limited for the year ended 31 May 2023 which comprise the Income Statement, 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 Property 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 Property Limited and state those matters that we have agreed to state to the Board of Directors of Merrow Property 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 Property Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Merrow Property 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 Merrow Property Limited. You consider that Merrow Property 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 Property 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 Property Limited (Registered number: 08317743)

Income Statement
for the Year Ended 31 May 2023

2023 2022
Notes £    £   

REVENUE 68,930 69,780

Cost of sales 18,250 22,911
GROSS PROFIT 50,680 46,869

Administrative expenses 3,964 1,954
46,716 44,915

Other operating income - 281
OPERATING PROFIT 46,716 45,196


Interest payable and similar expenses 4 2,868 3,042
PROFIT BEFORE TAXATION 43,848 42,154

Tax on profit 5 8,331 8,009
PROFIT FOR THE FINANCIAL YEAR 35,517 34,145

Merrow Property Limited (Registered number: 08317743)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 6 1,775,000 1,775,000
1,775,000 1,775,000

CURRENT ASSETS
Debtors 7 2,299 2,061
Cash at bank 5,184 2,071
7,483 4,132
CREDITORS
Amounts falling due within one year 8 270,777 271,231
NET CURRENT LIABILITIES (263,294 ) (267,099 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,511,706

1,507,901

CREDITORS
Amounts falling due after more than one year 9 (974,457 ) (1,006,169 )

PROVISIONS FOR LIABILITIES 11 (63,593 ) (63,593 )
NET ASSETS 473,656 438,139

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 323,595 323,595
Retained earnings 149,961 114,444
SHAREHOLDERS' FUNDS 473,656 438,139

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Property Limited (Registered number: 08317743)

Statement of Financial Position - continued
31 May 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 Property Limited (Registered number: 08317743)

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

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

Balance at 1 June 2021 100 80,299 323,595 403,994

Changes in equity
Total comprehensive income - 34,145 - 34,145
Balance at 31 May 2022 100 114,444 323,595 438,139

Changes in equity
Total comprehensive income - 35,517 - 35,517
Balance at 31 May 2023 100 149,961 323,595 473,656

Merrow Property Limited (Registered number: 08317743)

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

1. STATUTORY INFORMATION

Merrow Property 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 represents rental income receivable.

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 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 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 Property Limited (Registered number: 08317743)

Notes to the Financial Statements - continued
for the Year Ended 31 May 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 328 343
Mortgage interest 2,540 2,699
2,868 3,042

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 8,331 8,009
Tax on profit 8,331 8,009

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

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 1,775,000
NET BOOK VALUE
At 31 May 2023 1,775,000
At 31 May 2022 1,775,000

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2016 137,579
Valuation in 2021 249,608
Cost 1,387,813
1,775,000

During 2021 one of the directors, C Smith, revalued the properties to reflect their fair value. The director considers that there has been no change in the fair value since that date.

Merrow Property Limited (Registered number: 08317743)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments and accrued income 2,299 2,061

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,936 2,864
Mortgage loan 5,310 5,058
Corporation tax 8,331 8,009
Other creditors 253,000 253,000
Accruals and deferred income 1,200 2,300
270,777 271,231

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 8,565 11,639
Mortgage loan 1-5 years 24,025 22,884
Mortgage loan due after 5 year 36,883 41,687
Directors' loan accounts 904,984 929,959
974,457 1,006,169

Amounts falling due in more than five years:

Repayable by instalments
Mortgage loan due after 5 year 36,883 41,687

10. SECURED DEBTS

Paragon Mortgages (2010) Limited holds a legal charge dated 6 March 2013 in the sum of £107,252.50 over Flat 14, Littleton House, Somers Close, Reigate, Surrey to secure the loan on the property. The directors have also provided personal guarantees in respect of the loan.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax on property revaluation 63,593 63,593

Merrow Property Limited (Registered number: 08317743)

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

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2022 63,593
Balance at 31 May 2023 63,593

12. RELATED PARTY DISCLOSURES

During the year the company repaid £Nil (2022: £15,000) of C J Smith's outstanding loan balance and £24,975 (2022: £Nil) of D E Smith's loan balance.

Balances owed to directors and related parties at the year end were as follows:


2023 2022
£ £
C J Smith 720,009 720,009
D E Smith 30,000 54,975
F A Smith 154,975 154,975
V E Smith 253,000 253,000
1,157,984 1,182,959

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C J Smith.