REGISTERED NUMBER: 04444775 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2025

for

The Merchantman Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M J Whitefield

Mrs J E Whitefield

SECRETARY:

M J Whitefield

REGISTERED OFFICE:

Metherell Gard

Burn View

Bude

Cornwall

EX23 8BX

REGISTERED NUMBER:

04444775 (England and Wales)

ACCOUNTANTS:

Streets Metherell Gard Ltd

Chartered Accountants

Burn View

Bude

Cornwall

EX23 8BX

FIXED ASSETS

Tangible assets

4

26,292

32,913

CURRENT ASSETS

Stocks

352,337

348,738

Debtors

3,683

2,730

Cash at bank and in hand

241,178

193,274

597,198

544,742

CREDITORS

Amounts falling due within one year

108,273

113,883

NET CURRENT ASSETS

488,925

430,859

TOTAL ASSETS LESS CURRENT LIABILITIES

515,217

463,772

PROVISIONS FOR LIABILITIES

6,500

6,200

NET ASSETS

508,717

457,572

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

508,617

457,472

SHAREHOLDERS' FUNDS

508,717

457,572

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

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2026 and were signed on its behalf by:

M J Whitefield - Director

1.	STATUTORY INFORMATION

The Merchantman 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.

Sale of goods

Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land and buildings - 10% on cost and Over the life of the lease

Plant and machinery etc - 20% on reducing balance and 10% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

All financial instruments are recognised initially at transaction price excluding transaction costs and subsequently at amortised cost. These include fixed asset investments, cash at bank, trade and other debtors and trade and other creditors.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2024 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2025

130,751

Additions

1,543

Disposals

(28,995

)

At 31 December 2025

103,299

DEPRECIATION

At 1 January 2025

97,838

Charge for year

5,673

Eliminated on disposal

(26,504

)

At 31 December 2025

77,007

NET BOOK VALUE

At 31 December 2025

26,292

At 31 December 2024

32,913