Merman London Limited
Unaudited Financial Statements
For the year ended 30 June 2024
Pages for Filing with Registrar
Company Registration No. 10661931 (England and Wales)
Merman London Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Merman London Limited
Balance Sheet
As at 30 June 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,449
9,827
Current assets
Debtors
4
1,230,344
442,831
Cash at bank and in hand
1,825,500
2,315,329
3,055,844
2,758,160
Creditors: amounts falling due within one year
5
(2,302,680)
(2,041,915)
Net current assets
753,164
716,245
Net assets
764,613
726,072
Capital and reserves
Called up share capital
6
124
124
Capital redemption reserve
33
33
Profit and loss reserves
764,456
725,915
Total equity
764,613
726,072

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
K L Carstensen
Director
Company Registration No. 10661931
Merman London Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Page 2
1
Accounting policies
Company information

Merman London Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised in respect of the productions from the point at which the company has obtained the right to consideration in return for performance. This is considered to be when all necessary approvals during the process of pre-production have been obtained from the commissioning agency and normally equates to the date at which shooting of the production commences. No profit element is recognised until the company is able to estimate the profit on the production reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
Computers
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Merman London Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 3

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Merman London Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 4
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

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

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Merman London Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 5
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
10
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
27,823
Additions
7,022
At 30 June 2024
34,845
Depreciation and impairment
At 1 July 2023
17,996
Depreciation charged in the year
5,400
At 30 June 2024
23,396
Carrying amount
At 30 June 2024
11,449
At 30 June 2023
9,827
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
637,597
353,106
Other debtors
93,782
61,393
Prepayments and accrued income
498,965
28,332
1,230,344
442,831
Merman London Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 6
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
417,402
235,415
Corporation tax
31,860
61,648
Other taxation and social security
275,957
311,821
Other creditors
1,577,461
1,433,031
2,302,680
2,041,915
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary A shares of 1p each
8,773
8,773
87
87
ordinary B shares of 1p each
3,627
3,627
36
36
12,400
12,400
124
124

The ordinary A and ordinary B shares have full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
43,750
50,000
Between two and five years
-
0
43,750
43,750
93,750
Merman London Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 7
8
Related party transactions

During the year, the company made sales of £5,635 (2023: £2,429) and incurred purchases of £220,647 (2023: £213,322) from Merman USA LLC, a related party by virtue of common control. At the year end, an amount of £2,288 was due from Merman USA LLC (2023: £3,163).

 

During the year, the company recharged no costs (2023: £9,611) and made purchases of £25,202 (2023: £17,787) from Merman Television Limited, a related party by virtue of common directorship. At the year end, an amount of £2,852 (2023: £18,031) was due to Merman Television Limited.

 

During the year, the company made purchases of £134,750 2023: £72,218) from Sheedy Limited, a related party by virtue of common directorship. At the year end, an amount of £1,194 was due from Sheedy Limited (2023: £nil).

 

During the year, the company made purchases on behalf of Mermade London Limited of £3,917 (2023: £nil), a related party by virtue of common directorship. At the year end, an amount of £15,191 (2023: £11,274) was due from Mermade London Limited.

 

During the year, the company made purchases of £70,000 (2023: £38,382) from Sunburnt Penguin Productions Limited, a related party by virtue of common directorship.

 

During the year, the company made purchases of £390,250 (2023: £213,322) from Merman Branded LLC, a related party by virtue of common directorship.

 

During the year, the company advanced a total of £40,000 (2023: £nil) to the directors, resulting in a closing loan balance of £44,124 (2023: £124). The full balance was returned after the year end.

9
Controlling party

The controlling party is Kira Carstensen by virtue of her majority shareholding.

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