The Merriman Partnership Limited 09064335 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is solicitors providing a variety of legal services Digita Accounts Production Advanced 6.30.9574.0 true true 09064335 2023-07-01 2024-06-30 09064335 2024-06-30 09064335 core:RetainedEarningsAccumulatedLosses 2024-06-30 09064335 core:ShareCapital 2024-06-30 09064335 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-06-30 09064335 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-06-30 09064335 core:CurrentFinancialInstruments 2024-06-30 09064335 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 09064335 core:Non-currentFinancialInstruments 2024-06-30 09064335 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 09064335 core:Goodwill 2024-06-30 09064335 core:OtherResidualIntangibleAssets 2024-06-30 09064335 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 09064335 core:OfficeEquipment 2024-06-30 09064335 bus:SmallEntities 2023-07-01 2024-06-30 09064335 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 09064335 bus:FilletedAccounts 2023-07-01 2024-06-30 09064335 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 09064335 bus:RegisteredOffice 2023-07-01 2024-06-30 09064335 bus:Director1 2023-07-01 2024-06-30 09064335 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09064335 core:Goodwill 2023-07-01 2024-06-30 09064335 core:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 09064335 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09064335 core:LeaseholdImprovements 2023-07-01 2024-06-30 09064335 core:OfficeEquipment 2023-07-01 2024-06-30 09064335 core:PlantMachinery 2023-07-01 2024-06-30 09064335 countries:EnglandWales 2023-07-01 2024-06-30 09064335 2023-06-30 09064335 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 09064335 core:OfficeEquipment 2023-06-30 09064335 2022-07-01 2023-06-30 09064335 2023-06-30 09064335 core:RetainedEarningsAccumulatedLosses 2023-06-30 09064335 core:ShareCapital 2023-06-30 09064335 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 09064335 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 09064335 core:CurrentFinancialInstruments 2023-06-30 09064335 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 09064335 core:Non-currentFinancialInstruments 2023-06-30 09064335 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 09064335 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 09064335 core:OfficeEquipment 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 09064335

The Merriman Partnership Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

The Merriman Partnership Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

The Merriman Partnership Limited

(Registration number: 09064335)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

59,302

-

Tangible assets

5

17,766

19,074

 

77,068

19,074

Current assets

 

Stocks

6

1,000

1,000

Debtors

7

158,499

257,364

Cash at bank and in hand

 

137,449

19,818

 

296,948

278,182

Creditors: Amounts falling due within one year

8

(187,468)

(140,184)

Net current assets

 

109,480

137,998

Total assets less current liabilities

 

186,548

157,072

Creditors: Amounts falling due after more than one year

8

(10,000)

(21,265)

Provisions for liabilities

(4,270)

(4,317)

Net assets

 

172,278

131,490

Capital and reserves

 

Called up share capital

120

100

Retained earnings

172,158

131,390

Shareholders' funds

 

172,278

131,490

 

The Merriman Partnership Limited

(Registration number: 09064335)
Balance Sheet as at 30 June 2024

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
C J Petrie
Director

 

The Merriman Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Vanbrugh House
Grange Drive
Hedge End
Southampton
Hampshire
SO30 2AF
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of legal services during the year, net of value added tax. In respect of long term contracts for on going services, turnover represents the value of work done in the year. including estimates of amounts not invoiced. Turnover in respect of long term contracts for on going services is recognised by reference to the stage of completion.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

The Merriman Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% per annum of net book value

Leasehold improvements

Straight line basis over the lease period

Assets held under finance lease

Depreciation over the term of the lease

Intangible assets

Other intangible assets are amortised over 10 years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Client accounts
 

Client accounts comprise of money held on behalf of clients. At 30 June 2024 the company held client monies totalled £5,360,570.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

The Merriman Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 17).

 

The Merriman Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

10,000

54,725

64,725

At 30 June 2024

10,000

54,725

64,725

Amortisation

Amortisation charge

-

5,423

5,423

At 30 June 2024

-

5,423

5,423

Carrying amount

At 30 June 2024

10,000

49,302

59,302

 

The Merriman Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Lease assets
Included within the net book value of tangible fixed assets is £1,033 (2023: £2,159) in respect of assets held under finance lease and similar hire purchase contract. Depreciation for the year on these assets was £1,127 (2023: £1,127).

Leasehold land and buildings
£

Furniture, fittings and equipment
£

Total
£

Cost or valuation

At 1 July 2023

15,539

108,986

124,525

Additions

-

4,812

4,812

At 30 June 2024

15,539

113,798

129,337

Depreciation

At 1 July 2023

13,844

91,607

105,451

Charge for the year

577

5,543

6,120

At 30 June 2024

14,421

97,150

111,571

Carrying amount

At 30 June 2024

1,118

16,648

17,766

At 30 June 2023

1,695

17,379

19,074

6

Stocks

2024
£

2023
£

Other inventories

1,000

1,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

56,185

86,842

Prepayments

32,868

34,823

Other debtors

69,446

135,699

 

158,499

257,364

 

The Merriman Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

25,157

25,102

Trade creditors

 

16,531

17,277

Taxation and social security

 

67,026

63,855

Other creditors

 

78,754

33,950

 

187,468

140,184

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

10,000

21,265

Lloyds bank PLC holds a fixed and floating charge over the assets of the company.

 

The Merriman Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

1,265

1,687

Other borrowings

13,892

13,415

25,157

25,102

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

-

Hire purchase contracts

-

1,265

Other borrowings

-

20,000

10,000

21,265