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Merityre Properties Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 00604053

 

Merityre Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Merityre Properties Limited

Company Information

Directors

Mr N C Pope

Mrs J E Pope

Registered office

West Way
Walworth Industrial Estate
Andover
Hampshire
SP10 5JG

Accountants

PKF Francis Clark
Chartered Accountants
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

 

Merityre Properties Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

2,790,000

2,355,000

Current assets

 

Debtors

5

48,370

42,245

Cash at bank and in hand

 

230,456

210,992

 

278,826

253,237

Creditors: Amounts falling due within one year

6

(143,101)

(159,758)

Net current assets

 

135,725

93,479

Total assets less current liabilities

 

2,925,725

2,448,479

Provisions for liabilities

(108,571)

(55,699)

Net assets

 

2,817,154

2,392,780

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

2,817,054

2,392,680

Shareholders' funds

 

2,817,154

2,392,780

 

Merityre Properties Limited

Balance Sheet

31 March 2024

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 October 2024 and signed on its behalf by:
 

.........................................
Mr N C Pope
Director

Company Registration Number: 00604053

 

Merityre Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
West Way
Walworth Industrial Estate
Andover
Hampshire
SP10 5JG
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is Sterling, rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rents and insurance premiums recharged.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Merityre Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Merityre Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Investment properties

2024
£

At 1 April 2023

2,355,000

Fair value adjustments

435,000

At 31 March 2024

2,790,000

The company professionally revalue their properties every three years. The company's properties were professionally valued at existing use value as at 31 March 2024 at £2,790,000 by Willett Tippett, property consultants and international valuers.
 

5

Debtors

2024
£

2023
£

Prepayments

13,600

13,600

Other debtors

34,770

28,645

48,370

42,245

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

37

29

Corporation tax

15,122

18,887

Taxation and social security

24,714

23,035

Other creditors

-

21,727

Accruals and deferred income

103,228

96,080

143,101

159,758

 

Merityre Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Reserves

Included in profit and loss reserves is £1,071,569 (2023: £689,069) of non-distributable reserves.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,752,000 (2023 - £4,806,000).

10

Related party transactions

Directors' remuneration

Summary of transactions with entities with joint control or significant interest

Merityre Specialists Limited
 During the year the company received rent, insurance and wages recharges amounting to £280,185 (2023: £236,725) from Merityre Specialists Limited, a company under common control.