Merc Holdings Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02025163 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Merc Holdings Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

1,000,000

700,000

1,000,000

700,000

CURRENT ASSETS

Debtors

5

3,900

3,900

Cash at bank

4,833

3,775

8,733

7,675

CREDITORS

Amounts falling due within one year

6

66,645

52,444

NET CURRENT LIABILITIES

(57,912

)

(44,769

)

TOTAL ASSETS LESS CURRENT LIABILITIES

942,088

655,231

CREDITORS

Amounts falling due after more than one year

7

(204,965

)

(209,443

)

PROVISIONS FOR LIABILITIES

(107,242

)

(24,504

)

NET ASSETS

629,881

421,284

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

8

473,632

-

Retained earnings

8

156,149

421,184

SHAREHOLDERS' FUNDS

629,881

421,284

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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.

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 8 February 2024 and were signed on its behalf by:

Arvind Shah - Director

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:

4th Floor

167 Fleet Street

London

EC4A 2EA

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 (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST OR VALUATION

At 1 August 2022

700,000

Revaluation during the year

300,000

At 31 July 2023

1,000,000

NET BOOK VALUE

At 31 July 2023

1,000,000

At 31 July 2022

700,000

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 2023 is represented by:

Land and

buildings

£

Cost

419,126

Revaluation surplus

580,874

1,000,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

3,900

3,900

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Loans

6,467

9,000

Taxation and social security

6,942

8,806

Other creditors

53,236

34,638

66,645

52,444

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023 2022

£ £

Loans 204,965 209,443

The loan is repaid in monthly instalments currently at the rate of of £1,736.93 (average) 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 5.2% and had increased to 8.25% at the date of approval of these accounts.

8.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 August 2022

421,184

-

421,184

Profit for the year

247,097

247,097

Dividends

(38,500

)

(38,500

)

Fixed Asset Revaluation

(473,632

)

473,632

-

At 31 July 2023

156,149

473,632

629,781

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Sawan Shah.