1 false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 10086346 2023-04-01 2024-03-31 10086346 2024-03-31 10086346 2023-03-31 10086346 2022-04-01 2023-03-31 10086346 2023-03-31 10086346 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 10086346 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 10086346 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 10086346 bus:Director1 2023-04-01 2024-03-31 10086346 core:FurnitureFittings 2024-03-31 10086346 core:FurnitureFittings 2023-04-01 2024-03-31 10086346 core:WithinOneYear 2024-03-31 10086346 core:WithinOneYear 2023-03-31 10086346 core:ShareCapital 2024-03-31 10086346 core:ShareCapital 2023-03-31 10086346 core:RetainedEarningsAccumulatedLosses 2024-03-31 10086346 core:RetainedEarningsAccumulatedLosses 2023-03-31 10086346 bus:Director1 2023-03-31 10086346 bus:Director1 2024-03-31 10086346 bus:Director1 2022-03-31 10086346 bus:Director1 2023-03-31 10086346 bus:Director1 2022-04-01 2023-03-31 10086346 bus:SmallEntities 2023-04-01 2024-03-31 10086346 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10086346 bus:FullAccounts 2023-04-01 2024-03-31 10086346 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10086346 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10086346 bus:OrdinaryShareClass1 2024-03-31 10086346 bus:OrdinaryShareClass1 2023-03-31 10086346 bus:OrdinaryShareClass2 2024-03-31 10086346 bus:OrdinaryShareClass2 2023-03-31 10086346 bus:OrdinaryShareClass3 2024-03-31 10086346 bus:OrdinaryShareClass3 2023-03-31 10086346 bus:AllOrdinaryShares 2024-03-31 10086346 bus:AllOrdinaryShares 2023-03-31 10086346 core:OfficeEquipment 2023-03-31 10086346 core:OfficeEquipment 2023-04-01 2024-03-31 10086346 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 10086346
Mearswood Limited
Filleted Unaudited Financial Statements
31 March 2024
Mearswood Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,805
Current assets
Debtors
6
49,284
55,659
Cash at bank and in hand
204,852
188,308
---------
---------
254,136
243,967
Creditors: amounts falling due within one year
7
60,842
41,207
---------
---------
Net current assets
193,294
202,760
---------
---------
Total assets less current liabilities
195,099
202,760
---------
---------
Net assets
195,099
202,760
---------
---------
Capital and reserves
Called up share capital
8
102
102
Profit and loss account
194,997
202,658
---------
---------
Shareholders funds
195,099
202,760
---------
---------
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the financial year ended 31 March 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
These financial statements were approved by the board of directors and authorised for issue on 28 June 2024 , and are signed on behalf of the board by:
Mrs Y Williams
Director
Company registration number: 10086346
Mearswood Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 The Linen Yard, South Street, Crewkerne, Somerset, TA18 8AB, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in accordance with FRS 102 taking advantage of the disclosure exemptions of FRS 102 '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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, exclusive of Value Added Tax. Revenue from services supplied is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current tax. 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Storage shed
-
10 years straight line
Equipment
-
3 years straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023
213
213
Additions
946
954
1,900
----
-------
-------
At 31 March 2024
946
1,167
2,113
----
-------
-------
Depreciation
At 1 April 2023
213
213
Charge for the year
95
95
----
-------
-------
At 31 March 2024
95
213
308
----
-------
-------
Carrying amount
At 31 March 2024
851
954
1,805
----
-------
-------
At 31 March 2023
----
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
5,795
9,778
Other debtors
43,489
45,881
--------
--------
49,284
55,659
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,102
14,015
Corporation tax
21,389
15,185
Social security and other taxes
14,874
8,555
Other creditors
4,477
3,452
--------
--------
60,842
41,207
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
1
1
----
----
----
----
102
102
102
102
----
----
----
----
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs Y Williams
34,617
2,264
( 4,921)
31,960
--------
-------
-------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs Y Williams
62,552
2,065
( 30,000)
34,617
--------
-------
--------
--------
(a)the maximum amount outstanding during the year was £34,617(b)interest has been charged at the official rate of 2.25%