Silverfin false false 31/03/2024 01/04/2023 31/03/2024 A A M Hannam 18/02/2011 A M Hannam 03/10/2023 26/11/2014 C L Hannam 18/02/2011 22 November 2024 The principal activity of the Company during the financial year was the sale of used cars and light vehicles. 07535250 2024-03-31 07535250 bus:Director1 2024-03-31 07535250 bus:Director2 2024-03-31 07535250 bus:Director3 2024-03-31 07535250 2023-03-31 07535250 core:CurrentFinancialInstruments 2024-03-31 07535250 core:CurrentFinancialInstruments 2023-03-31 07535250 core:Non-currentFinancialInstruments 2024-03-31 07535250 core:Non-currentFinancialInstruments 2023-03-31 07535250 core:ShareCapital 2024-03-31 07535250 core:ShareCapital 2023-03-31 07535250 core:RetainedEarningsAccumulatedLosses 2024-03-31 07535250 core:RetainedEarningsAccumulatedLosses 2023-03-31 07535250 core:Goodwill 2023-03-31 07535250 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-03-31 07535250 core:Goodwill 2024-03-31 07535250 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-03-31 07535250 core:InvestmentPropertyIncludedWithinPPE 2023-03-31 07535250 core:PlantMachinery 2023-03-31 07535250 core:OfficeEquipment 2023-03-31 07535250 core:InvestmentPropertyIncludedWithinPPE 2024-03-31 07535250 core:PlantMachinery 2024-03-31 07535250 core:OfficeEquipment 2024-03-31 07535250 2023-04-01 2024-03-31 07535250 bus:FilletedAccounts 2023-04-01 2024-03-31 07535250 bus:SmallEntities 2023-04-01 2024-03-31 07535250 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07535250 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07535250 bus:Director1 2023-04-01 2024-03-31 07535250 bus:Director2 2023-04-01 2024-03-31 07535250 bus:Director3 2023-04-01 2024-03-31 07535250 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 07535250 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 07535250 core:PlantMachinery 2023-04-01 2024-03-31 07535250 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 07535250 2022-04-01 2023-03-31 07535250 core:Goodwill 2023-04-01 2024-03-31 07535250 core:InvestmentPropertyIncludedWithinPPE 2023-04-01 2024-03-31 07535250 core:OfficeEquipment 2023-04-01 2024-03-31 07535250 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 07535250 (England and Wales)

MERV HANNAM LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MERV HANNAM LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MERV HANNAM LIMITED

BALANCE SHEET

As at 31 March 2024
MERV HANNAM LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 3,757 809
Tangible assets 4 63,836 62,941
67,593 63,750
Current assets
Stocks 5 884,825 1,060,824
Debtors 6 819,664 717,288
Cash at bank and in hand 1,445,717 1,112,231
3,150,206 2,890,343
Creditors: amounts falling due within one year 7 ( 430,050) ( 255,408)
Net current assets 2,720,156 2,634,935
Total assets less current liabilities 2,787,749 2,698,685
Creditors: amounts falling due after more than one year 8 ( 2,535,000) ( 2,335,000)
Provision for liabilities ( 2,269) ( 994)
Net assets 250,480 362,691
Capital and reserves
Called-up share capital 100 100
Profit and loss account 250,380 362,591
Total shareholder's funds 250,480 362,691

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 financial statements of Merv Hannam Limited (registered number: 07535250) were approved and authorised for issue by the Board of Directors on 22 November 2024. They were signed on its behalf by:

A A M Hannam
Director
MERV HANNAM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MERV HANNAM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Merv Hannam Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Website costs 25 % reducing balance
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Investment property not depreciated
Plant and machinery 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 11

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 April 2023 200,000 1,500 201,500
Additions 0 3,690 3,690
At 31 March 2024 200,000 5,190 205,190
Accumulated amortisation
At 01 April 2023 200,000 691 200,691
Charge for the financial year 0 742 742
At 31 March 2024 200,000 1,433 201,433
Net book value
At 31 March 2024 0 3,757 3,757
At 31 March 2023 0 809 809

4. Tangible assets

Investment property Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 April 2023 58,520 31,849 4,856 95,225
Additions 0 2,499 0 2,499
At 31 March 2024 58,520 34,348 4,856 97,724
Accumulated depreciation
At 01 April 2023 0 27,699 4,585 32,284
Charge for the financial year 0 1,402 202 1,604
At 31 March 2024 0 29,101 4,787 33,888
Net book value
At 31 March 2024 58,520 5,247 69 63,836
At 31 March 2023 58,520 4,150 271 62,941

5. Stocks

2024 2023
£ £
Stocks 884,825 1,060,824

6. Debtors

2024 2023
£ £
Trade debtors 156,203 57,407
Other debtors 663,461 659,881
819,664 717,288

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 164,755 46,844
Taxation and social security 140,864 136,947
Other creditors 124,431 71,617
430,050 255,408

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to Group undertakings 2,535,000 2,335,000

There are no amounts included above in respect of which any security has been given by the small entity.

9. Ultimate controlling party

Parent Company:

Hannam Estates Ltd