Registration number:
Merrygill Limited
for the Year Ended 30 November 2025
Merrygill Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Merrygill Limited
Company Information
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Directors |
G J Hartley NI Hartley |
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Company secretary |
NI Hartley |
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Registered office |
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Auditors |
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Merrygill Limited
Strategic Report for the Year Ended 30 November 2025
The directors present their strategic report for the year ended 30 November 2025.
Principal activity
The principal activity of the group is is to operate as a holding entity.
Fair review of the business
The objectives set out at the commencement of the year by the Directors have been met.
The Directors regard profitability and management of capital requirements as key performance indicators and are satisfied with the results of the group. Capital reserves are more than adequate to meet the trading requirements of the group and support planned growth in sales. The group companies supply a large and diverse customer base and the directors consider the business risk well mitigated.
Principal risks and uncertainties
The greatest risk to the group comes from a significant downturn in leisure and travel within the UK. The Directors are satisfied that the group is compliant in all significant risk areas of health and safety and employment law and they continue to monitor developments in these areas.
Approved and authorised by the
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Merrygill Limited
Directors' Report for the Year Ended 30 November 2025
The directors present their report and the for the year ended 30 November 2025.
Directors of the group
The directors who held office during the year were as follows:
N A Young
Other changes in directors holding office are as follows:
M J Gannon (ceased 24 April 2026)
A M Low (appointed 26 January 2026)
Political donations
During the year the group made political donations of £
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£ |
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Liberal Democrats |
5,000 |
Charitable Contributions
The group has made the following charitable donations:
£20,000 for the relief of suffering via Christian charities,
£43,000 to Cumbria Community Foundation,
£33,274 to World Vision,
£17,000 Foundation Scotland,
£10,000 to Better Tomorrow Trust, and
£2,086 to various other causes.
Future developments
The Directors pursue a plan of steady growth with measures to improve sales. Operational constraints are closely monitored and planning allows for forecast growth. Operational efficiencies are expected to improve further with planned investment in training, new equipment and better use of existing space.
Directors' liabilities
The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.
Merrygill Limited
Directors' Report for the Year Ended 30 November 2025
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Merrygill Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Merrygill Limited
Independent Auditor's Report to the Members of Merrygill Limited
Opinion
We have audited the financial statements of Merrygill Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 group's and the parent company's affairs as at 30 November 2025 and of the group's profit 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. |
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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Merrygill Limited
Independent Auditor's Report to the Members of Merrygill Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors 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 directors 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 directors are responsible for assessing the company'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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Merrygill Limited
Independent Auditor's Report to the Members of Merrygill Limited
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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: Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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To address the risk of fraud through management bias and override of controls, we:
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Merrygill Limited
Independent Auditor's Report to the Members of Merrygill Limited
Use of this report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Old Power Way
Lowfields Business Park
Elland
West Yorkshire
HX5 9DE
Merrygill Limited
Consolidated Profit and Loss Account for the Year Ended 30 November 2025
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Note |
2025 |
(As restated) |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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|
|
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Other interest receivable and similar income |
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|
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Interest payable and similar expenses |
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|
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127,398 |
168,803 |
||
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the company |
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Minority interests |
- |
( |
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The group has no recognised gains or losses for the year other than the results above.
Merrygill Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 November 2025
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2025 |
(As restated) |
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Profit for the year |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Minority interests |
- |
( |
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Merrygill Limited
(Registration number: 07337308)
Consolidated Balance Sheet as at 30 November 2025
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Note |
2025 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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- |
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Other financial assets |
52,226 |
50,000 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
5,000 |
5,000 |
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Share premium reserve |
199,214 |
199,214 |
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Retained earnings |
9,350,983 |
8,446,078 |
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Equity attributable to owners of the company |
9,555,197 |
8,650,292 |
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Shareholders' funds |
9,555,197 |
8,650,292 |
Approved and authorised by the
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Merrygill Limited
(Registration number: 07337308)
Balance Sheet as at 30 November 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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|
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Creditors: Amounts falling due within one year |
( |
( |
|
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Net current assets |
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|
|
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
5,000 |
5,000 |
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Retained earnings |
6,384,110 |
4,933,268 |
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Shareholders' funds |
6,389,110 |
4,938,268 |
The company made a profit after tax for the financial year of £1,450,842 (2024 - profit of £3,153,124).
Approved and authorised by the
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Merrygill Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 November 2025
Equity attributable to the parent company
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 December 2024 |
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Profit for the year |
- |
- |
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At 30 November 2025 |
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Total equity |
|
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At 1 December 2024 |
|
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Profit for the year |
|
|
At 30 November 2025 |
|
|
Share capital |
Share premium |
Retained earnings |
Total |
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At 1 December 2023 |
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Profit/(loss) for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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New share capital subscribed |
- |
|
- |
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Other share premium reserve movements |
- |
|
- |
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Increase in ownership interests in subsidiaries |
- |
- |
- |
- |
|
At 30 November 2024 |
5,000 |
199,214 |
8,446,078 |
8,650,292 |
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Non-controlling interests - Equity |
Total equity |
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At 1 December 2023 |
|
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Profit/(loss) for the year |
( |
|
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Dividends |
- |
( |
|
New share capital subscribed |
- |
|
|
Other share premium reserve movements |
- |
|
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Increase in ownership interests in subsidiaries |
( |
( |
|
At 30 November 2024 |
- |
8,650,292 |
Merrygill Limited
Statement of Changes in Equity for the Year Ended 30 November 2025
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Share capital |
Retained earnings |
Total |
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At 1 December 2024 |
|
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Profit for the year |
- |
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At 30 November 2025 |
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Share capital |
Retained earnings |
Total |
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At 1 December 2023 |
|
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Profit for the year |
- |
|
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Dividends |
- |
( |
( |
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At 30 November 2024 |
5,000 |
4,933,268 |
4,938,268 |
Merrygill Limited
Consolidated Statement of Cash Flows for the Year Ended 30 November 2025
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Note |
2025 |
(As restated) |
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Cash flows from operating activities |
|||
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Profit for the year |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
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(Profit)/loss on disposal of tangible assets |
( |
|
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Finance income |
( |
( |
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Finance costs |
|
- |
|
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Corporation tax expense |
|
|
|
|
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||
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Working capital adjustments |
|||
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Increase in stocks |
( |
( |
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(Increase)/decrease in debtors |
( |
|
|
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Increase/(decrease) in creditors |
|
( |
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Cash generated from operations |
|
|
|
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Corporate taxes paid |
( |
( |
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|
Net cash flow from operating activities |
|
|
|
|
- |
- |
||
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
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Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Acquisition of intangible assets |
( |
( |
|
|
Acquisition of financial investments other than trading investments |
( |
( |
|
|
Investments in subsidiaries |
- |
(542,176) |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
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Interest paid |
( |
- |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
|
Amount introduced/withdrawn by directors |
- |
|
|
|
Dividends paid |
- |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 December |
|
|
|
Merrygill Limited
Consolidated Statement of Cash Flows for the Year Ended 30 November 2025
|
Note |
2025 |
(As restated) |
|
|
Cash and cash equivalents at 30 November |
4,076,653 |
3,819,447 |
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded in the nearest £.
Individual Income Statement
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2025.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group 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 group's activities.
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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 group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold property |
2% on cost |
|
Short leasehold |
in accordance with the property |
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Plant and machinery |
20% on reducing balance |
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Fixtures and Fittings |
15% on reducing balance |
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Motor Vehicles |
25% on reducing balance |
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Office Equipment |
25% on reducing balance |
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Computer software |
Amortised evenly over the estimated useful life of ten years. |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
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 group 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 subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Debt instruments are subsequently measured at amortised cost.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Impairment
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2025 |
(As restated) |
|
|
Sale of goods |
|
|
The analysis of the group's turnover for the year by class of business is as follows:
|
2025 |
(As restated) |
|
|
Class 1 |
|
|
The analysis of the group's turnover for the year by market is as follows:
|
2025 |
(As restated) |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
(As restated) |
|
|
Miscellaneous other operating income |
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain/(loss) on disposal of tangible assets |
|
( |
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
- |
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
|
- |
|
(Profit)/loss on disposal of property, plant and equipment |
( |
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on financial assets |
|
- |
|
Interest income on investments |
4,907 |
- |
|
Interest income on bank deposits |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
|
|
|
Foreign exchange losses |
( |
( |
|
Other finance costs |
|
|
|
( |
( |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
(As restated) |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Sales |
|
|
|
Operations |
|
|
|
Directors |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
(As restated) |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
365,868 |
705,769 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
22,400 |
21,375 |
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
(As restated) |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
( |
|
Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period |
- |
( |
|
Total tax charge |
|
|
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Intangible assets |
Group
|
Goodwill |
Internally generated software development costs |
Total |
|
|
Cost or valuation |
|||
|
At 1 December 2024 |
|
|
|
|
Additions acquired separately |
- |
|
|
|
At 30 November 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 December 2024 |
|
- |
|
|
Amortisation charge |
- |
|
|
|
At 30 November 2025 |
|
|
|
|
Carrying amount |
|||
|
At 30 November 2025 |
- |
|
|
|
At 30 November 2024 |
- |
|
|
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 December 2024 |
|
|
|
|
|
Additions |
|
|
- |
|
|
Disposals |
- |
( |
( |
( |
|
At 30 November 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 December 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
|
At 30 November 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 November 2025 |
|
|
|
|
|
At 30 November 2024 |
|
|
|
|
Included within the net book value of land and buildings above is £1,606,920 (2024 - £1,023,059) in respect of freehold land and buildings and £750,144 (2024 - £780,713) in respect of short leasehold land and buildings.
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Company
|
Land and buildings |
Total |
|
|
Cost or valuation |
||
|
At 1 December 2024 |
|
|
|
Additions |
|
|
|
At 30 November 2025 |
|
|
|
Depreciation |
||
|
At 1 December 2024 |
|
|
|
Charge for the year |
|
|
|
At 30 November 2025 |
|
|
|
Carrying amount |
||
|
At 30 November 2025 |
|
|
|
At 30 November 2024 |
|
|
Included within the net book value of land and buildings above is £1,606,920 (2024 - £1,023,059) in respect of freehold land and buildings.
Merrygill Limited purchased the premises at 70 Nasmyth Road on 7 January 2025.
As the entity rents the premises to other group entities, the entity accounts for the premises as property, plant and equipment. This has been recognised at cost in accordance with FRS102 Section 17.
|
Investments |
Group & Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Other investments |
100,936 |
- |
|
|
|
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 December 2024 |
|
|
Additions |
|
|
At 30 November 2025 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 30 November 2025 |
|
|
At 30 November 2024 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Home Farm Buildings, Home Farm, Kirkby Stephen, Cumbria, CA17 4AP United Kingdom |
|
|
|
|
|
70 Nasmyth Road, Southfield Industrial Estate, Glenrothes, Fife, KY6 2SD United Kingdom |
|
|
|
|
|
6th Floor 9 Appold Street, London, EC2A 2AP United Kingdom |
|
|
|
|
Subsidiary undertakings |
|
Out of Eden Limited The principal activity of Out of Eden Limited is |
|
Dusal Limited The principal activity of Dusal Limited is |
|
Cole & Lewis Limited The principal activity of Cole & Lewis Limited is |
N I Hartley transferred shares in Cole & Lewis Limited to Merrygill Limited on 29 April 2025.
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Other investments
Merrygill Limited has agreed to provide the borrower with a secured term loan facility of £100,000. The borrower has agreed to proffer the property as security for the said loan facility and to pay interest on
the loan during the term of 15 years at the rate of 5% per annum.
|
Fixed Asset Investments |
Group
|
Fixed Asset Investment at cost less impairment |
Total |
|
|
Fixed Asset investments |
||
|
Cost or valuation |
||
|
At 1 December 2024 |
50,000 |
50,000 |
|
Additions |
2,226 |
2,226 |
|
At 30 November 2025 |
52,226 |
52,226 |
|
Impairment |
||
|
Carrying amount |
||
|
At 30 November 2025 |
|
52,226 |
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Other inventories |
|
|
- |
- |
Group
|
Debtors |
|
Group |
Company |
|||
|
Current |
2025 |
2024 |
2025 |
2024 |
|
Trade debtors |
|
|
- |
- |
|
Amounts owed by related parties |
- |
- |
|
|
|
Other debtors |
|
|
|
- |
|
Prepayments |
|
|
- |
- |
|
Accrued income |
|
- |
- |
- |
|
|
|
|
|
|
|
Creditors |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
||||
|
Trade creditors |
|
|
|
- |
|
Social security and other taxes |
|
|
|
- |
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other payables |
|
|
- |
- |
|
Accruals |
|
|
|
|
|
Corporation tax liability |
248,775 |
153,148 |
61,922 |
1,330 |
|
|
|
|
|
|
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 December 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 30 November 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
5,000 |
|
5,000 |
|
Reserves |
Group
Profit and loss account
This reserve records retained earnings and accumulated losses.
Share Premium
This represents the excess over par value of shares issued.
Minority Interest
This is the amount of capital and reserves attributable to shares in subsidiaries included in the consolidation that are held by persons other than the parent and its subsidiaries.
Merrygill Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
- |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
2025 |
2024 |
|||
|
£ |
£ |
|||
|
Interim dividend of £Nil (2024 - £ |
- |
100,000 |
||
|
Related party transactions |
Group
Expenditure with and payables to related parties
|
2025 |
Other related parties |
|
Leases |
|
|
|
|
|
2024 |
Key management |
Other related parties |
|
Leases |
|
|
|
|
||
|
Parent and ultimate parent undertaking |
The ultimate controlling party is