Merc Holdings Limited - Accounts to registrar (filleted) - small 18.2

Merc Holdings Limited - Accounts to registrar (filleted) - small 18.2

MERC HOLDINGS LIMITED - Company Information

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REGISTERED NUMBER: 02025163 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 July 2020

for

Merc Holdings Limited
Merc Holdings Limited (Registered number: 02025163)






Contents of the Financial Statements
for the Year Ended 31 July 2020




Page

Balance Sheet 1

Notes to the Financial Statements 3


Merc Holdings Limited (Registered number: 02025163)


Balance Sheet
31 July 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 700,000 700,000

CURRENT ASSETS
Debtors 5 3,900 3,900
Cash at bank 5,572 2,241
9,472 6,141
CREDITORS
Amounts falling due within one year 6 55,985 61,684
NET CURRENT LIABILITIES (46,513 ) (55,543 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
653,487
644,457

CREDITORS
Amounts falling due after more than one
year
7
(227,226
)
(226,567
)

PROVISIONS FOR LIABILITIES 8 (24,504 ) (24,504 )
NET ASSETS 401,757 393,386

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 401,657 393,286
SHAREHOLDERS' FUNDS 401,757 393,386

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 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 notes form part of these financial statements

Page 1 continued...
Merc Holdings Limited (Registered number: 02025163)


Balance Sheet - continued
31 July 2020


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 Board of Directors and authorised for issue on 30 April 2021 and were signed on its behalf by:





Sawan Shah - Director


The notes form part of these financial statements

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Merc Holdings Limited (Registered number: 02025163)


Notes to the Financial Statements
for the Year Ended 31 July 2020

1. STATUTORY INFORMATION

Merc Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02025163

Registered office:
40 Highview Avenue
Edgware,
HA8 9UA

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.

Turnover
Turnover represents rental income receivable as it arises from investment properties.

Tangible fixed assets
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

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 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.
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 (2019 - NIL).

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 August 2019
and 31 July 2020 700,000
NET BOOK VALUE
At 31 July 2020 700,000
At 31 July 2019 700,000

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Merc Holdings Limited (Registered number: 02025163)


Notes to the Financial Statements - continued
for the Year Ended 31 July 2020

4. TANGIBLE FIXED ASSETS - continued

In the opinion of the directors, the value at which the property is included in the accounts represents its true market value.

Cost or valuation at 31 July 2020 is represented by:

Land and
buildings
£
Cost419,126
Revaluation surplus280,874
700,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Rent deposit (DPS) 3,900 3,900

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Loans 9,000 15,000
Taxation and social security 6,833 7,319
Other creditors 40,152 39,365
55,985 61,684

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

In January 2020, the two loans that were outstanding at that date were consolidated into a single new loan of £239,000 , with monthly repayments of £1,425.88 and a lump sum on the fifth anniversary after drawdown based on a 20-year repayment profile. The loan carries interest on a floating rate basis with a minimum rate of 3%. The rate applicable at the year end date was 3.1%.

8. PROVISIONS FOR LIABILITIES
2020 2019
£    £   
Deferred tax 24,504 24,504

Deferred
tax
£   
Balance at 1 August 2019 24,504
Balance at 31 July 2020 24,504

9. ULTIMATE CONTROLLING PARTY

The controlling party is Sawan Shah.

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