Company registration number SC089603 (Scotland)
MANUFACTURERS & MERCANTILE CREDIT CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
MANUFACTURERS & MERCANTILE CREDIT CO. LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MANUFACTURERS & MERCANTILE CREDIT CO. LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
413,120
426,740
Current assets
Debtors
5
28,997
70,614
Cash at bank and in hand
3,148,785
3,054,655
3,177,782
3,125,269
Creditors: amounts falling due within one year
6
(24,979)
(22,282)
Net current assets
3,152,803
3,102,987
Net assets
3,565,923
3,529,727
Capital and reserves
Called up share capital
125,102
125,102
Profit and loss reserves
3,440,821
3,404,625
Total equity
3,565,923
3,529,727
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 February 2024 and are signed on its behalf by:
N Solomon
Director
Company Registration No. SC089603
MANUFACTURERS & MERCANTILE CREDIT CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Manufacturers & Mercantile Credit Co. Limited is a private company limited by shares incorporated in Scotland. The registered office is City Point, 65 Haymarket Terrace, Edinburgh, United Kingdom, EH12 5HD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Going concern
The truedirectors have considered the application of the going concern basis to these financial statements. The company has traded profitably during the year and the directors are confident that this situation will continue. Consequently, the directors consider that it continues to be appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover represents the amount, excluding value added tax, of services provided to customers in the United Kingdom.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
70 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
MANUFACTURERS & MERCANTILE CREDIT CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Trade and other receivables
Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest .
1.7
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average number of employees during the year was 2 (2022 - 2).
MANUFACTURERS & MERCANTILE CREDIT CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 June 2022 and 31 May 2023
950,000
Depreciation and impairment
At 1 June 2022
523,260
Depreciation charged in the year
13,620
At 31 May 2023
536,880
Carrying amount
At 31 May 2023
413,120
At 31 May 2022
426,740
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,242
63,084
Other debtors
14,755
7,530
28,997
70,614
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
11,867
5,420
Other taxation and social security
453
857
Other creditors
12,659
16,005
24,979
22,282