Registered number
03434604
Merry Hill Private Hire Limited
Filleted Accounts
31 August 2024
Merry Hill Private Hire Limited
Registered number: 03434604
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 514,533 840,958
Current assets
Debtors 4 50,238 8,648
Cash at bank and in hand 77,699 142,900
127,937 151,548
Creditors: amounts falling due within one year 5 (227,587) (372,629)
Net current liabilities (99,650) (221,081)
Total assets less current liabilities 414,883 619,877
Creditors: amounts falling due after more than one year 6 (216,170) (313,697)
Provisions for liabilities (88,635) (128,635)
Net assets 110,078 177,545
Capital and reserves
Called up share capital 480 480
Revaluation reserve 7 128,212 191,822
Profit and loss account (18,614) (14,757)
Shareholders' funds 110,078 177,545
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C B Cooper
Director
Approved by the board on 8 April 2025
Merry Hill Private Hire Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets were revalued at 31/8/2023. Prior to this they were measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation was provided on all tangible fixed assets,at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 15% reducing balance method
Fixtures, fittings, tools and equipment 15% reducing balance method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 20
3 Tangible fixed assets
Fixtures and fittings Motor vehicles Total
£ £ £
Cost
At 1 September 2023 32,915 835,000 867,915
Additions 748 23,995 24,743
Disposals - (264,000) (264,000)
At 31 August 2024 33,663 594,995 628,658
Depreciation
At 1 September 2023 26,957 - 26,957
Charge for the year 961 89,535 90,496
On disposals - (3,328) (3,328)
At 31 August 2024 27,918 86,207 114,125
Net book value
At 31 August 2024 5,745 508,788 514,533
At 31 August 2023 5,958 835,000 840,958
Revalued tangible fixed assets 2024 2023
£ £
Historical cost 594,995 908,205
Cumulative depreciation based on historical cost 265,027 265,027
329,968 643,178
The motor vehicles were revalued by the Directors as at 31/8/2023. The remaining vehicles at 31/8/2024 are now stated at revalued cost b/f less depreciation.
4 Debtors 2024 2023
£ £
Trade debtors 8,066 2,394
Other debtors 42,172 6,254
50,238 8,648
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,140 9,500
Obligations under finance lease and hire purchase contracts 82,752 162,602
Trade creditors 37,987 24,200
Taxation and social security costs 94,876 54,072
Other creditors 1,832 122,255
227,587 372,629
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,968 23,662
Obligations under finance lease and hire purchase contracts 203,202 290,035
216,170 313,697
Bank loans are secured by a fixed and floating charge over the assets of the company. Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.
7 Revaluation reserve 2024 2023
£ £
At 1 September 2023 191,822 -
Adjustment on sales/revaluation of assets (63,610) 191,822
At 31 August 2024 128,212 191,822
8 Taxation 2024 2023
£ £
Corporation tax for the year 94,401 50,087
Movement in deferred tax due to accelerated capital allowances (40,000) (17,890)
54,401 32,197
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases - 18,340
10 Other information
Merry Hill Private Hire Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4
Two Woods Industrial Estate
Talbots Lane
Brierley Hill
West Midlands DY5 2YX
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