Company Registration No. 09104414 (England and Wales)
Merry Go Round ROW Merchandising Limited
Annual report and unaudited financial statements
For the year ended 31 December 2021
Pages for filing with registrar
MERRY GO ROUND ROW MERCHANDISING LIMITED
Merry Go Round ROW Merchandising Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MERRY GO ROUND ROW MERCHANDISING LIMITED
Merry Go Round ROW Merchandising Limited
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
4
10,360
1,191
Cash at bank and in hand
38,477
44,173
48,837
45,364
Creditors: amounts falling due within one year
5
(16,623)
(17,678)
Net current assets
32,214
27,686
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
32,114
27,586
Total equity
32,214
27,686
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered 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 7 September 2022 and are signed on its behalf by:
A McVie
Director
Company Registration No. 09104414
MERRY GO ROUND ROW MERCHANDISING LIMITED
Merry Go Round ROW Merchandising Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Merry Go Round ROW Merchandising Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
55 Loudoun Road, St John's Wood, London, NW8 0DL.
1.1
Accounting convention
These financial statements have been prepared in accordance 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Turnover
Turnover represents advances and royalties earned f
rom
the sale of merchandise. Advance are recognised when they are receivable by the company. Royalties are recognised
as income when receivable in respect of royalty periods ending within the accounting year.
1.3
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks .
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
MERRY GO ROUND ROW MERCHANDISING LIMITED
Merry Go Round ROW Merchandising Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Taxation
The tax expense represents the sum of the tax currently
receivable/(
payable
)
and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
1,062
Adjustments in respect of prior periods
(1,191)
Total current tax
1,062
(1,191)
MERRY GO ROUND ROW MERCHANDISING LIMITED
Merry Go Round ROW Merchandising Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
9,162
Corporation tax recoverable
1,191
Other debtors
1,198
10,360
1,191
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
887
1,918
Corporation tax
1,062
Other creditors
14,674
15,760
16,623
17,678
6
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
MERRY GO ROUND ROW MERCHANDISING LIMITED
Merry Go Round ROW Merchandising Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
7
Related party transactions
Merry Go Round Merchandising USA/Canada, Inc. (
"
MGRMUSA
"
) is a company controlled by the director A McVie. At the year end, the company owed
£11,351
(2020:
£11,351
)
to MGRMUSA.
Merry Go Round Music Limited (
"
MGRM
"
) is a company controlled by the director A McVie. At the year end, the company owed £1,160 (20
20
: £1,160) to MGRM.