Caseware UK (AP4) 2024.0.164 2024.0.164 2024-10-312024-10-314false2023-11-01The principal activity of the company continues to be that of encouraging and supporting organisations in the provision and development of economic and social services and facilities that will enhance the standard of living and quality of life of inhabitants of Cromer, Suffield Park, and naighbouring parishes.4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05262556 2023-11-01 2024-10-31 05262556 2022-11-01 2023-10-31 05262556 2024-10-31 05262556 2023-10-31 05262556 c:Director10 2023-11-01 2024-10-31 05262556 d:Buildings 2024-10-31 05262556 d:Buildings 2023-10-31 05262556 d:Buildings d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 05262556 d:Buildings d:LongLeaseholdAssets 2023-11-01 2024-10-31 05262556 d:FurnitureFittings 2023-11-01 2024-10-31 05262556 d:FurnitureFittings 2024-10-31 05262556 d:FurnitureFittings 2023-10-31 05262556 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 05262556 d:OfficeEquipment 2023-11-01 2024-10-31 05262556 d:ComputerEquipment 2024-10-31 05262556 d:ComputerEquipment 2023-10-31 05262556 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 05262556 d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 05262556 d:CurrentFinancialInstruments 2024-10-31 05262556 d:CurrentFinancialInstruments 2023-10-31 05262556 d:CurrentFinancialInstruments 1 2024-10-31 05262556 d:CurrentFinancialInstruments 1 2023-10-31 05262556 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 05262556 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 05262556 d:Non-currentFinancialInstruments d:AfterOneYear 2024-10-31 05262556 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 05262556 d:RetainedEarningsAccumulatedLosses 2024-10-31 05262556 d:RetainedEarningsAccumulatedLosses 2023-10-31 05262556 c:FRS102 2023-11-01 2024-10-31 05262556 c:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 05262556 c:FullAccounts 2023-11-01 2024-10-31 05262556 c:CompanyLimitedByGuarantee 2023-11-01 2024-10-31 05262556 f:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:pure

Registered number: 05262556










MERCHANTS PLACE LTD
(A Company Limited by Guarantee)








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
MERCHANTS PLACE LTD
 
(A Company Limited by Guarantee)
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 7


 
MERCHANTS PLACE LTD
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 05262556

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
354,233
365,908

  
354,233
365,908

Current assets
  

Debtors: amounts falling due within one year
 5 
9,212
14,375

Cash at bank and in hand
  
194,949
172,733

  
204,161
187,108

Creditors: amounts falling due within one year
 6 
(51,442)
(120,198)

Net current assets
  
 
 
152,719
 
 
66,910

Total assets less current liabilities
  
506,952
432,818

  

Accruals and deferred income
 8 
(385,641)
(342,362)

Net assets excluding pension asset
  
121,311
90,456

Net assets
  
121,311
90,456


Capital and reserves
  

Profit and loss account
  
121,311
90,456

  
121,311
90,456


Page 1

 
MERCHANTS PLACE LTD
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 05262556
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr I Hubbard
Director

Date: 23 April 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MERCHANTS PLACE LTD

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Merchants Place Ltd is a private company limited by guarantee and incorporated in England and Wales, registration number 08964765. The registered office is Merchants Place, 16 Church Street, Cromer, Norfolk, NR27 9ES.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in sterling, being the company's functional currency, and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Page 3

 
MERCHANTS PLACE LTD

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below:

Depreciation is provided on the following basis:

L/Term Leasehold Property
-
2% straight line
Fixtures & fittings
-
25% reducing balance
Computer equipment
-
33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
MERCHANTS PLACE LTD

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Tangible fixed assets





Freehold property
Fixtures & fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2023
551,132
43,671
28,129
622,932



At 31 October 2024

551,132
43,671
28,129
622,932



Depreciation


At 1 November 2023
186,749
42,595
27,680
257,024


Charge for the year on owned assets
11,024
270
381
11,675



At 31 October 2024

197,773
42,865
28,061
268,699



Net book value



At 31 October 2024
353,359
806
68
354,233



At 31 October 2023
364,383
1,076
449
365,908

Page 5

 
MERCHANTS PLACE LTD

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
7,667
8,965

Prepayments and accrued income
1,545
5,410

9,212
14,375



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
589
7,154

Other taxation and social security
2,318
2,089

Accruals and deferred income
2,836
3,638

Grants received in advance
45,699
107,317

51,442
120,198



7.


Grants received in advance

Unspent grants are included within creditors due within one year, reflected as grants received in advance (note 6). These total £45,699 being £2,877 from NFC - Older Peoples Fund, £4,771 from Lottery Friendship and Advice Hub, £3,904, from Start for life - Infant Feeding, £5,426 from Start For Life - New Fathers, £18,000 from The J Davy Foundation and £10,721 from European Regional Development Fund (ERDF) . These unspent grant monies of £45,699 are being treated as restricted funds at the year end.

Page 6

 
MERCHANTS PLACE LTD

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Creditors: amounts falling due over one year

2024
2023
£
£

Grants
385,641
342,362

(385,641)
(342,362)


Creditors falling due over one year consist of deferred grant income of £385,641 (2023: £342,362) of which £331,641 are of a capital nature on completed projects. 
Grants are amortised in line with the economic lives of the assets to which the grants relate and £331,641 reflects the balance of grant funding remaining unamortised at the balance sheet date. The total cost of the freehold property was funded by various grants and £278,589 was provided by ERDF who included a clause stating if the property stopped supporting the local community within 20 years of the final payment being received, the company would need to repay a proportion of the grant, dependant on the number of years prior to such a change. 



9.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

 
Page 7