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Registration number: 02476143

Prepared for the registrar

Merbuild Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Merbuild Developments Limited

(Registration number: 02476143)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Current assets

 

Stocks

126,010

240,718

Debtors

4

2,421,186

1,418,807

Cash at bank and in hand

 

17,872

48,917

 

2,565,068

1,708,442

Creditors: Amounts falling due within one year

5

(1,500,963)

(870,290)

Total assets less current liabilities

 

1,064,105

838,152

Creditors: Amounts falling due after more than one year

5

(503,218)

(484,202)

Net assets

 

560,887

353,950

Capital and reserves

 

Called up share capital

100

100

Retained earnings

560,787

353,850

Shareholders' funds

 

560,887

353,950

For the financial year ending 30 November 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 August 2025 and signed on its behalf by:
 


C P Towers
Director

 

Merbuild Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Paunceford Court
Munsley
Ledbury
Herefordshire
HR8 2SH

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Merbuild Developments Limited

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

 

Merbuild Developments Limited

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

4

Debtors

Note

2024
£

2023
£

Trade debtors

 

747,880

15,500

Receivables from related parties

7

1,673,306

1,403,307

 

2,421,186

1,418,807

 

5

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

106,000

106,395

Trade creditors

 

702,421

52,054

Amounts due to related parties

7

492,744

669,567

Taxation and social security

 

197,270

38,001

Accruals and deferred income

 

2,528

4,273

 

1,500,963

870,290

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

503,218

484,202

 

Merbuild Developments Limited

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

 

6

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,000

6,395

Other borrowings

100,000

100,000

106,000

106,395

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

28,250

33,525

Other borrowings

474,968

450,677

503,218

484,202

 

7

Related party transactions

During the period the company had loans with group companies. As at 30 November 2024, the amount owed to the company was £1,673,306 (2023: £1,403,307) with £492,744 (2023: £669,567) due from the company.

During the period the company had loans with connected companies. As at 30 November 2024 the amount due from the company was £Nil (2023: £10,000).

During the period the company had loans with related parties. As at 30 November 2024 the amount due from the company was £574,968 (2023: £550,677).

During the period the company paid management fees to a group company of £Nil (2023: £180,000).

 

 

8

Parent and ultimate parent undertaking

The company's immediate parent is MH Reconstruction 2025 Limited, incorporated in England and Wales.