REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
MEREPARK GILLIBRANDS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
MEREPARK GILLIBRANDS LIMITED |
MEREPARK GILLIBRANDS LIMITED (REGISTERED NUMBER: 09002362) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MEREPARK GILLIBRANDS LIMITED |
Company Information |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3rd Floor |
St George's House |
56 Peter Street |
Manchester |
M2 3NQ |
MEREPARK GILLIBRANDS LIMITED (REGISTERED NUMBER: 09002362) |
Balance Sheet |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
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. |
MEREPARK GILLIBRANDS LIMITED (REGISTERED NUMBER: 09002362) |
Balance Sheet - continued |
30 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MEREPARK GILLIBRANDS LIMITED (REGISTERED NUMBER: 09002362) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Merepark Gillibrands Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Rental income from investment property is recognised in the profit or loss on a straight line basis over the lease term. Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which they are earned. Rent reviews are recognised when such reviews have been agreed with tenants. Surrender premiums receivable are recognised on completion of the surrender. |
Where a rent free period is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. |
Lease incentives and costs associated with entering into tenant leases are amortised over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. Property operating expenses are expensed as incurred and any property operating expenditure not recovered from tenants through service charges is charged to profit or loss. |
Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
MEREPARK GILLIBRANDS LIMITED (REGISTERED NUMBER: 09002362) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Debtors |
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MEREPARK GILLIBRANDS LIMITED (REGISTERED NUMBER: 09002362) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
Disposals | ( |
) |
Revaluations | (168,386 | ) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The fair value of the freehold investment property of has been determined based on the sale value realised after the reporting period. These properties were sold subsequent to the year-end, and the sale price provides the basis for the fair value estimate as of the reporting date. This approach reflects the most reliable evidence of the properties' market value as at the year end. |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2024 | (168,386 | ) |
Cost | 1,098,386 |
930,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 4,120 | 920 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to related parties | - | 7,838 |
Taxation and social security |
Other creditors |
MEREPARK GILLIBRANDS LIMITED (REGISTERED NUMBER: 09002362) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
The RBS bank loan is secured on the land at Keepers Wood Way, Gillibrand Way, Chorley and associated assets. |
The Axis Bank UK Limited bank loans are secured on the land at plot 4, Higher Heath, Knutsford Road, Cranage, Crewe, Cheshire; and fixed charges exist. |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 May 2023 |
Disposals | (61,614 | ) |
At 30 April 2024 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the year end the balance due to directors was £252,350 (2023: £252,350). This amount is included within Other creditors. |
10. | NON-ADJUSTING POST BALANCE SHEET EVENTS |
Subsequent to the year-end but prior to the issuance of the financial statements, the company sold its remaining freehold commercial investment. The consideration received for the sale of the property was £385,000. |
11. | ULTIMATE CONTROLLING PARTY |
The company is jointly controlled by the directors of the company, Richard Peel and Robert Ross. |