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COMPANY REGISTRATION NUMBER: 03052795
MERCHANT X LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 May 2024
MERCHANT X LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30th MAY 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
MERCHANT X LIMITED
STATEMENT OF FINANCIAL POSITION
30 May 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Investment property
5
90,000
90,000
CURRENT ASSETS
Cash at bank and in hand
807
768
CREDITORS: amounts falling due within one year
6
29,188
27,881
---------
---------
NET CURRENT LIABILITIES
28,381
27,113
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
61,619
62,887
CREDITORS: amounts falling due after more than one year
7
15,828
22,662
---------
---------
NET ASSETS
45,791
40,225
---------
---------
CAPITAL AND RESERVES
Called up share capital
8
200,002
200,002
Profit and loss account
( 154,211)
( 159,777)
----------
----------
SHAREHOLDERS FUNDS
45,791
40,225
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th May 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MERCHANT X LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 May 2024
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
S. T. Dale
Director
Company registration number: 03052795
MERCHANT X LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th MAY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 15 Brenkley Way, Blezard Business Park, Wideopen, Newcastle Upon Tyne, NE13 6DS.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The director considers that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Investment property
The investment property was initially recorded at cost, which included purchase price and any directly attributable expenditure. The investment property is then revalued to its fair value at each reporting date and any change in the fair value is recognised through the income statement.
The investment property is not depreciated.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year, being the director of the company, amounted to 1 (2023: 1).
5. INVESTMENT PROPERTY
Investment property
£
Valuation
At 31st May 2023 and 30th May 2024
90,000
---------
Impairment
At 31st May 2023 and 30th May 2024
---------
Carrying amount
At 30th May 2024
90,000
---------
At 30th May 2023
90,000
---------
The investment property is stated at the directors' opinion of fair value.
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loan
6,764
6,372
Accruals and deferred income
1,203
1,062
Corporation tax
1,275
1,211
Director loan accounts
19,946
19,236
---------
---------
29,188
27,881
---------
---------
The bank loan, included within creditors: amounts falling due within one year, is secured against the investment property in the financial statements.
7. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loan
15,828
22,662
---------
---------
The bank loan, included within creditors: amounts falling due after more than one year, is secured against the investment property in the financial statements.
8. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
200,002
200,002
200,002
200,002
----------
----------
----------
----------
9. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A smaller entities.