| Mercury Reinforcements Limited |
| Registered number: |
01932233 |
| Balance Sheet |
| as at 31 March 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
858,058 |
|
|
837,363 |
| Investments |
4 |
|
|
186,096 |
|
|
181,189 |
|
|
|
|
1,044,154 |
|
|
1,018,552 |
|
| Current assets |
| Debtors |
5 |
|
1,037,399 |
|
|
1,002,825 |
| Cash at bank and in hand |
|
|
83,478 |
|
|
89,087 |
|
|
|
1,120,877 |
|
|
1,091,912 |
|
| Creditors: amounts falling due within one year |
6 |
|
(571,313) |
|
|
(521,926) |
|
| Net current assets |
|
|
|
549,564 |
|
|
569,986 |
|
| Total assets less current liabilities |
|
|
|
1,593,718 |
|
|
1,588,538 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(124,759) |
|
|
(110,000) |
|
| Provisions for liabilities |
|
|
|
(7,494) |
|
|
(3,562) |
|
| Net assets |
|
|
|
1,461,465 |
|
|
1,474,976 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
8,502 |
|
|
8,502 |
| Capital redemption reserve |
|
|
|
1,600 |
|
|
1,600 |
| Profit and loss account |
|
|
|
1,451,363 |
|
|
1,464,874 |
|
| Shareholders' funds |
|
|
|
1,461,465 |
|
|
1,474,976 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr M T Brookes |
| Director |
| Approved by the board on 11 November 2021 |
|
| Mercury Reinforcements Limited |
| Notes to the Accounts |
| for the year ended 31 March 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Going concern |
|
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
|
|
The directors have considered the impact of the current Covid-19 pandemic and do not consider there to be any significant issues which would affect the going concern of the company in the next 12 months. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Land and buildings |
not depreciated |
|
Plant and machinery |
15% reducing balance |
|
Motor vehicles |
15% reducing balance |
|
Fixtures, fittings, tools and equipment |
15% reducing balance |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2020 |
818,615 |
|
98,719 |
|
- |
|
917,334 |
|
Additions |
- |
|
- |
|
27,655 |
|
27,655 |
|
At 31 March 2021 |
818,615 |
|
98,719 |
|
27,655 |
|
944,989 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2020 |
- |
|
79,971 |
|
- |
|
79,971 |
|
Charge for the year |
- |
|
2,812 |
|
4,148 |
|
6,960 |
|
At 31 March 2021 |
- |
|
82,783 |
|
4,148 |
|
86,931 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2021 |
818,615 |
|
15,936 |
|
23,507 |
|
858,058 |
|
At 31 March 2020 |
818,615 |
|
18,748 |
|
- |
|
837,363 |
|
|
| 4 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2020 |
95 |
|
181,094 |
|
181,189 |
|
Additions |
- |
|
4,907 |
|
4,907 |
|
|
At 31 March 2021 |
95 |
|
186,001 |
|
186,096 |
|
|
| 5 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
983,739 |
|
949,239 |
|
Other debtors |
53,660 |
|
53,586 |
|
|
|
|
|
|
1,037,399 |
|
1,002,825 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
5,904 |
|
- |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
555,103 |
|
510,103 |
|
Taxation and social security costs |
8,929 |
|
10,483 |
|
Other creditors |
1,377 |
|
1,340 |
|
|
|
|
|
|
571,313 |
|
521,926 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
14,759 |
|
- |
|
Other creditors |
110,000 |
|
110,000 |
|
|
|
|
|
|
124,759 |
|
110,000 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
Elite Granite Limited |
|
Elite Granite Limited is controlled by Mercury Reinforcements Limited and Mr M T Brookes is the company director. |
|
Amount due to Elite Granite Limited |
(555,103) |
|
(510,103) |
|
|
|
|
|
|
|
|
|
|
Rhino Parts Limited |
|
Mr M T Brookes is a 50% shareholder and director of Rhino Parts Limited. |
|
Amount due from Rhino Parts Limited |
649,400 |
|
614,400 |
|
|
|
|
|
|
|
|
|
|
Rose Oak Developments Limited |
|
Mr M T Brookes is a director of Rose Oak Developments Limited. |
|
Amount due from Rose Oak Developments Limited |
330,338 |
|
330,839 |
|
|
|
|
|
|
|
|
|
|
Worcestershire Designs Limited |
|
Mr M T Brookes is a director and controlling party of Worcestershire Designs Limited. |
|
Amount due from Worcestershire Designs Limited |
4,000 |
|
4,000 |
|
|
|
|
|
|
|
|
|
|
Amba Technologies Limited |
|
Mr M T Brookes' son is the director and controlling party of Amba Technologies Limited. |
|
Amount due from Amba Technologies Limited |
53,400 |
|
53,400 |
|
|
|
|
|
|
|
|
|
|
Transactions with the director |
|
At 31 March 2021 the company owed Mr M T Brookes £76. This loan is interest free and repayable on demand. |
|
|
Dividends of £41,000 were paid to Mr M T Brookes during the year. |
|
|
| 9 |
Controlling party |
|
|
The company is controlled by Mr M T Brookes. |
|
|
| 10 |
Other information |
|
|
Mercury Reinforcements Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit 58 Woodgate Business Park |
|
Kettles Wood Drive |
|
Birmingham |
|
West Midlands |
|
B32 3DB |
