Merritt Developments Limited 01941456 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Property development and investment Digita Accounts Production Advanced 6.30.9574.0 true 01941456 2023-04-01 2024-03-31 01941456 2024-03-31 01941456 core:RetainedEarningsAccumulatedLosses 2024-03-31 01941456 core:RevaluationReserve 2024-03-31 01941456 core:ShareCapital 2024-03-31 01941456 core:CurrentFinancialInstruments 2024-03-31 01941456 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01941456 core:Non-currentFinancialInstruments 2024-03-31 01941456 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 01941456 core:FurnitureFittings 2024-03-31 01941456 core:MotorVehicles 2024-03-31 01941456 bus:SmallEntities 2023-04-01 2024-03-31 01941456 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01941456 bus:FilletedAccounts 2023-04-01 2024-03-31 01941456 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01941456 bus:RegisteredOffice 2023-04-01 2024-03-31 01941456 bus:Director1 2023-04-01 2024-03-31 01941456 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01941456 core:FurnitureFittings 2023-04-01 2024-03-31 01941456 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01941456 core:MotorCars 2023-04-01 2024-03-31 01941456 core:MotorVehicles 2023-04-01 2024-03-31 01941456 countries:EnglandWales 2023-04-01 2024-03-31 01941456 2023-03-31 01941456 core:FurnitureFittings 2023-03-31 01941456 core:MotorVehicles 2023-03-31 01941456 2022-04-01 2023-03-31 01941456 2023-03-31 01941456 core:RetainedEarningsAccumulatedLosses 2023-03-31 01941456 core:RevaluationReserve 2023-03-31 01941456 core:ShareCapital 2023-03-31 01941456 core:CurrentFinancialInstruments 2023-03-31 01941456 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01941456 core:Non-currentFinancialInstruments 2023-03-31 01941456 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 01941456 core:FurnitureFittings 2023-03-31 01941456 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 01941456

Merritt Developments Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Merritt Developments Limited

(Registration number: 01941456)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

56,114

3,522

Investment property

5

5,200,000

5,200,000

 

5,256,114

5,203,522

Current assets

 

Debtors

6

2,209

6,216

Cash at bank and in hand

 

1,541,360

2,156,438

 

1,543,569

2,162,654

Creditors: Amounts falling due within one year

7

(516,053)

(540,200)

Net current assets

 

1,027,516

1,622,454

Total assets less current liabilities

 

6,283,630

6,825,976

Creditors: Amounts falling due after more than one year

7

-

(443,304)

Provisions for liabilities

(577,674)

(578,005)

Net assets

 

5,705,956

5,804,667

Capital and reserves

 

Called up share capital

1,000

1,000

Fair value reserve

2,701,612

2,701,612

Profit and loss account

3,003,344

3,102,055

Shareholders' funds

 

5,705,956

5,804,667

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.

Director's 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 director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 11 November 2024
 

 

Merritt Developments Limited

(Registration number: 01941456)
Statement of Financial Position as at 31 March 2024

.........................................
Mr I C Merritt
Director

 

Merritt Developments Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of completed properties and rental income received in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Merritt Developments Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Fixtures and fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. 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.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

Merritt Developments Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Merritt Developments Limited

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

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

6,596

27,805

34,401

Additions

592

72,795

73,387

Disposals

-

(27,805)

(27,805)

At 31 March 2024

7,188

72,795

79,983

Depreciation

At 1 April 2023

5,161

25,718

30,879

Charge for the year

509

18,199

18,708

Eliminated on disposal

-

(25,718)

(25,718)

At 31 March 2024

5,670

18,199

23,869

Carrying amount

At 31 March 2024

1,518

54,596

56,114

At 31 March 2023

1,435

2,087

3,522

5

Investment properties

2024
£

At 1 April 2023

5,200,000

At 31 March 2024

5,200,000

Investment properties were revalued by the director in 2023, his assessment being based on open market values of similar properties advertised for sale as at the year end, with an allowance made for fair wear and tear. In his opinion there has been no significant change in fair value since the last revaluation.

 

Merritt Developments Limited

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

6

Debtors

2024
£

2023
£

Other debtors

-

3,299

Prepayments

2,209

2,917

2,209

6,216

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

10,684

71,845

Accruals and deferred income

8,679

8,135

Other creditors

496,690

460,220

516,053

540,200

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

-

443,304

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

443,304