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Registered number: 10737964
















MERRY HARRIERS LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


































img2ed1.png


MERRY HARRIERS LIMITED
REGISTERED NUMBER:10737964

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
2

Tangible assets
 5 
-
1,624,570

  
-
1,624,572

Current assets
  

Stocks
 6 
-
13,089

Debtors: amounts falling due within one year
 7 
1,040,997
10,722

Cash at bank and in hand
 8 
2,065
44,381

  
1,043,062
68,192

Creditors: amounts falling due within one year
 9 
(1,470,461)
(2,065,633)

Net current liabilities
  
 
 
(427,399)
 
 
(1,997,441)

Total assets less current liabilities
  
(427,399)
(372,869)

Provisions for liabilities
  

Deferred tax
 10 
-
(30,580)

  
 
 
-
 
 
(30,580)

Net liabilities
  
(427,399)
(403,449)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(427,400)
(403,450)

  
(427,399)
(403,449)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





I D Solkin
Director
Page 1


MERRY HARRIERS LIMITED
REGISTERED NUMBER:10737964
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Date: 24 June 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2


MERRY HARRIERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Merry Harriers Limited is a limited liability company incorporated in England and Wales. The registered office is Bishop Fleming LLP, 10 Temple Back, Bristol, BS1 6FL.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

On 14 November 2023, the property and trade of the company was sold. Management have confirmed that the entity will continue to exist for at least 12 months from the date of these accounts.
At the year end the company had net liabilities of  £427,399. Included within creditors at the year end is a loan of £1,075,000 owed to the ultimate owners of the Company. The balance does not have a fixed repayment term, however the directors have received confirmation that the repayment balance will not be sought for the foreseeable future, being at least a period of 12 months from the date of the approval of these financial statements. 

 
2.3

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 3


MERRY HARRIERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 4


MERRY HARRIERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.6

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight Line
Plant and machinery
-
20%
Straight Line
Fixtures and fittings
-
20%
Straight Line
Office equipment
-
20%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5


MERRY HARRIERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.9

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 6


MERRY HARRIERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)


2.11
FINANCIAL INSTRUMENTS (CONTINUED)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.14

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7


MERRY HARRIERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.15

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 26 (2022: 26).

Page 8


MERRY HARRIERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


INTANGIBLE ASSETS




Trade name
Equitable interest in leased assets
Goodwill
Total

£
£
£
£





At 1 January 2023
1
1
39,999
40,001


Disposals
(1)
(1)
(39,999)
(40,001)



At 31 December 2023

-
-
-
-





At 1 January 2023
-
-
39,999
39,999


On disposals
-
-
(39,999)
(39,999)



At 31 December 2023

-
-
-
-



NET BOOK VALUE



At 31 December 2023
-
-
-
-



At 31 December 2022
1
1
-
2

See note 6 for further information.



Page 9


MERRY HARRIERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£





At 1 January 2023
1,736,586
25,670
117,121
24,297
1,903,674


Disposals
(1,736,586)
(25,670)
(117,121)
(24,297)
(1,903,674)



At 31 December 2023

-
-
-
-
-





At 1 January 2023
171,495
25,466
70,427
11,716
279,104


Charge for the year on owned assets
27,929
170
9,952
2,475
40,526


Disposals
(199,424)
(25,636)
(80,379)
(14,191)
(319,630)



At 31 December 2023

-
-
-
-
-



NET BOOK VALUE



At 31 December 2023
-
-
-
-
-



At 31 December 2022
1,565,091
204
46,694
12,581
1,624,570

On 14 November 2023, the property and trade of the company was sold.


6.


STOCKS

2023
2022
£
£

Finished goods and goods for resale
-
13,089

-
13,089


Page 10


MERRY HARRIERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


DEBTORS

2023
2022
£
£


Trade debtors
5,276
4,765

Amounts owed by group undertakings
1,035,139
-

Other debtors
405
-

Prepayments and accrued income
177
5,957

1,040,997
10,722



8.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
2,065
44,381

2,065
44,381



9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Other loans
1,075,000
1,075,000

Trade creditors
732
43,170

Amounts owed to group undertakings
-
852,660

Other taxation and social security
336,102
45,146

Other creditors
-
4,031

Accruals and deferred income
58,627
45,626

1,470,461
2,065,633


Other loans are repayable on demand.  The directors have received confirmation that the repayment of neither balance will not be sought for the foreseeable future.

Page 11


MERRY HARRIERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(30,580)
(27,686)


Charged to profit or loss
30,580
(2,894)



AT END OF YEAR
-
(30,580)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
-
(30,634)

Short term timing differences
-
54

-
(30,580)


11.


FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENCIES

The Company has previously granted fixed and floating legal charges over all property or undertaking of the Company in favour of the legal ultimate controlling party. No balance was due at the period end.


12.


PENSION COMMITMENTS

The company operates a defined contribution pension sheme. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,265 (2022: £4,072). At the year end the company had  outstanding contributions of £Nil (2022: £Nil).


13.


RELATED PARTY TRANSACTIONS

Merry Harriers Limited is a wholly owned subsidiary and a part of a group which prepared consolidated financial statements. As a result, it has taken advatange of the exemption under FRS102 from disclosing intra-group transactions. 

Included in creditors is a balance owed to the ultimate controlling party of £1,075,000 (2022: £1,075,000). This balance is unsecured, interest free and has no fixed repayment term.

Page 12


MERRY HARRIERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


CONTROLLING PARTY

The immediate and ultimate parent company is Havana West Limited, a company incorporated in the United Kingdom.
The Company is a wholly owned subsidiary of Havana West Limited and the results of the Company are included in the consolidated financial statements of Havana West Limited as at 31 December 2023 which are available from Companies House.
The legal ultimate controlling party is L L de Savary by virtue of her majority legal shareholding in Havana West Limited.


15.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 July 2024 by Richard Newton FCA (Senior statutory auditor) on behalf of Bishop Fleming Bath Limited.

 
Page 13