Silverfin false 31/03/2023 01/04/2022 31/03/2023 H D Poole 01/02/2016 05 February 2024 The principal activity of the Company during the financial year was the wholesale of food and beverages. NI636127 2023-03-31 NI636127 bus:Director1 2023-03-31 NI636127 2022-03-31 NI636127 core:CurrentFinancialInstruments 2023-03-31 NI636127 core:CurrentFinancialInstruments 2022-03-31 NI636127 core:ShareCapital 2023-03-31 NI636127 core:ShareCapital 2022-03-31 NI636127 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI636127 core:RetainedEarningsAccumulatedLosses 2022-03-31 NI636127 core:OfficeEquipment 2022-03-31 NI636127 core:OfficeEquipment 2023-03-31 NI636127 bus:OrdinaryShareClass1 2023-03-31 NI636127 2022-04-01 2023-03-31 NI636127 bus:FullAccounts 2022-04-01 2023-03-31 NI636127 bus:SmallEntities 2022-04-01 2023-03-31 NI636127 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 NI636127 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI636127 bus:Director1 2022-04-01 2023-03-31 NI636127 core:OfficeEquipment core:TopRangeValue 2022-04-01 2023-03-31 NI636127 2021-04-01 2022-03-31 NI636127 core:OfficeEquipment 2022-04-01 2023-03-31 NI636127 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 NI636127 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: NI636127 (Northern Ireland)

MERCHANTOLOGY IRELAND LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MERCHANTOLOGY IRELAND LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MERCHANTOLOGY IRELAND LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
MERCHANTOLOGY IRELAND LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 965 2,471
965 2,471
Current assets
Stocks 4 121,301 63,576
Debtors 5 464,323 300,678
Cash at bank and in hand 68,807 74,023
654,431 438,277
Creditors: amounts falling due within one year 6 ( 426,948) ( 383,532)
Net current assets 227,483 54,745
Total assets less current liabilities 228,448 57,216
Net assets 228,448 57,216
Capital and reserves
Called-up share capital 7 300 300
Profit and loss account 228,148 56,916
Total shareholder's funds 228,448 57,216

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Merchantology Ireland Limited (registered number: NI636127) were approved and authorised for issue by the Director. They were signed on its behalf by:

H D Poole
Director

05 February 2024

MERCHANTOLOGY IRELAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MERCHANTOLOGY IRELAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Merchantology Ireland Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Northern Ireland. The address of the Company's registered office is Unit (064) Moat House, 54 Bloomfield Avenue, Belfast, BT5 5AD, Northern Ireland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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, and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade [and other] creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 April 2022 13,860 13,860
Additions 615 615
Disposals ( 1,913) ( 1,913)
At 31 March 2023 12,562 12,562
Accumulated depreciation
At 01 April 2022 11,389 11,389
Charge for the financial year 1,165 1,165
Disposals ( 957) ( 957)
At 31 March 2023 11,597 11,597
Net book value
At 31 March 2023 965 965
At 31 March 2022 2,471 2,471

4. Stocks

2023 2022
£ £
Stocks 121,301 63,576

5. Debtors

2023 2022
£ £
Trade debtors 439,916 213,800
Other debtors 24,407 86,878
464,323 300,678

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 242,152 368,638
Accruals 3,100 3,100
Corporation tax 57,241 11,794
Other creditors 124,455 0
426,948 383,532

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
300 Ordinary shares of £ 1.00 each 300 300

8. Related party transactions

Included within other creditors is a balance of £124,455 owed to the director (2022: £45,256 due from the director and included within other debtors). This balance is unsecured, interest charged at HMRC's beneficial loan rate of interest on overdrawn balances exceeding £10,000, and there are no fixed repayment terms.