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COMPANY REGISTRATION NUMBER: 09659870
MERRYFIELD ESTATES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2024
MERRYFIELD ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
309,023
373,891
Current assets
Debtors
6
4,147
13,623
Cash at bank and in hand
19,629
2,047
--------
--------
23,776
15,670
Creditors: amounts falling due within one year
7
594,562
646,644
---------
---------
Net current liabilities
570,786
630,974
---------
---------
Total assets less current liabilities
( 261,763)
( 257,083)
Creditors: amounts falling due after more than one year
8
37,283
11,947
---------
---------
Net liabilities
( 299,046)
( 269,030)
---------
---------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
( 299,146)
( 269,130)
---------
---------
Shareholders deficit
( 299,046)
( 269,030)
---------
---------
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 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MERRYFIELD ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 14 March 2025 , and are signed on behalf of the board by:
Mr T D E Robinson
Director
Company registration number: 09659870
MERRYFIELD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, Blisworth Hill Farm , Stoke Road, Blisworth, Northampton, Northants, NN7 3DB.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared under the going concern concept; the Director has confirmed that they will continue to support the company for a period of 12 months after the date of signing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
5 Years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Buildings
-
4% straight line
Plant and machinery
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 July 2023 and 30 June 2024
5,000
-------
Amortisation
At 1 July 2023 and 30 June 2024
5,000
-------
Carrying amount
At 30 June 2024
-------
At 30 June 2023
-------
5. Tangible assets
Short leasehold property
Plant and machinery
Total
£
£
£
Cost
At 1 July 2023
196,897
415,068
611,965
Disposals
( 18,850)
( 18,850)
---------
---------
---------
At 30 June 2024
196,897
396,218
593,115
---------
---------
---------
Depreciation
At 1 July 2023
53,678
184,396
238,074
Charge for the year
7,876
46,134
54,010
Disposals
( 7,992)
( 7,992)
---------
---------
---------
At 30 June 2024
61,554
222,538
284,092
---------
---------
---------
Carrying amount
At 30 June 2024
135,343
173,680
309,023
---------
---------
---------
At 30 June 2023
143,219
230,672
373,891
---------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
1,560
1,560
Other debtors
2,587
12,063
-------
--------
4,147
13,623
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,055
2,979
Trade creditors
3,492
8,656
Accruals and deferred income
1,351
1,334
Social security and other taxes
2,051
Obligations under finance leases and hire purchase contracts
16,594
30,667
Director loan accounts
408,404
449,385
Other creditors
159,615
153,623
---------
---------
594,562
646,644
---------
---------
Included in creditors are amounts due of £16,594 (2023: £30,667) which are secured on the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,706
6,776
Other creditors
33,577
5,171
--------
--------
37,283
11,947
--------
--------
Included in creditors are amounts due of £33,577 (2023: £5,171) which are secured on the assets to which they relate.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----