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Company No: 02857947 (England and Wales)

MERKO (EUROPE) LTD

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

MERKO (EUROPE) LTD

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

MERKO (EUROPE) LTD

STATEMENT OF FINANCIAL POSITION

As at 30 September 2023
MERKO (EUROPE) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,101 6,937
3,101 6,937
Current assets
Stocks 385,923 357,807
Debtors 4 525,887 493,785
Cash at bank and in hand 7,873 14,773
919,683 866,365
Creditors: amounts falling due within one year 5 ( 667,744) ( 653,767)
Net current assets 251,939 212,598
Total assets less current liabilities 255,040 219,535
Net assets 255,040 219,535
Capital and reserves
Called-up share capital 300 300
Share premium account 1,250 1,250
Profit and loss account 253,490 217,985
Total shareholders' funds 255,040 219,535

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Merko (Europe) Ltd (registered number: 02857947) were approved and authorised for issue by the Director. They were signed on its behalf by:

Mr J Batten
Director
Mr P Stott
Director

06 February 2024

MERKO (EUROPE) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
MERKO (EUROPE) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Merko (Europe) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hempstead Road Business Centre, Hempstead Road, Holt, NR25 6EE, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the cost of purchase.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 October 2022 50,719 50,719
At 30 September 2023 50,719 50,719
Accumulated depreciation
At 01 October 2022 43,782 43,782
Charge for the financial year 3,836 3,836
At 30 September 2023 47,618 47,618
Net book value
At 30 September 2023 3,101 3,101
At 30 September 2022 6,937 6,937

4. Debtors

2023 2022
£ £
Trade debtors 508,885 474,702
Prepayments 11,810 13,369
Other debtors 5,192 5,714
525,887 493,785

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 453,413 395,984
Accruals 2,122 0
Corporation tax 14,797 4,860
Other taxation and social security 6,401 6,634
Other creditors 191,011 246,289
667,744 653,767

6. Financial commitments

Other financial commitments

2023 2022
£ £
Not later than 1 year 4,100 4,100
Later than 1 year and not later than 5 years 4,100 8,200
8,200 12,300

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the above periods: