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REGISTERED NUMBER: 02465123 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

MERCIA EXPORT ENTERPRISES LIMITED

MERCIA EXPORT ENTERPRISES LIMITED (REGISTERED NUMBER: 02465123)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MERCIA EXPORT ENTERPRISES LIMITED

COMPANY INFORMATION
for the year ended 28 February 2023







DIRECTORS: Mr Sahil Aggarwal
Mr Rajan Aggarwal
Mr Keval Krishnan Aggarwal





SECRETARY: Mr Rajan Aggarwal





REGISTERED OFFICE: 80-80a St Nicolas Park Drive
Nuneaton
Warwickshire
CV11 6DJ





REGISTERED NUMBER: 02465123 (England and Wales)





ACCOUNTANTS: LDP Luckmans
1110 Elliott Court
Coventry Business Park
Herald Avenue
Coventry
West Midlands
CV5 6UB

MERCIA EXPORT ENTERPRISES LIMITED (REGISTERED NUMBER: 02465123)

BALANCE SHEET
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 16,792 23,080
Investments 6 650,000 650,000
Investment property 7 160,650 160,650
827,442 833,730

CURRENT ASSETS
Debtors 8 162,785 197,009
Cash at bank 523 26,946
163,308 223,955
CREDITORS
Amounts falling due within one year 9 550,029 551,250
NET CURRENT LIABILITIES (386,721 ) (327,295 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

440,721

506,435

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 439,721 505,435
SHAREHOLDERS' FUNDS 440,721 506,435

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 and authorised for issue by the Board of Directors and authorised for issue on 9 October 2023 and were signed on its behalf by:



Mr Rajan Aggarwal - Director


MERCIA EXPORT ENTERPRISES LIMITED (REGISTERED NUMBER: 02465123)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 28 February 2023

1. STATUTORY INFORMATION

Mercia Export Enterprises Limited 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below

Preparation of consolidated financial statements
The financial statements contain information about Mercia Export Enterprises Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents the net invoiced sales of goods excluding value added tax where appropriate. The Company exports goods to various countries and the sale becomes valid at the point of despatch.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademark costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Office equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.


MERCIA EXPORT ENTERPRISES LIMITED (REGISTERED NUMBER: 02465123)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Going concern
The directors have considered a period of at least 12 months from the date of approval of these financial statements. They are confident that despite this year's loss that the company will have sufficient access to funds to be able to continue in operation for the foreseeable future. Accordingly the financial statements have been compiled on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Trademark
costs
£   
COST
At 1 March 2022
and 28 February 2023 2,524
AMORTISATION
At 1 March 2022
and 28 February 2023 2,524
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

MERCIA EXPORT ENTERPRISES LIMITED (REGISTERED NUMBER: 02465123)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

5. TANGIBLE FIXED ASSETS
Office Motor
equipment vehicles Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 30,731 27,990 58,721
DEPRECIATION
At 1 March 2022 13,463 22,178 35,641
Charge for year 4,835 1,453 6,288
At 28 February 2023 18,298 23,631 41,929
NET BOOK VALUE
At 28 February 2023 12,433 4,359 16,792
At 28 February 2022 17,268 5,812 23,080

Fixed assets, included in the above, which are held under finance leases are as follows:
Motor
vehicles
£   
COST
At 1 March 2022 27,990
Transfer to ownership (27,990 )
At 28 February 2023 -
DEPRECIATION
At 1 March 2022 22,178
Transfer to ownership (22,178 )
At 28 February 2023 -
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 5,812

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2022
and 28 February 2023 650,000
NET BOOK VALUE
At 28 February 2023 650,000
At 28 February 2022 650,000

MERCIA EXPORT ENTERPRISES LIMITED (REGISTERED NUMBER: 02465123)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

7. INVESTMENT PROPERTY
Total
£   
COST
At 1 March 2022
and 28 February 2023 160,650
NET BOOK VALUE
At 28 February 2023 160,650
At 28 February 2022 160,650

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors-exports .... 151,071 190,096
Directors' current accounts 153 153
VAT 11,561 6,276
Prepayments - 484
162,785 197,009

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 46,433 38,233
Other loans 39,500 54,000
Finance leases - 3,183
Trade creditors 35,915 51,030
Amounts owed to group undertakings 422,386 399,886
Social security and other taxes 2,744 1,757
Directors' current accounts 101 101
Accrued expenses 2,950 3,060
550,029 551,250

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 46,433 38,233

11. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed its wholly owned subsidiary £422,386 (2021: £399,886).