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REGISTERED NUMBER: 05401232 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Merrifields Limited

Merrifields Limited (Registered number: 05401232)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Merrifields Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr G D G Ellis





SECRETARY: Mrs A T Ellis





REGISTERED OFFICE: 1 Pinnacle Way
Pride Park
Derby
Derbyshire
DE24 8ZS





REGISTERED NUMBER: 05401232 (England and Wales)





ACCOUNTANTS: Franklins
1 Pinnacle Way
Pride Park
Derby
Derbyshire
DE24 8ZS

Merrifields Limited (Registered number: 05401232)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,000 20,000
Tangible assets 5 19,795 3,065
29,795 23,065

CURRENT ASSETS
Debtors 6 149,654 192,510
Cash at bank and in hand 54,008 69,810
203,662 262,320
CREDITORS
Amounts falling due within one year 7 154,785 133,259
NET CURRENT ASSETS 48,877 129,061
TOTAL ASSETS LESS CURRENT
LIABILITIES

78,672

152,126

PROVISIONS FOR LIABILITIES 4,769 546
NET ASSETS 73,903 151,580

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 73,803 151,480
SHAREHOLDERS' FUNDS 73,903 151,580

Merrifields Limited (Registered number: 05401232)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:





Mr G D G Ellis - Director


Merrifields Limited (Registered number: 05401232)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Merrifields Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of services falling within the company's ordinary activities.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings - 15% on a reducing balance basis
Computer and equipment - 50% on a reducing balance basis

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Merrifields Limited (Registered number: 05401232)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 200,000
AMORTISATION
At 1 April 2023 180,000
Amortisation for year 10,000
At 31 March 2024 190,000
NET BOOK VALUE
At 31 March 2024 10,000
At 31 March 2023 20,000

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 3,188 15,025 18,213
Additions 20,218 1,460 21,678
At 31 March 2024 23,406 16,485 39,891
DEPRECIATION
At 1 April 2023 2,191 12,957 15,148
Charge for year 3,181 1,767 4,948
At 31 March 2024 5,372 14,724 20,096
NET BOOK VALUE
At 31 March 2024 18,034 1,761 19,795
At 31 March 2023 997 2,068 3,065

Merrifields Limited (Registered number: 05401232)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 32,614 68,113
Other debtors 20,975 16,907
Directors' current accounts 83,641 93,420
Prepayments and accrued income 12,424 14,070
149,654 192,510

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 24,758 8,913
Tax 53,757 72,517
Social security and other taxes 7,474 7,467
VAT 36,006 40,881
Other creditors 28,989 -
Accruals and deferred income 3,801 3,481
154,785 133,259

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr G D G Ellis
Balance outstanding at start of year 93,420 70,089
Amounts advanced 121,728 111,483
Amounts repaid (131,507 ) (88,152 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 83,641 93,420

The director's loan account was fully repaid within nine months of the year end. Interest was charged on the director's loan account at HM Revenue & Customs official rate of interest during the year being 2% to 5th April 2023 and 2.25% per annum thereafter.

9. RELATED PARTY TRANSACTIONS

Interest free loans advanced from companies with common directors and under common control amounted to £Nil at 31 March 2024 (2023 - £Nil).