1 January 2023 v2024.43.2 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP066646072023-01-012023-12-31066646072023-12-31066646072022-12-3106664607core:WithinOneYear2023-12-3106664607core:WithinOneYear2022-12-3106664607core:AfterOneYear2023-12-3106664607core:AfterOneYear2022-12-3106664607core:ShareCapital2023-12-3106664607core:ShareCapital2022-12-3106664607core:RevaluationReserve2023-12-3106664607core:RevaluationReserve2022-12-3106664607core:RetainedEarningsAccumulatedLosses2023-12-3106664607core:RetainedEarningsAccumulatedLosses2022-12-3106664607bus:Director12023-01-012023-12-3106664607bus:RegisteredOffice2023-01-012023-12-3106664607core:FurnitureFittings2023-01-012023-12-3106664607core:MotorVehicles2023-01-012023-12-3106664607core:OfficeEquipment2023-01-012023-12-31066646072022-01-012022-12-3106664607core:LandBuildings2023-01-0106664607core:PlantMachinery2023-01-01066646072023-01-0106664607core:PlantMachinery2023-01-012023-12-3106664607core:LandBuildings2023-12-3106664607core:PlantMachinery2023-12-3106664607core:LandBuildings2022-12-3106664607core:PlantMachinery2022-12-3106664607core:CostValuation2023-01-0106664607core:CostValuation2023-12-310666460712023-01-012023-12-3106664607countries:EnglandWales2023-01-012023-12-3106664607bus:AuditExemptWithAccountantsReport2023-01-012023-12-3106664607bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106664607bus:SmallEntities2023-01-012023-12-3106664607bus:FullAccounts2023-01-012023-12-31
Company registration number:
06664607
Merryweathers Holdings Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Merryweathers Holdings Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Merryweathers Holdings Limited
Year ended
31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Merryweathers Holdings Limited
for the year ended
31 December 2023
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Merryweathers Holdings Limited
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Merryweathers Holdings Limited
and state those matters that we have agreed to state to the Board of Directors of
Merryweathers Holdings Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Merryweathers Holdings Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Merryweathers Holdings Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and loss of
Merryweathers Holdings Limited
. You consider that
Merryweathers Holdings Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Merryweathers Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Walters Hawson Limited
Chartered Accountants
Norham House
Mountenoy Road
Rotherham
S60 2AJ
United Kingdom
Date:
25 September 2024
Merryweathers Holdings Limited
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
949,453
 
954,024
 
Investments 6
25,072
 
25,072
 
974,525
 
979,096
 
Current assets    
Debtors 7
197,444
 
106,534
 
Cash at bank and in hand
271
 
141
 
197,715
 
106,675
 
Creditors: amounts falling due within one year 8
(586,147
)
(417,664
)
Net current liabilities
(388,432
)
(310,989
)
Total assets less current liabilities 586,093   668,107  
Creditors: amounts falling due after more than one year 9
(148,188
)
(164,298
)
Net assets
437,905
 
503,809
 
Capital and reserves    
Called up share capital
156,000
 
156,000
 
Revaluation reserve
(12,262
)
(12,262
)
Profit and loss account
294,167
 
360,071
 
Shareholders funds
437,905
 
503,809
 
For the year ending
31 December 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
25 September 2024
, and are signed on behalf of the board by:
P Kelly
Director
Company registration number:
06664607
Merryweathers Holdings Limited
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
47 Moorgate Street
,
Rotherham
,
South Yorkshire
,
S60 2EY
.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Consolidation

The entity has taken advantage of the option not to prepare consolidated
financial statements
contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Prior Year Adjustment

The company has historically provided financial support, via inter-company loans, to support trading losses incurred by subsidiary undertakings. Whilst it does not affect the previously reported financial position of the group as a whole, the recoverability of those balances had not been considered, in earlier periods, in the accounts of the parent undertaking. This was brought to light following a change of accountants, and has given rise to the prior year adjustments shown in the statement of Income and retained earnings on page 5.

Turnover

Turnover represents the amounts chargeable to clients for professional services earned during the year, including expenses and disbursements, net of Value Added Tax.
Commissions and fees on sales of residential properties are recognised as earned when the contract for sale is completed, subject to any withdrawal fees or rechargeable advertising which are recognised when the company has earned the right to consideration. Other commissions and other professional fees are recognised when the company has earned the right to consideration in exchange for performance.

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
Office equipment
25% reducing balance

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

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.

Transfer of Trade

On 17 March 2022, the company transferred it lettings agency business to Merryweathers Lettings Limited, a wholly owned subsidiary undertaking.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2022:
6.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 January 2023
934,297
 
183,297
 
1,117,594
 
Additions -  
1,867
 
1,867
 
Disposals -  
(9,000
)
(9,000
)
At
31 December 2023
934,297
 
176,164
 
1,110,461
 
Depreciation      
At
1 January 2023
-  
163,570
 
163,570
 
Charge -  
5,052
 
5,052
 
Disposals -  
(7,614
)
(7,614
)
At
31 December 2023
-  
161,008
 
161,008
 
Carrying amount      
At
31 December 2023
934,297
 
15,156
 
949,453
 
At 31 December 2022
934,297
 
19,727
 
954,024
 

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2023
£
Carrying value at
1 January 2023
and
31 December 2023
934,297
 
Fair value at 31 December 2023 and 2022 is represented by:
Cost: £946,559
Valuation in 2016 (£12,262)
Total £934,297

6 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 January 2023
25,072
 
At
31 December 2023
25,072
 
Impairment  
At
1 January 2023
and
31 December 2023
-  
Carrying amount  
At
31 December 2023
25,072
 
At 31 December 2022
25,072
 

7 Debtors

20232022
££
Trade debtors -  
3,108
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
177,100
 
85,049
 
Other debtors
20,344
 
18,377
 
197,444
 
106,534
 

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
320,207
 
282,709
 
Trade creditors
351
 
484
 
Taxation and social security
19,179
 
26,091
 
Other creditors
246,410
 
108,380
 
586,147
 
417,664
 

9 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
137,105
 
146,440
 
Other creditors
11,083
 
17,858
 
148,188
 
164,298
 
The bank loans included in these accounts are secured by a charge over the companies freehold properties.
Amounts repayable by instalments falling due in more than five years were as follows:
Bank Loans £33,557 (2021: £21,565)

10 Guarantees and other financial commitments

There is an unlimited cross guarantee in respect of the group bank borrowings. In the opinion of the directors, no liability is expected to arise.