Merc Holdings Limited - Accounts to registrar (filleted) - small 17.3
Merc Holdings Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 July 2017 |
| for |
| Merc Holdings Limited |
| Merc Holdings Limited (Registered number: 02025163) |
| Contents of the Financial Statements |
| for the Year Ended 31 July 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Merc Holdings Limited |
| Company Information |
| for the Year Ended 31 July 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Ground Floor, Bury House |
| 31 Bury Street |
| London |
| EC3A 5AR |
| Merc Holdings Limited (Registered number: 02025163) |
| Balance Sheet |
| 31 July 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 7 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| 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. |
| Merc Holdings Limited (Registered number: 02025163) |
| Balance Sheet - continued |
| 31 July 2017 |
| 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 on |
| Merc Holdings Limited (Registered number: 02025163) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2017 |
| 1. | STATUTORY INFORMATION |
| Merc Holdings Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Although the company has net current liabilities of £22,099 (2016: £107,614), the accounts have been prepared on a going |
| concern basis. The directors consider this basis to be appropriate as included in the company's current liabilities is £2,047 |
| (2016: £65,782) owed to the directors who have agreed not to demand repayment. |
| 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 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. |
| Merc Holdings Limited (Registered number: 02025163) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2017 |
| 3. | TANGIBLE FIXED ASSETS |
| Land and |
| buildings |
| £ |
| COST OR VALUATION |
| At 1 August 2016 |
| Revaluation during the year |
| At 31 July 2017 |
| NET BOOK VALUE |
| At 31 July 2017 |
| At 31 July 2016 |
| 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 2017 is represented by: |
| Land and |
| buildings |
| £ |
| Cost | 419,126 |
| Revaluation surplus | 280,874 |
| 700,000 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Rent Deposit | 3,600 | 3,600 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Loans |
| Corporation tax payable |
| Directors Current Account |
| Rent Deposits held | 7,600 | 7,600 |
| Accrued expenses |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| There are two loans which are repayable in monthly instalments of £1,570 and £751 (inclusive of interest). Interest is |
| charged at 4.67% over base rate and 3.75% over base rate on the loans respectively. The loans are amortised over a 15 year |
| profile. |
| Merc Holdings Limited (Registered number: 02025163) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2017 |
| 7. | PROVISIONS FOR LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Deferred tax | 26,416 | 25,029 |
| Deferred |
| tax |
| £ |
| Balance at 1 August 2016 |
| Provided during year |
| Balance at 31 July 2017 |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary Shares | £1 | 100 | 100 |
| 9. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 August 2016 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 July 2017 |
| Included in retained earnings are non-distributable reserves of £280,874 (2016: £235,602), which represents the cumulative |
| revaluation surplus of the freehold property. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by Sawan Shah, a director of the company. |