Company Registration No. 09104414 (England and Wales)
Merry Go Round ROW Merchandising Limited
Annual report and unaudited financial statements
For the year ended 31 December 2023
Pages for filing with registrar
MERRY GO ROUND ROW MERCHANDISING LIMITED
Merry Go Round ROW Merchandising Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MERRY GO ROUND ROW MERCHANDISING LIMITED
Merry Go Round ROW Merchandising Limited
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
12,857
12,822
Cash at bank and in hand
27,187
31,379
40,044
44,201
Creditors: amounts falling due within one year
5
(15,617)
(16,206)
Net current assets
24,427
27,995
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
24,327
27,895
Total equity
24,427
27,995
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 30 July 2024
M Wyatt
Director
Company Registration No. 09104414
MERRY GO ROUND ROW MERCHANDISING LIMITED
Merry Go Round ROW Merchandising Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Merry Go Round ROW Merchandising Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.
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 £.
1.2
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks .
1.3
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.4
Taxation
The tax expense represents the sum of the tax currently receivable/(payable) and deferred tax.
MERRY GO ROUND ROW MERCHANDISING LIMITED
Merry Go Round ROW Merchandising Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(990)
Adjustments in respect of prior periods
(35)
Total current tax
(35)
(990)
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
990
Other debtors
12,857
11,832
12,857
12,822
MERRY GO ROUND ROW MERCHANDISING LIMITED
Merry Go Round ROW Merchandising Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
209
Other creditors
15,617
15,997
15,617
16,206
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
7
Related party transactions
Merry Go Round Touring ROW Limited ("MGRTROW"), Merry Go Round Merchandising USA/Canada, Inc. ("MGRMUSA") and Merry Go Round Music Limited ("MGRM") are companies controlled by the the estate of the former director A McVie.
Included within other creditors at the year end, the company owed £12,201 (2022: £12,837) to MGRMUSA.
Included within other creditors at the year end, the company owed £1,160 (2022: £1,160) to MGRM.
Included within other debtors at the year end, is £12,857 (2022: £11,832) owed to the company by MGRTROW.