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REGISTERED NUMBER: 04444775 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 December 2024

for

The Merchantman Limited

The Merchantman Limited (Registered number: 04444775)

Contents of the Financial Statements
for the Year Ended 31 December 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


The Merchantman Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: M J Whitefield
Mrs J E Whitefield





SECRETARY: M J Whitefield





REGISTERED OFFICE: Metherell Gard
Burn View
Bude
Cornwall
EX23 8BX





REGISTERED NUMBER: 04444775 (England and Wales)





ACCOUNTANTS: Metherell Gard Ltd
Chartered Accountants
Burn View
Bude
Cornwall
EX23 8BX

The Merchantman Limited (Registered number: 04444775)

Abridged Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 32,913 40,500

CURRENT ASSETS
Stocks 348,738 323,933
Debtors 2,730 2,020
Cash at bank and in hand 193,274 199,318
544,742 525,271
CREDITORS
Amounts falling due within one year 113,883 131,227
NET CURRENT ASSETS 430,859 394,044
TOTAL ASSETS LESS CURRENT
LIABILITIES

463,772

434,544

PROVISIONS FOR LIABILITIES 6,200 7,600
NET ASSETS 457,572 426,944

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 457,472 426,844
SHAREHOLDERS' FUNDS 457,572 426,944

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





M J Whitefield - Director


The Merchantman Limited (Registered number: 04444775)

Notes to the Financial Statements
for the Year Ended 31 December 2024


1. STATUTORY INFORMATION

The Merchantman Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Sale of goods
Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land and buildings - 10% on cost and Over the life of the lease
Plant and machinery etc - 20% on reducing balance and 10% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
All financial instruments are recognised initially at transaction price excluding transaction costs and subsequently at amortised cost. These include fixed asset investments, cash at bank, trade and other debtors and trade and other creditors.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

The Merchantman Limited (Registered number: 04444775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


2. ACCOUNTING POLICIES - continued

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2024
and 31 December 2024 130,751
DEPRECIATION
At 1 January 2024 90,251
Charge for year 7,587
At 31 December 2024 97,838
NET BOOK VALUE
At 31 December 2024 32,913
At 31 December 2023 40,500

5. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
M J Whitefield and Mrs J E Whitefield
Balance outstanding at start of year - 91,005
Amounts repaid - (91,005 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The balance was repaid within 9 months.