Silverfin false false 31/10/2024 01/11/2023 31/10/2024 C J I Blake 16/03/2007 M G Blake 14/03/2007 C L Squirrell 10/09/2008 22 May 2025 no description of principal activity 06160645 2024-10-31 06160645 bus:Director1 2024-10-31 06160645 bus:Director2 2024-10-31 06160645 bus:Director3 2024-10-31 06160645 2023-10-31 06160645 core:CurrentFinancialInstruments 2024-10-31 06160645 core:CurrentFinancialInstruments 2023-10-31 06160645 core:ShareCapital 2024-10-31 06160645 core:ShareCapital 2023-10-31 06160645 core:RetainedEarningsAccumulatedLosses 2024-10-31 06160645 core:RetainedEarningsAccumulatedLosses 2023-10-31 06160645 core:ComputerEquipment 2023-10-31 06160645 core:ComputerEquipment 2024-10-31 06160645 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-10-31 06160645 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-10-31 06160645 2023-11-01 2024-10-31 06160645 bus:FilletedAccounts 2023-11-01 2024-10-31 06160645 bus:SmallEntities 2023-11-01 2024-10-31 06160645 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 06160645 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 06160645 bus:Director1 2023-11-01 2024-10-31 06160645 bus:Director2 2023-11-01 2024-10-31 06160645 bus:Director3 2023-11-01 2024-10-31 06160645 core:ComputerEquipment core:TopRangeValue 2023-11-01 2024-10-31 06160645 2022-11-01 2023-10-31 06160645 core:ComputerEquipment 2023-11-01 2024-10-31 iso4217:GBP xbrli:pure

Company No: 06160645 (England and Wales)

MERCHANT PROJECTS (IPSWICH) LIMITED

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

MERCHANT PROJECTS (IPSWICH) LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

MERCHANT PROJECTS (IPSWICH) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2024
MERCHANT PROJECTS (IPSWICH) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 98 244
98 244
Current assets
Stocks 16,810 16,810
Debtors 4 12,593 25,918
Cash at bank and in hand 688,472 730,019
717,875 772,747
Creditors: amounts falling due within one year 5 ( 86,588) ( 105,966)
Net current assets 631,287 666,781
Total assets less current liabilities 631,385 667,025
Net assets 631,385 667,025
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 630,385 666,025
Total shareholders' funds 631,385 667,025

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

Directors' responsibilities:

The financial statements of Merchant Projects (Ipswich) Limited (registered number: 06160645) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M G Blake
Director

22 May 2025

MERCHANT PROJECTS (IPSWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
MERCHANT PROJECTS (IPSWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

Merchant Projects (Ipswich) 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 432 Woodbridge Road, Ipswich, IP4 4EL, 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 £.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

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. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 November 2023 4,910 4,910
At 31 October 2024 4,910 4,910
Accumulated depreciation
At 01 November 2023 4,666 4,666
Charge for the financial year 147 147
At 31 October 2024 4,812 4,812
Net book value
At 31 October 2024 98 98
At 31 October 2023 244 244

4. Debtors

2024 2023
£ £
Amounts owed by related parties 11,730 10,420
Prepayments 863 12,753
Other debtors 0 2,745
12,593 25,918

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 3,696 11,870
Amounts owed to directors 80,976 79,174
Accruals 2,752 3,616
Other taxation and social security ( 836) 6,942
Other creditors 0 4,364
86,588 105,966