Ian Merriman Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC383911 (Scotland)

Ian Merriman Limited

Unaudited Financial Statements

for the Year Ended 31 August 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr I A Merriman

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

REGISTERED NUMBER:

SC383911 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

158 Lanark Road West

Currie

Edinburgh

EH14 5NY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

91

182

91

182

CURRENT ASSETS

Debtors

6

25,680

31,867

Cash at bank

866

-

26,546

31,867

CREDITORS

Amounts falling due within one year

7

17,503

18,929

NET CURRENT ASSETS

9,043

12,938

TOTAL ASSETS LESS CURRENT LIABILITIES

9,134

13,120

CREDITORS

Amounts falling due after more than one year

8

(8,880

)

(12,033

)

PROVISIONS FOR LIABILITIES

-

(35

)

NET ASSETS

254

1,052

CAPITAL AND RESERVES

Called up share capital

6

6

Retained earnings

248

1,046

SHAREHOLDERS' FUNDS

254

1,052

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

The financial statements were approved by the director and authorised for issue on 31 March 2023 and were signed by:

Mr I A Merriman - Director

1.	STATUTORY INFORMATION

Ian Merriman Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover and revenue recognition

Turnover represents invoiced sales of goods. Revenue is recognised when the work has been completed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, had been

amortised evenly over its estimated useful life of ten years.

Website development

Website development is being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost, 25% on cost and 20% on cost

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.

Hire purchase and 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.

Provisions for liabilities

Provisions are recognised where the company has a present obligation as a result of a past event, it is probably the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 September 2021

and 31 August 2022

10,000

637

10,637

AMORTISATION

At 1 September 2021

and 31 August 2022

10,000

637

10,637

NET BOOK VALUE

At 31 August 2022

-

-

-

At 31 August 2021

-

-

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2021

and 31 August 2022

19,818

DEPRECIATION

At 1 September 2021

19,636

Charge for year

91

At 31 August 2022

19,727

NET BOOK VALUE

At 31 August 2022

91

At 31 August 2021

182

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

25,680

31,867

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

3,120

6,821

Taxation and social security

12,797

10,930

Other creditors

1,586

1,178

17,503

18,929

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

8,880

12,033

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2022 and 31 August 2021:

2022

2021

£

£

Mr I A Merriman

Balance outstanding at start of year

22,689

20,170

Amounts advanced

1,113

3,619

Amounts repaid

(7,300

)

(1,100

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

16,502

22,689

Interest charged at 2% per annum on the outstanding balance.

10.	GOING CONCERN

The directors going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements.