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REGISTERED NUMBER: 10350718 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

MERTHYR PROPERTIES (EXMINSTER) LTD

MERTHYR PROPERTIES (EXMINSTER) LTD (REGISTERED NUMBER: 10350718)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


MERTHYR PROPERTIES (EXMINSTER) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: P J M Horner
Mrs J L Horner





REGISTERED OFFICE: Merthyr House
The Avenue
Exminster
Devon
EX6 8AT





REGISTERED NUMBER: 10350718 (England and Wales)





ACCOUNTANTS: Sheppard Rockey & Williams Ltd
Sannerville Chase
Exminster
Exeter
Devon
EX6 8AT

MERTHYR PROPERTIES (EXMINSTER) LTD (REGISTERED NUMBER: 10350718)

BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 236,519 236,519

CURRENT ASSETS
Cash at bank 1,948 1,453

CREDITORS
Amounts falling due within one year 5 161,473 154,299
NET CURRENT LIABILITIES (159,525 ) (152,846 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

76,994

83,673

CREDITORS
Amounts falling due after more than one year 6 56,667 65,526
NET ASSETS 20,327 18,147

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 20,325 18,145
SHAREHOLDERS' FUNDS 20,327 18,147

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

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

The directors acknowledge their 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.

MERTHYR PROPERTIES (EXMINSTER) LTD (REGISTERED NUMBER: 10350718)

BALANCE SHEET - continued
31 AUGUST 2024


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 by the Board of Directors and authorised for issue on 13 November 2024 and were signed on its behalf by:




P J M Horner - Director



Mrs J L Horner - Director


MERTHYR PROPERTIES (EXMINSTER) LTD (REGISTERED NUMBER: 10350718)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Merthyr Properties (Exminster) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. The company recognises property rental income in the accounting period to which it relates.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Going concern
The financial statements have been prepared on the going concern basis. The directors have confirmed that adequate finance will be available to enable the company to continue trading for at least twelve months after the date of approval.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

MERTHYR PROPERTIES (EXMINSTER) LTD (REGISTERED NUMBER: 10350718)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 236,519
NET BOOK VALUE
At 31 August 2024 236,519
At 31 August 2023 236,519

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 12,448 12,448
Taxation and social security 1,450 1,877
Other creditors 147,575 139,974
161,473 154,299

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans 56,667 65,526

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,874 15,733

7. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank loans 69,115 77,974

Bank loans and overdrafts are secured by:

1) First charge dated 18 January 2019 over 2 Southview, Main Road Exminster;
2) Fixed and floating charge dated 10 October 2016 over the company's assets by way of a debenture; and
3) A guarantee from the directors in the amount of £140,000.

MERTHYR PROPERTIES (EXMINSTER) LTD (REGISTERED NUMBER: 10350718)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
2 Ordinary shares £1 2 2

9. RELATED PARTY DISCLOSURES

Included in other creditors falling due within one year are loan accounts from the directors amounting to £139,249 (2023: £131,649). The loans are unsecured, repayable on demand and subject to interest at a market rate.