Company registration number 13596107 (England and Wales)
MERCHANT TAYLOR HARPENDEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MERCHANT TAYLOR HARPENDEN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MERCHANT TAYLOR HARPENDEN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
4,207,309
2,302,183
Debtors
3
61,580
122,601
Cash at bank and in hand
1
13,752
4,268,890
2,438,536
Creditors: amounts falling due within one year
4
(122,526)
(1,043,191)
Net current assets
4,146,364
1,395,345
Creditors: amounts falling due after more than one year
5
(4,762,628)
(1,575,338)
Net liabilities
(616,264)
(179,993)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(616,265)
(179,994)
Total equity
(616,264)
(179,993)

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 member has 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 19 September 2024
M Thakrar
Director
Company registration number 13596107 (England and Wales)
MERCHANT TAYLOR HARPENDEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Merchant Taylor Harpenden Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B8, Basepoint, 110 Great Marlings, Luton, Beds, LU2 8DL.

1.1
Reporting period

The annual financial statements are presented for a period of one year. In comparison the comparative amounts have been presented for a period longer than one year and this ought to be factored in when drawing any comparisons of the amounts presented in these financial statements.

1.2
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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The financial statements have been prepared on the going concern basis. The company has incurred losses during the year and is presenting a net liability position at the balance sheet date. The net liability position is largely attributable to the existence of intercompany balances between itself and companies under common control, demonstrating the support for this company by companies within the same group. The directors have confirmed that there are adequate resources available to continue this support. true

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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.

MERCHANT TAYLOR HARPENDEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.

Impairment of financial assets

Financial assets, other than those held at fair value, which are dealt with through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MERCHANT TAYLOR HARPENDEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
50,000
50,000
Other debtors
11,580
72,601
61,580
122,601
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
1,015,000
Trade creditors
117,208
27,798
Taxation and social security
1,318
-
0
Other creditors
4,000
393
122,526
1,043,191

The loan is secured against the property it relates to.

5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,407,474
-
0
Amounts owed to group undertakings
355,154
1,575,154
Other creditors
-
0
184
4,762,628
1,575,338
MERCHANT TAYLOR HARPENDEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Related party transactions

At the balance sheet date the company owed £355,154 (2022; £1,575,154) to Merchant Taylor Group Limited, the parent company.

 

At the balance sheet date the company was owed £50,000 (2022: £50,000) by Merchant Taylor Land Limited, a company under common control.

 

At the balance sheet date the company owed £nil (2022: £92) to Land Assist Construction Limited, a company under common control.

 

At the balance sheet date the company owed £nil (2022: £92) to Land Assist Homes Limited, a company under common control.

 

There are no terms relating to the payment of interest or repayment of capital.

7
Controlling party

The company was controlled throughout the period by M Thakrar, director and 100% shareholder of Merchant Taylor Group Limited, the parent company.

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