Company registration number 02564802 (England and Wales)
MERGEFORM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MERGEFORM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MERGEFORM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
3
1
1
Investment properties
4
285,000
285,000
285,001
285,001
Current assets
Stocks
500
500
Debtors
5
662,781
661,281
Cash at bank and in hand
71,510
96,689
734,791
758,470
Creditors: amounts falling due within one year
6
(12,456)
(41,509)
Net current assets
722,335
716,961
Total assets less current liabilities
1,007,336
1,001,962
Capital and reserves
Called up share capital
7
200
200
Revaluation reserve
8
100,107
100,107
Profit and loss reserves
907,029
901,655
Total equity
1,007,336
1,001,962

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 26 April 2024
Mr M A Brownhill
Director
Company Registration No. 02564802
MERGEFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Mergeform Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Pumping Station, Penarth Road, Cardiff, South Glamorgan, Wales, CF11 8TT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for services provided in the normal course of business net of VAT and trade discounts.

 

Revenue from the rental property is recognised over the period of rental when, and to the extent that, the company obtains the right to consideration in exchange for rent provided.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

MERGEFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

MERGEFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).

2023
2022
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1
Amortisation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
1
At 31 December 2022
1
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
285,000

The fair value of the investment properties of £285,000 which had an historical cost of £184,893 has been arrived at on the basis of a valuation carried out at 31 December 2023 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
662,781
661,281
MERGEFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
1,260
1,976
Other taxation and social security
2,035
667
Other creditors
9,161
38,866
12,456
41,509
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
200
200
200
200
8
Revaluation reserve
2023
2022
£
£
At beginning and end of year
100,107
100,107
9
Parent company

Pacific Trade Ventures (UK) Limited is regarded by the director as being the ultimate parent company. The registered office and principal place of business of Pacific Trade Ventures (UK) Limited is The Pumping Station, Penarth Road, Cardiff, South Glamorgan, Wales, CF11 8TT.

10
Related party transactions

The company has an existing loan of £111,563 (2022 - £111,563) due from The Cardiff Bay Antique Centre Limited, a company within the same group. This amount is included is debtors; amounts falling due within one year.

 

The company has an existing loan of £380,610 (2022 - £379,110) due from Primemerit Limited, a company within the same group. This amount is included is debtors; amounts falling due within one year.

 

The company has an existing loan of £170,608 (2022 - £170,608) due from UK Traders Limited, a company owned by the directors mother. This amount is included is debtors; amounts falling due within one year.

 

The company has loan of £nil (2022 : £28,967) due to S Brownhill, sister of the director. This amount is included is creditors; amounts falling due within one year.

 

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