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MERIT HOMES TENTERDEN LIMITED
Unaudited filleted financial statements
31 August 2023
Company registration number 12648516
MERIT HOMES TENTERDEN LIMITED
Contents
Statement of financial position
Notes to the financial statements
MERIT HOMES TENTERDEN LIMITED
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Current assets
Stocks 1,446,739 996,347
Debtors 4 9,943 15,080
Cash at bank and in hand 15 404
_______ _______
1,456,697 1,011,831
Creditors: amounts falling due
within one year 5 ( 1,547,371) ( 1,013,058)
_______ _______
Net current liabilities ( 90,674) ( 1,227)
_______ _______
Total assets less current liabilities ( 90,674) ( 1,227)
_______ _______
Net liabilities ( 90,674) ( 1,227)
_______ _______
Capital and reserves
Called up share capital 3 3
Profit and loss account ( 90,677) ( 1,230)
_______ _______
Shareholders deficit ( 90,674) ( 1,227)
_______ _______
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 February 2024 , and are signed on behalf of the board by:
R. Ashford
Director
Company registration number: 12648516
MERIT HOMES TENTERDEN LIMITED
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 1-4 Merit House, Whitewall Road, Medway City Estate, Rochester, Kent, ME2 4WS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
4. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 5,000
Other debtors 9,943 10,080
_______ _______
9,943 15,080
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 404,239 -
Trade creditors 43,182 32,899
Amounts owed to group undertakings and undertakings in which the company has a participating interest 655,959 655,959
Amounts owed to connected companies 425,984 323,000
Other creditors 18,007 1,200
_______ _______
1,547,371 1,013,058
_______ _______
The bank loan is secured via a fixed and floating charge held by the lender over the assets of the company.
6. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Amounts owed from group companies - - - 5,000
Amounts owed to companies who are also shareholders - - ( 655,959) ( 655,959)
Amounts owed to connected companies - - ( 425,984) ( 323,000)
_______ _______ _______ _______
The above balances, with group and connected company's, are interest free, they are unsecured and have no fixed repayment schedules.
7. Going concern
As at 31 August 2023 the balance sheet shows net current liabilities. These accounts have been prepared on the going concern basis as the directors, through the support of connected companies, have agreed to continue to support the Company to ensure it is able to meets its debts as they fall due.