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REGISTERED NUMBER: 08519394 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FORTIS MERCHANTS LIMITED

FORTIS MERCHANTS LIMITED (REGISTERED NUMBER: 08519394)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FORTIS MERCHANTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr J M Davies
Mr D J Berry
Mr A J Manning





REGISTERED OFFICE: Bizspace Highlands Road
Shirley
Solihull
B90 4PD





REGISTERED NUMBER: 08519394 (England and Wales)





AUDITORS: Gibson Whitter Limited
Statutory Auditors
Larch House
Parklands Business Park
Denmead
Hampshire
PO7 6XP

FORTIS MERCHANTS LIMITED (REGISTERED NUMBER: 08519394)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Debtors 5 1,100,922 1,321,727
Cash at bank and in hand 3,541,868 4,620,762
4,642,790 5,942,489
CREDITORS
Amounts falling due within one year 6 4,075,243 5,041,268
NET CURRENT ASSETS 567,547 901,221
TOTAL ASSETS LESS CURRENT
LIABILITIES

567,547

901,221

CREDITORS
Amounts falling due after more than one
year

7

227,875

587,558
NET ASSETS 339,672 313,663

RESERVES
Income and expenditure account 339,672 313,663
339,672 313,663

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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





Mr A J Manning - Director


FORTIS MERCHANTS LIMITED (REGISTERED NUMBER: 08519394)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Fortis Merchants Limited is a private company, limited by guarantee , 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 is derived from ordinary activities, stated net of value added tax. Revenue is recognised at the point the company satisfies a performance obligation to a customer. Membership income is recognised evenly over the membership period.

The company receives and distributes rebates on behalf of its members. Rebates are not included in the company's income and expenditure account.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

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 5 (2022 - 5 ) .

FORTIS MERCHANTS LIMITED (REGISTERED NUMBER: 08519394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 320,000
PROVISIONS
At 1 January 2023
and 31 December 2023 320,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Merchant Distribution Limited
Registered office: Sussex House, Quarry Lane, Chichester, United Kingdom, PO19 8PE
Nature of business: Wholesale of construction materials
%
Class of shares: holding
Ordinary shares 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 333,041 341,549
Loss for the year (8,508 ) (1,114 )

The directors have assessed that the above investment is impaired at 31 December 2023 on the basis that the company in which the investment has been made has now ceased trading and the distribution due on liquidation accrued as a debtor in the financial statements (£339,223).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 331,230 908,549
Other debtors 769,692 413,178
1,100,922 1,321,727

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 210,642 60,274
Taxation and social security 176,701 468,572
Other creditors 3,687,900 4,512,422
4,075,243 5,041,268

FORTIS MERCHANTS LIMITED (REGISTERED NUMBER: 08519394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors 227,875 587,558

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 22,299 21,238

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Linda Gibson FCA CTA (Senior Statutory Auditor)
for and on behalf of Gibson Whitter Limited

10. PENSION COMMITMENTS

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the scheme and amounted to £6,212 (31.12.22: £5,884). Contributions totalling £1,469 were outstanding at 31 December 2023 (31.12.22: £1,420).

11. RELATED PARTY DISCLOSURES

During the year the company made sales to connected companies of £38,190 (31.12.22: £65,526).

During the year the company paid category directors fees to connected companies of £90,465 (31.12.22: £105,195).

During the year the company paid support for listing agreements and meeting costs to connected companies of £79,259 (31.12.22: £111,518).

The aggregate amount owed to connected companies at the balance sheet date is £227,931 (31.12.22: £339,819).

12. ULTIMATE CONTROLLING PARTY

The company is controlled by its members collectively. No one individual or any other entity controls the company.

13. LIMITED BY GUARANTEE

The liability of each member is limited to £1, being the amount that each member undertakes to contribute to the assets of the company in the event of its being wound up while he is a member or within one year after he ceases to be a member.