Registered number
04096112
Merchants Square Company Limited
Filleted Accounts
31 December 2023
Merchants Square Company Limited
Registered number: 04096112
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investment Property 3 737,141 737,141
Current assets
Debtors 4 22,517 48,970
Cash at bank and in hand 815 815
23,332 49,785
Creditors: amounts falling due within one year 5 (34,505) (48,706)
Net current (liabilities)/assets (11,173) 1,079
Total assets less current liabilities 725,968 738,220
Creditors: amounts falling due after more than one year 6 (666,032) (678,284)
Net assets 59,936 59,936
Capital and reserves
Called up share capital 2 2
Revaluation reserve 7 (192,720) (192,720)
Profit and loss account 252,654 252,654
Shareholders' funds 59,936 59,936
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Anastasiou
Director
Approved by the board on 16 September 2024
Merchants Square Company Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the inclusion of certain assets at fair value and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is the total amount of rent and other income receivable by the company, excluding VAT and is attributable to the continuing activities of property investment. Turnover is recognised in the period to which it relates, taking in to account provisions for lease incentives. Lease incentives are spread on a straight line basis over the term of the lease.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Investment Property
Investment property is measured at fair value at each reporting date with changes in fair value recognised in profit and loss.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investment Property
Investment Property
£
Cost
At 1 January 2023 737,141
At 31 December 2023 737,141
Depreciation
At 31 December 2023 -
Net book value
At 31 December 2023 737,141
At 31 December 2022 737,141
4 Debtors 2023 2022
£ £
Trade debtors 22,517 48,970
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors (14,464) (264)
Other creditors 48,969 48,970
34,505 48,706
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 666,032 678,284
7 Revaluation reserve 2023 2022
£ £
At 1 January 2023 (192,720) (192,720)
At 31 December 2023 (192,720) (192,720)
8 Other information
Merchants Square Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Stanley Street
Liverpool
L1 6AA
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