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REGISTERED NUMBER: 10193769 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

Mercury Carpets & Flooring Ltd

Mercury Carpets & Flooring Ltd (Registered number: 10193769)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mercury Carpets & Flooring Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: R P Jenkins
S G Lewis





REGISTERED OFFICE: 29 Ystrad Road
Swansea
SA5 4LH





REGISTERED NUMBER: 10193769 (England and Wales)





ACCOUNTANTS: DGL Accountancy Services Limited
Chartered Certified Accountants
35 Hen Parc Avenue
Upper Killay
Swansea
SA2 7HA

Mercury Carpets & Flooring Ltd (Registered number: 10193769)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,387 8,538

CURRENT ASSETS
Stocks 26,029 28,573
Debtors 5 5,077 4,042
Cash at bank 60,760 99,685
91,866 132,300
CREDITORS
Amounts falling due within one year 6 40,826 77,307
NET CURRENT ASSETS 51,040 54,993
TOTAL ASSETS LESS CURRENT
LIABILITIES

57,427

63,531

PROVISIONS FOR LIABILITIES 7 1,200 1,600
NET ASSETS 56,227 61,931

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 56,127 61,831
56,227 61,931

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

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

Mercury Carpets & Flooring Ltd (Registered number: 10193769)

Balance Sheet - continued
31 May 2023


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 3 October 2023 and were signed on its behalf by:




R P Jenkins - Director



S G Lewis - Director


Mercury Carpets & Flooring Ltd (Registered number: 10193769)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Mercury Carpets & Flooring Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Mercury Carpets & Flooring Ltd (Registered number: 10193769)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2022 1,079 15,895 544 17,518
Additions - - 390 390
Disposals - (2,300 ) - (2,300 )
At 31 May 2023 1,079 13,595 934 15,608
DEPRECIATION
At 1 June 2022 818 7,743 419 8,980
Charge for year 66 2,038 104 2,208
Eliminated on disposal - (1,967 ) - (1,967 )
At 31 May 2023 884 7,814 523 9,221
NET BOOK VALUE
At 31 May 2023 195 5,781 411 6,387
At 31 May 2022 261 8,152 125 8,538

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 4,127 3,485
Other debtors 950 557
5,077 4,042

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 6,262 14,427
Taxation and social security 25,583 33,282
Other creditors 8,981 29,598
40,826 77,307

Mercury Carpets & Flooring Ltd (Registered number: 10193769)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. PROVISIONS FOR LIABILITIES
31.5.23 31.5.22
£    £   
Deferred tax 1,200 1,600

Deferred
tax
£   
Balance at 1 June 2022 1,600
Credit to Income Statement during year (400 )
Balance at 31 May 2023 1,200

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £30,000 (2022 - £30,000) were paid to the directors .

9. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors, R P Jenkins and S G Lewis.