Registered number
07046876
Shilling Mergers Limited
Report and Accounts
24 September 2023
.
Accountancy 4 Wealth Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Shilling Mergers Limited
Registered number: 07046876
Balance Sheet
as at 24 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,727 3,277
Investments 4 2 -
9,729 3,277
Current assets
Debtors 5 2,177,158 2,177,731
Cash at bank and in hand 544,780 245,057
2,721,938 2,422,788
Creditors: amounts falling due within one year 6 (2,367,678) (2,079,873)
Net current assets 354,260 342,915
Total assets less current liabilities 363,989 346,192
Creditors: amounts falling due after more than one year 7 (16,667) (26,667)
Provisions for liabilities (2,617) (623)
Net assets 344,705 318,902
Capital and reserves
Called up share capital 6 6
Profit and loss account 344,699 318,896
Shareholders' funds 344,705 318,902
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.
Colin Carter
Director
Approved by the board on 16 September 2024
Shilling Mergers Limited
Notes to the Accounts
for the period from 26 September 2022 to 24 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Office equipment 20% straight line
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 26 September 2022 9,755 - 9,755
Additions - 10,680 10,680
At 24 September 2023 9,755 10,680 20,435
Depreciation
At 26 September 2022 6,478 - 6,478
Charge for the period 1,560 2,670 4,230
At 24 September 2023 8,038 2,670 10,708
Net book value
At 24 September 2023 1,717 8,010 9,727
At 25 September 2022 3,277 - 3,277
4 Investments
Investments in
subsidiary
undertakings
£
Cost
Additions 2
At 24 September 2023 2
The company holds more than 20% of the share capital of the following companies:
Apress Investments Ltd
Colliers Truck Investments Ltd
5 Debtors 2023 2022
£ £
Trade debtors 32,168 2,805
Amounts owed by group undertakings and undertakings in which the company has a participating interest 791,827 1,852,027
Other debtors 1,353,163 322,899
2,177,158 2,177,731
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 25,731 46,347
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,198,629 1,880,354
Corporation tax 20,261 42,144
Other taxes and social security costs 33,061 23,855
Other creditors 79,996 77,173
2,367,678 2,079,873
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,667 26,667
8 Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
At the year end the directors loan account for Mr C Carter was overdrawn by £975,000.
9 Controlling party
The company is controlled by its director and shareholders.
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