Merrow Asset Management Limited - Limited company accounts 25.1

REGISTERED NUMBER: 07822136 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Merrow Asset Management Limited

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Statement of Comprehensive Income

4

Statement of Financial Position

5

Statement of Changes in Equity

7

Notes to the Financial Statements

8

DIRECTORS:

C J Smith

V Smith

REGISTERED OFFICE:

14 Pilgrims Way

Reigate

Surrey

RH2 9LG

REGISTERED NUMBER:

07822136 (England and Wales)

ACCOUNTANTS:

Ascendant Partners Limited

Second Floor

Curzon House

24 High Street

Banstead

Surrey

SM7 2LJ

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property development, investment and management.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

C J Smith

V Smith

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

C J Smith - Director

29 September 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Merrow Asset Management Limited for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Merrow Asset Management Limited, as a body, in accordance with the terms of our engagement letter dated 28 November 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Merrow Asset Management Limited and state those matters that we have agreed to state to the Board of Directors of Merrow Asset Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Merrow Asset Management Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Merrow Asset Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Merrow Asset Management Limited. You consider that Merrow Asset Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Merrow Asset Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ascendant Partners Limited

Second Floor

Curzon House

24 High Street

Banstead

Surrey

SM7 2LJ

29 September 2025

REVENUE

10,200

Cost of sales

(3,257

)

(4,564

)

GROSS PROFIT

6,943

5,636

Administrative expenses

(1,717

)

(2,458

)

OPERATING PROFIT

5,226

3,178

Interest receivable and similar income

-

71

PROFIT BEFORE TAXATION

5,226

3,249

Tax on profit

4

(993

)

(617

)

PROFIT FOR THE FINANCIAL YEAR

4,233

2,632

FIXED ASSETS

Investment property

6

100,000

CURRENT ASSETS

Cash at bank

56,732

102,083

CREDITORS

Amounts falling due within one year

7

2,493

2,077

NET CURRENT ASSETS

54,239

100,006

TOTAL ASSETS LESS CURRENT
LIABILITIES

154,239

200,006

PROVISIONS FOR LIABILITIES

4,000

NET ASSETS

150,239

196,006

CAPITAL AND RESERVES

Called up share capital

1,000

Fair value reserve

24,747

Retained earnings

124,492

170,259

SHAREHOLDERS' FUNDS

150,239

196,006

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

C J Smith - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

Balance at 1 April 2023

1,000

232,627

24,747

258,374

Changes in equity

Dividends

-

(65,000

)

-

(65,000

)

Total comprehensive income

-

2,632

-

2,632

Balance at 31 March 2024

1,000

170,259

24,747

196,006

Changes in equity

Dividends

-

(50,000

)

-

(50,000

)

Total comprehensive income

-

4,233

-

4,233

Balance at 31 March 2025

1,000

124,492

24,747

150,239

1.	STATUTORY INFORMATION

Merrow Asset Management 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 as modified by the revaluation of certain assets.

Going concern

The preparation of the financial statements requires the directors to make an assessment of the entity's ability to continue as a going concern. The directors have reviewed this and consider it appropriate to prepare the financial statements on a going concern basis.

Revenue

Revenue originates from three sources being, rental income, management fees and the sale of property. Revenue is recognised on rental properties when received and management fees are recognised when rental income is transferred to the relevant party. Revenue is recognised on the sale of property at completion.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred taxation is provided on these gains at the future tax rate expected to apply when the property may be sold.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

Current tax:

UK corporation tax

993

617

Tax on profit

993

617

UK corporation tax has been charged at 19% (2024 - 19%).

5.

DIVIDENDS

2025

2024

£

Interim:

A ordinary shares of £1 each

25,000

B ordinary shares of £1 each

25,000

40,000

50,000

65,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

100,000

NET BOOK VALUE

At 31 March 2025

100,000

At 31 March 2024

100,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2016

189,143

Valuation in 2021

34,151

Valuation in 2022

(102,548

)

Valuation in 2023

(91,999

)

Cost

71,253

100,000

During 2021 one of the directors, C Smith, revalued the properties to reflect their fair value.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Corporation tax

993

577

Accruals and deferred income

1,500

2,493

2,077

8.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.