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Company No: 11278889 (England and Wales)

LONDON AND ARGYLL (MERTON) LIMITED

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

LONDON AND ARGYLL (MERTON) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

LONDON AND ARGYLL (MERTON) LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
LONDON AND ARGYLL (MERTON) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS S Buckland (Appointed 22 January 2025)
J Carson
B Carson
L Carson
M Greene (Resigned 22 January 2025)
REGISTERED OFFICE 35 Ballards Lane
London
N3 1XW
United Kingdom
COMPANY NUMBER 11278889 (England and Wales)
ACCOUNTANTS Berg Kaprow Lewis LLP
35 Ballards Lane
London
N3 1XW
LONDON AND ARGYLL (MERTON) LIMITED

BALANCE SHEET

As at 31 December 2024
LONDON AND ARGYLL (MERTON) LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Current assets
Stocks 4,523,634 4,523,634
Debtors 4 4,688,169 466,978
Cash at bank and in hand 476,809 672,079
9,688,612 5,662,691
Creditors: amounts falling due within one year 5 ( 696,124) ( 558,599)
Net current assets 8,992,488 5,104,092
Total assets less current liabilities 8,992,488 5,104,092
Creditors: amounts falling due after more than one year 6 ( 3,600,000) 0
Net assets 5,392,488 5,104,092
Capital and reserves
Called-up share capital 1,000 1,000
Share premium account 4,502,344 4,502,344
Profit and loss account 889,144 600,748
Total shareholder's funds 5,392,488 5,104,092

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of London And Argyll (Merton) Limited (registered number: 11278889) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Carson
Director

26 March 2025

LONDON AND ARGYLL (MERTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
LONDON AND ARGYLL (MERTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

London And Argyll (Merton) 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 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Profit and Loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 4 4

4. Debtors

2024 2023
£ £
Trade debtors 132,205 131,334
Other debtors 4,555,964 335,644
4,688,169 466,978

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,851 32,146
CIS withheld 73 73
Taxation and social security 129,185 97,212
Other creditors 565,015 429,168
696,124 558,599

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

2024 2023
£ £
Bank loans 3,600,000 0

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

7. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts owed by the parent company included in other debtors 12,957 10,367

Other related party transactions

2024 2023
£ £
Amounts owed by companies under common control included in other debtors 4,501,419 306,135
Amounts owed to companies under common control included in other creditors 338,037 254,097

8. Ultimate controlling party

There is no ultimate controlling party.