Limited Liability Partnership registration number OC420592 (England and Wales)
MERTON CATALYST LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
MERTON CATALYST LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Merton Acquisitions Limited
MAL (2) Limited
LLP registration number
OC420592
Registered office
3rd Floor
Sterling House
Langston Road
Loughton
Essex
IG10 3TS
Auditor
Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
MERTON CATALYST LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Reconciliation of members' interests
8 - 9
Notes to the financial statements
10 - 16
MERTON CATALYST LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the limited liability partnership continued to be that of property development.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

A member's capital requirement is linked to their share of profit and the financing requirement of the l imited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Merton Acquisitions Limited
MAL (2) Limited
Auditor

The auditor, Buzzacott Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

- so far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware, and

- the members have taken all the steps that ught to have taken as members in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditor is aware of that information.

MERTON CATALYST LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Going Concern

The members have assessed the LLP’s cashflow forecasts from future sales and operations and they are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the LLP.

Approved by the members on 1 October 2025 and signed on behalf by:
01 October 2025
Merton Acquisitions Limited
Designated Member
MERTON CATALYST LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MERTON CATALYST LLP
- 3 -
Opinion

We have audited the financial statements of Merton Catalyst LLP (the 'limited liability partnership') for the year ended 31 March 2024 which comprise and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the limited liability partnership's affairs as at 31 March 2025 and of its for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Members' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Members' report has been prepared in accordance with applicable legal requirements.

MERTON CATALYST LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MERTON CATALYST LLP
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the limited liability partnership and its environment obtained in the course of the audit, we have not identified material misstatements in the Members’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of members' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships regime.

Responsibilities of members

As explained more fully in the members' r esponsibilities s tatement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the limited liability partnership’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;

- we identified the laws and regulations that could reasonably be expected to have material effect on the financial statements of the limited liability partnership through discussions with members and key management at the planning stage;

- the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations;

- we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the limited liability partnership, including the Company's Act 2006, building safety and health and safety legislation.

MERTON CATALYST LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MERTON CATALYST LLP
- 5 -

We assessed the extent of compliance with the laws and regulations identified above through:

- making enquiries of management;

- inspecting legal correspondence for any potential material litigation or claims; and

- considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- determined the susceptibility of the limited liability partnership financial statements to management override of controls by evaluating the design and implementation of controls and enquiring of individuals involved in the financial reporting process

- tested journal entries and the rationale behind significant or unusual transactions;

- performed analytical procedures to identify any unusual or unexpected relationships and tested any material variances from the prior period;

- tested accounting estimates and evaluated whether judgements or decisions made by management indicated bias on the part of the limited liability partnership’s management; and

- carried out substantive testing over the occurrence and accuracy of revenue.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiry of management as to actual and potential litigation and claims; and

- reviewing correspondence wi th the limited liability partnership’s legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditors responsibilities. This description forms part of our Auditor’s report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Westerman (Senior Statutory Auditor)
For and on behalf of Buzzacott Audit LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL
1 October 2025
MERTON CATALYST LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
2025
2024
Notes
£
£
Revenue
9,740,000
8,436,000
Cost of sales
(8,768,301)
(8,083,148)
Gross profit
971,699
352,852
Administrative expenses
(2,694)
(2,673)
Other operating income
3
182,525
1,186,791
Operating profit
4
1,151,530
1,536,970
Investment income
6
10,225
17,109
Finance costs
7
(249,669)
(304,425)
Profit for the financial year before members' remuneration and profit shares
912,086
1,249,654
Members' remuneration charged as an expense
(912,086)
(1,249,654)
Result for the financial year available for discretionary division among members
-
-

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 10 to 16 form part of these financial statements.

MERTON CATALYST LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 7 -
2025
2024
Notes
£
£
£
£
Current assets
Inventories
8
3,603,678
12,063,776
Trade and other receivables
9
394,593
1,243,722
Cash and cash equivalents
392,559
213,604
4,390,830
13,521,102
Current liabilities
10
(1,246,697)
(6,651,913)
Net current assets
3,144,133
6,869,189
Provisions for liabilities
11
(113,703)
(75,846)
Net assets attributable to members
3,030,430
6,793,343
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
2,118,344
5,543,689
Other amounts
912,086
1,249,654
3,030,430
6,793,343

The notes on pages 10 to 16 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 1 October 2025 and are signed on their behalf by:
01 October 2025
Merton Acquisitions Limited
Designated member
Limited Liability Partnership registration number OC420592 (England and Wales)
MERTON CATALYST LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2025
£
£
£
Members' interests at 1 April 2024
5,543,689
1,249,654
6,793,343
6,793,343
Members' remuneration charged as an expense
-
912,086
912,086
912,086
Members' interests after loss and remuneration for the year
5,543,689
2,161,740
7,705,429
7,705,429
Repayment of debt (including members' capital classified as a liability)
(3,425,345)
-
(3,425,345)
(3,425,345)
Payments to members
-
(1,249,654)
(1,249,654)
(1,249,654)
Members' interests at 31 March 2025
2,118,344
912,086
3,030,430
3,030,430
MERTON CATALYST LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2024
£
£
£
Members' interests at 1 April 2023
11,485,775
11,457,914
22,943,689
22,943,689
Members' remuneration charged as an expense
-
1,249,654
1,249,654
1,249,654
Members' interests after loss and remuneration for the year
11,485,775
12,707,568
24,193,343
24,193,343
Repayment of debt (including members' capital classified as a liability)
(5,942,086)
-
(5,942,086)
(5,942,086)
Payments to members
-
(11,457,914)
(11,457,914)
(11,457,914)
Members' interests at 31 March 2024
5,543,689
1,249,654
6,793,343
6,793,343
MERTON CATALYST LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
1
Accounting policies
Limited liability partnership information

Merton Catalyst LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3rd Floor, Sterling House, Langston Road, Loughton, Essex, IG10 3TS.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The LLP has taken advantage of the requirement of Section 7 Statement of Cash Flows disclosure exemption in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

This information is included in the consolidated financial statements of Galliard Group Limited as at 31 March 2024 and these financial statements may be obtained from the LLP's registered address.

1.2
Going concern

In their assessment of going concern, the members have prepared forecasts for a period of at least 12 months from the date of approval of the financial statements.

The members are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the LLP. The LLP's bank loan of £470,694 is due for repayment on 21 December 2025, which is within the going concern assessment period. The members have assessed that from future sales and operations the loan will be gradually repaid. However if the loan isn't repaid by December 2025, the members are confident that they will be able to refinance the loan, either with the existing or an alternative lender.

Accordingly the members consider it appropriate for the financial statements to be prepared on a going concern basis and that there is no material uncertainty in reaching this conclusion.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable following legal completion of developed units, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

MERTON CATALYST LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

1.5
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

1.6
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 current liabilities.

1.7
Financial instruments

Financial assets, other than investments, are initially measured at transaction price and subsequently held at cost, less any impairment.

Financial liabilities are measured initially at transaction price and subsequently at amortised cost.

Financial liabilities and equity are classified according to the substance of the instrument's contractual obligation, rather than its legal form.

Finance costs are charged to profit and loss over the term of the debt using the effective interest rate method so that the amount charges is at a constant rate on the carrying amount.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

MERTON CATALYST LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Provisions

Provisions are recognised when the limited liability partnership has a legal or constructive present obligation as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

The LLP makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. In preparing these financial statements, the member s have had to make the following judgements and estimates:

Carrying value of inventories

In applying the LLP’s accounting policy for the valuation of inventories the members are required to assess the expected selling price and costs to sell each of the units that constitute the limited liability partnership’s work in progress. Cost includes the cost of acquisition of sites, the cost of infrastructure and construction works, and legal and professional fees incurred during development prior to sale. Estimation of the selling price is subject to significant inherent uncertainties, in particular the prediction of future trends in the market value of property.

MERTON CATALYST LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
3
Other operating income
2025
2024
£
£
Rent receivable
331,756
379,611
Expenses of rented property
(150,068)
(252,098)
Sundry income
837
-
Capital contritbutions
-
1,059,278
182,525
1,186,791
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the LLP's auditor for the audit of the LLP's annual financial statements
2,000
2,000
5
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
Total
-
0
-
0
6
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
10,225
17,109
7
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
237,488
304,425
Other interest
12,181
-
249,669
304,425
MERTON CATALYST LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
8
Inventories
2025
2024
£
£
Inventories
3,603,678
12,063,776
9
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
54,147
816,129
Other receivables
320,646
341,854
Prepayments and accrued income
19,800
85,739
394,593
1,243,722
10
Current liabilities
2025
2024
£
£
Other loans
470,694
6,367,502
Trade payables
32,588
44,095
Amounts owed to group undertakings
2,520
2,520
Other taxation and social security
267,770
-
Deferred income
172,866
119,234
Other payables
145,223
-
Accruals and deferred income
155,036
118,562
1,246,697
6,651,913

The loan is secured over the assets of the LLP. Please see note 1.2 for further detail in respect to the loan.

11
Provisions for liabilities
2025
2024
£
£
Provision for estimated costs of remediation works to meet the LLP's commitment to improving building safety standards on its historic developments
113,703
75,846
MERTON CATALYST LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11
Provisions for liabilities
(Continued)
- 15 -
Movements on provisions:
£
At 1 April 2024
75,846
Provisions in the year
37,857
At 31 March 2025
113,703
12
Loans and other debts due to members
2025
2024
£
£
Analysis of loans
Amounts falling due within one year
3,030,430
6,793,343
3,030,430
6,793,343

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

13
Operating lease commitments
Lessor

At the reporting end date the limited liability partnership had contracted with tenants for the following minimum lease payments:

2025
2024
£
£
Within one year
294,708
275,319
Between two and five years
1,099,925
1,101,278
In over five years
27,811,704
31,870,102
29,206,337
33,246,699

All amounts are stated at current values.

14
Related party transactions

Galliard Construction Limited charged the limited liability partnership a total of £121,694 (2024: £45,583) during the period for construction cost and the balance outstanding at 31 March 202 5 was £nil (20 24: £nil). Mr D avid Hirschfield was director of Merton Acquisitions Limited during the period.

As at 31 March 2025 £2,520 (2024: £2,520) was due to Galliard Homes Limited. Mr David Hirschfield is a director of Galliard Homes Limited and Galliard Homes Limited are a shareholder of Merton Acquisition Limited, who are a member of the LLP.

As at 31 March 2025, included within creditors due within one year was an amount of £470,694 (2024: £6,367,502) due to Reflex Bridging Limited, a company controlled by S S Conway.

MERTON CATALYST LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
15
Parent company

The members are of the opinion that there is no immediate parent company, and the ultimate holding company is Galliard Group Limited, a company registered in England and Wales.

Galliard Group Limited prepares group financial statements and copies can be obtained from 3 rd floor Sterling House, Langston Road, Loughton, Essex, IG10 3TS or from Companies House.

In the opinion of the directors, the controlling party is Stephen Conway, who controls more than 50% of voting rights.

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