Merchant & General Estates Limited 04145572 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is management and rental of owned properties Digita Accounts Production Advanced 6.30.9574.0 true 04145572 2023-04-01 2024-03-31 04145572 2024-03-31 04145572 core:CurrentFinancialInstruments 2024-03-31 04145572 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04145572 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 04145572 core:OtherRelatedParties 2024-03-31 04145572 bus:SmallEntities 2023-04-01 2024-03-31 04145572 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04145572 bus:FilletedAccounts 2023-04-01 2024-03-31 04145572 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04145572 bus:RegisteredOffice 2023-04-01 2024-03-31 04145572 bus:Director1 2023-04-01 2024-03-31 04145572 bus:Director2 2023-04-01 2024-03-31 04145572 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04145572 core:KeyManagementPersonnel 2023-04-01 2024-03-31 04145572 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 04145572 core:OtherRelatedParties 2023-04-01 2024-03-31 04145572 countries:EnglandWales 2023-04-01 2024-03-31 04145572 2023-03-31 04145572 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 04145572 core:OtherRelatedParties 2023-03-31 04145572 2022-04-01 2023-03-31 04145572 2023-03-31 04145572 core:CurrentFinancialInstruments 2023-03-31 04145572 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04145572 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 04145572 core:OtherRelatedParties 2023-03-31 04145572 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 04145572 core:OtherRelatedParties 2022-04-01 2023-03-31 04145572 2022-03-31 04145572 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 04145572 core:OtherRelatedParties 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 04145572

Merchant & General Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name
 

Merchant & General Estates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Merchant & General Estates Limited

Company Information

Directors

Mr Joseph Alexander Davis

Mrs Angela Rebecca Davis

Registered office

36 Hove Park Way
Hove
East Sussex
BN3 6PW

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Merchant & General Estates Limited

(Registration number: 04145572)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed Assets

 

Investment property

4

360,000

360,000

Current assets

 

Debtors

5

4,921

74,466

Cash at bank and in hand

 

244,719

170,342

 

249,640

244,808

Creditors: Amounts falling due within one year

6

(7,689)

(3,067)

Net current assets

 

241,951

241,741

Total assets less current liabilities

 

601,951

601,741

Provisions for liabilities

(87,215)

(87,215)

Net assets

 

514,736

514,526

Capital and Reserves

 

Called up share capital

20

20

Other reserves

262,784

262,784

Retained Earnings

251,932

251,722

Shareholders' funds

 

514,736

514,526

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

 

Merchant & General Estates Limited

(Registration number: 04145572)
Balance Sheet as at 31 March 2024

.........................................
Mr Joseph Alexander Davis
Director

   
     
 

Merchant & General Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
36 Hove Park Way
Hove
East Sussex
BN3 6PW

These financial statements were authorised for issue by the Board on 1 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Merchant & General Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Merchant & General Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Administration and support

2

2

2

2

4

Investment properties

2024
£

At 1 April

360,000

At 31 March

360,000

The investment properties were valued on an open market basis on 31 March 2024 by J Davis FRICS, a director of the company.

5

Debtors

Current

2024
£

2023
£

Other debtors

4,921

74,466

 

4,921

74,466

 

Merchant & General Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

5,133

-

Trade Creditors

 

-

1,068

Taxation and social security

 

616

-

Accruals and deferred income

 

1,940

1,745

Other creditors

 

-

254

 

7,689

3,067

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

5,133

-

 

Merchant & General Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

Loans to related parties

2024

Key management
£

Other related parties
£

Total
£

At start of period

64,866

-

64,866

Advanced

-

4,921

4,921

Repaid

(64,866)

-

(64,866)

At end of period

-

4,921

4,921

2023

Key management
£

Total
£

At start of period

3,245

3,245

Advanced

61,621

61,621

At end of period

64,866

64,866

 

Key management

Other related parties

2024
£

2023
£

2024
£

At start of period

64,866

3,245

-

Advanced

-

61,621

4,921

Repaid

(64,866)

-

-

At end of period

-

64,866

4,921

Terms of loans to related parties

The company advanced funds to Aldo Investments Limited in which Joseph Davis and Angela Davis, directors and shareholders of Merchant and General Estates Limited, are also directors and shareholders and between them own 100% of the issued shares in each. This loan is interest-free, unsecured and repayable on demand.

 

Merchant & General Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Loans from related parties

2024

Key management
£

Other related parties
£

Total
£

At start of period

-

254

254

Advanced

5,134

-

5,134

Repaid

-

(254)

(254)

At end of period

5,134

-

5,134

2023

Other related parties
£

Total
£

At start of period

8,404

8,404

Repaid

(8,150)

(8,150)

At end of period

254

254

 

Key management

Other related parties

2024
£

2024
£

2023
£

At start of period

-

254

8,404

Advanced

5,134

-

-

Repaid

-

(254)

(8,150)

At end of period

5,134

-

254

Terms of loans from related parties

During the year the directors advanced funds to the company which were interest free, unsecured and repayable on demand.