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REGISTERED NUMBER: 07559928 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MERCHANT & MILLS LIMITED

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)






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

Chartered Accountants' Report 9

MERCHANT & MILLS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: C N K Denham
R A Field





REGISTERED OFFICE: Unit 7-9 Rye Industrial Park
Rye Harbour Road
Rye
East Sussex
TN31 7TE





REGISTERED NUMBER: 07559928 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,408 14,320
Tangible assets 5 1,133,176 974,471
Investments 6 7,094 6,500
1,148,678 995,291

CURRENT ASSETS
Stocks 796,659 846,081
Debtors 7 240,936 101,833
Cash at bank and in hand 1,018,938 718,144
2,056,533 1,666,058
CREDITORS
Amounts falling due within one year 8 393,040 245,405
NET CURRENT ASSETS 1,663,493 1,420,653
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,812,171

2,415,944

CREDITORS
Amounts falling due after more than one
year

9

(91,119

)

(94,887

)

PROVISIONS FOR LIABILITIES (30,673 ) (23,868 )
NET ASSETS 2,690,379 2,297,189

CAPITAL AND RESERVES
Called up share capital 4 4
Capital redemption reserve 12 4 4
Retained earnings 12 2,690,371 2,297,181
SHAREHOLDERS' FUNDS 2,690,379 2,297,189

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 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.

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

BALANCE SHEET - continued
31 MARCH 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 21 November 2024 and were signed on its behalf by:





C N K Denham - Director


MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

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

1. STATUTORY INFORMATION

Merchant & Mills 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.

On the basis of this consideration, the directors are satisfied that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they consider that no material uncertainty exists. As a result, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

This has now been amortised fully.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

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

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss 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 32 (2023 - 31 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 10,000 29,564 39,564
AMORTISATION
At 1 April 2023 10,000 15,244 25,244
Charge for year - 5,912 5,912
At 31 March 2024 10,000 21,156 31,156
NET BOOK VALUE
At 31 March 2024 - 8,408 8,408
At 31 March 2023 - 14,320 14,320

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

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

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2023 254,805 668,719 28,988
Additions - 193,661 9,864
At 31 March 2024 254,805 862,380 38,852
DEPRECIATION
At 1 April 2023 40,769 43,589 18,426
Charge for year 5,096 17,247 5,107
At 31 March 2024 45,865 60,836 23,533
NET BOOK VALUE
At 31 March 2024 208,940 801,544 15,319
At 31 March 2023 214,036 625,130 10,562

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 192,888 14,368 239,816 1,399,584
Additions 19,264 - 23,192 245,981
At 31 March 2024 212,152 14,368 263,008 1,645,565
DEPRECIATION
At 1 April 2023 114,125 10,370 197,834 425,113
Charge for year 24,507 999 34,320 87,276
At 31 March 2024 138,632 11,369 232,154 512,389
NET BOOK VALUE
At 31 March 2024 73,520 2,999 30,854 1,133,176
At 31 March 2023 78,763 3,998 41,982 974,471

6. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
At 1 April 2023 6,500
Additions 594
At 31 March 2024 7,094
NET BOOK VALUE
At 31 March 2024 7,094
At 31 March 2023 6,500

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 25,614 30,551
Other debtors 6,941 2,424
Tax 169,024 -
VAT 23,857 52,758
Prepayments 15,500 16,100
240,936 101,833

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 6,520 6,365
Trade creditors 20,000 139,724
Tax 204,305 55,598
Other creditors 2,004 -
Accruals and deferred income 93,964 -
Accrued expenses 66,247 43,718
393,040 245,405

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 2-5 years 26,082 25,460
Bank loans more 5 yr by instal 65,037 69,427
91,119 94,887

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 65,037 69,427

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 94,450 24,000
Between one and five years 188,900 48,000
283,350 72,000

The company has rental agreements in place on the following properties:-

22A Winchelsea Road, Rye, East Sussex.
Units 7-9, Rye Industrial Park, Rye, East Sussex.
Unit 13, Rye Industrial Park, Rye,East Sussex.
Unit 31, Rye Industrial Park, Rye, East Sussex.
Unit 30, Rye Industrial Park, Rye, East Sussex.
Units R10- R10A, Rastrum park, Rye, East Sussex.
4 The Grove, Rye, East Sussex.

MERCHANT & MILLS LIMITED (REGISTERED NUMBER: 07559928)

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

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 97,639 101,252

Barclays Bank PLC have a charge over 14a Tower Street, Rye, East Sussex, TN31 7AT. This property is on the company's balance sheet and where the business conducts its trade from.

12. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 2,297,181 4 2,297,185
Profit for the year 563,264 563,264
Dividends (170,074 ) (170,074 )
At 31 March 2024 2,690,371 4 2,690,375

13. ULTIMATE PARENT COMPANY

The company is controlled by MMXX Estates Limited (company number 12494079), which holds 100% of the issued share capital.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MERCHANT & MILLS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Merchant & Mills Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Merchant & Mills Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Merchant & Mills Limited and state those matters that we have agreed to state to the Board of Directors of Merchant & Mills Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Merchant & Mills Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Merchant & Mills Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Merchant & Mills Limited. You consider that Merchant & Mills Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Merchant & Mills Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP


25 November 2024