MERIT DEVELOPMENTS GROUP LIMITED
Unaudited filleted financial statements
31 August 2023
Company registration number
12089334
MERIT DEVELOPMENTS GROUP LIMITED
Contents
Statement of financial position
Notes to the financial statements
MERIT DEVELOPMENTS GROUP LIMITED
Statement of financial position
31 August 2023
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31/08/23 |
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31/08/22 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Investments |
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5 |
8 |
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8 |
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_______ |
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_______ |
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8 |
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8 |
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Current assets |
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Debtors |
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6 |
107,530 |
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114,327 |
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Cash at bank and in hand |
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21 |
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351 |
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_______ |
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_______ |
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107,551 |
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114,678 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
345,099) |
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(
275,721) |
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_______ |
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_______ |
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Net current liabilities |
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(
237,548) |
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(
161,043) |
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_______ |
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_______ |
Total assets less current liabilities |
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(
237,540) |
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(
161,035) |
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_______ |
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_______ |
Net liabilities |
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(
237,540) |
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(
161,035) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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5 |
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5 |
Profit and loss account |
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(
237,545) |
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(
161,040) |
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_______ |
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_______ |
Shareholders deficit |
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(
237,540) |
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(
161,035) |
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_______ |
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_______ |
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For the period 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 period in question in accordance with section 476;
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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
28 February 2024
, and are signed on behalf of the board by:
Mr R. Ashford
Director
Company registration number:
12089334
MERIT DEVELOPMENTS GROUP LIMITED
Notes to the financial statements
Period 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 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
(2022:
1
).
5.
Investments
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Shares in group undertakings and participating interests |
Total |
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£ |
£ |
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Cost |
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At 1 September 2022 and 31 August 2023 |
8 |
8 |
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_______ |
_______ |
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Impairment |
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At 1 September 2022 and 31 August 2023 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 August 2023 |
8 |
8 |
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_______ |
_______ |
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At 31 August 2022 |
8 |
8 |
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_______ |
_______ |
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Investments in group undertakings |
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Registered office |
Class of share |
Percentage of shares held |
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Subsidiary undertakings |
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Merit Homes Ramsgate Limited |
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Unit 1-4 Whitewall Road, Medway City Estate, Rochester, Kent, ME2 4WS |
Ordinary |
100 |
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Merit Homes Iden Green Limited |
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Merit House Whitewall Road, Medway City Estate, Rochester, ME2 4WS |
Ordinary |
100 |
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Merit Homes West Kingsdown Limited |
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Unit 1-4 Merit House Whitewall Road, Medway City Estate, Rochester, ME2 4WS |
Ordinary |
100 |
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6.
Debtors
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31/08/23 |
31/08/22 |
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£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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106,553 |
106,553 |
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Other debtors |
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977 |
7,774 |
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_______ |
_______ |
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107,530 |
114,327 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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31/08/23 |
31/08/22 |
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£ |
£ |
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Trade creditors |
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2,348 |
3,225 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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14,975 |
14,975 |
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Amounts owed to connected companies |
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326,876 |
256,661 |
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Other creditors |
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900 |
860 |
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_______ |
_______ |
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345,099 |
275,721 |
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_______ |
_______ |
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8.
Related party transactions
During the period the company entered into the following transactions with related parties:
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Transaction value |
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Balance owed by/(owed to) |
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Year |
Year |
Year |
Year |
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ended |
ended |
ended |
ended |
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31/08/23 |
31/08/22 |
31/08/23 |
31/08/22 |
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£ |
£ |
£ |
£ |
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Amounts due to connected companies |
- |
- |
(
326,875) |
(
256,661) |
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Amounts due to group companies |
- |
- |
(
14,975) |
(
14,975) |
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Amounts due from connected companies |
- |
- |
926 |
926 |
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Amounts due from group companies |
- |
- |
106,553 |
106,553 |
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_______ |
_______ |
_______ |
_______ |
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The above balances, with group and connected companies, are interest free, they are unsecured and have no fixed repayment schedules.
9.
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 director has agreed to continue to support the Company to ensure it is able to meets its debts as they fall due.