MERCHANT & FOUND LIMITED - Filleted accounts

Registered number

11124623

MERCHANT & FOUND LIMITED

Unaudited Filleted Accounts

31 December 2024

MERCHANT & FOUND LIMITED
Registered number:		11124623
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		64,633			54,278

Current assets
Stocks		1,041,350			866,350
Debtors	4	67,185			58,315
Cash at bank and in hand		9,871			5,796
		1,118,406			930,461

Creditors: amounts falling due within one year	5	(2,672,790)			(1,619,975)

Net current liabilities			(1,554,384)			(689,514)

Net liabilities			(1,489,751)			(635,236)

Capital and reserves
Called up share capital			100			100
Share premium			149,970			149,970
Profit and loss account			(1,639,821)			(785,306)

Shareholders' funds			(1,489,751)			(635,236)

The director is 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 director acknowledges his 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.




P Middlemiss
Director
Approved by the board on 30 September 2025

MERCHANT & FOUND LIMITED
Notes to the Accounts
for the year ended 31 December 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, which are recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Software			over 3 years
	Fixtures, fittings, tools and equipment			over 4 years
	Motor vehicles			over 4 years

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	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.


2	Employees					2024		2023
Number							Number

	Average number of persons employed by the company					12		8


3	Tangible fixed assets
		Software		Plant and machinery		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 January 2024	33,377		101,633		23,250		158,260
	Additions	-		16,458		21,000		37,458
	Disposals	(8,277)		-		(13,000)		(21,277)
	At 31 December 2024	25,100		118,091		31,250		174,441

	Depreciation
	At 1 January 2024	8,277		75,705		20,000		103,982
	Charge for the year	6,274		14,954		2,625		23,853
	On disposals	(8,277)		-		(9,750)		(18,027)
	At 31 December 2024	6,274		90,659		12,875		109,808

	Net book value
	At 31 December 2024	18,826		27,432		18,375		64,633
	At 31 December 2023	25,100		25,928		3,250		54,278


4	Debtors					2024		2023
£							£

	Trade debtors					12,814		6,919
	Other debtors					54,371		51,396
						67,185		58,315


5	Creditors: amounts falling due within one year					2024		2023
£							£

	Trade creditors					115,953		84,461
	Taxation and social security costs					76,564		44,594
	Other creditors					2,480,273		1,490,920
						2,672,790		1,619,975


6	Other financial commitments					2024		2023
£							£

	Total future minimum payments under non-cancellable operating leases					50,117		54,427


7	Loans to directors
	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£
	P Middlemiss
	Directors Loan	41,565		52,995		(50,000)		44,560

		41,565		52,995		(50,000)		44,560

	There were no conditions attached to the loan.

8	Related party transactions

	At the year end, loans from shareholders amounted to £2,468,628 (2023: £1,484,130). There are no conditions attached to the loans, which are interest free.


9	Other information

	Merchant & Found Limited is a private company limited by shares and incorporated in England. Its registered office is:
	3a Montagu Row
	Marylbone
	London
	W1U 6DZ