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Registration number: 00895940


Mercury Sports Equipment Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Mercury Sports Equipment Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Mercury Sports Equipment Limited

Company Information

Directors

Mr D W Eardley

Mr A J Eardley

Mrs S C Eardley

Mrs I Eardley

Registered office

Victoria Road
Fenton
Stoke on Trent
Staffordshire
ST4 2HS

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Mercury Sports Equipment Limited

(Registration number: 00895940)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

245,389

232,381

Investment property

5

116,667

116,667

 

362,056

349,048

Current assets

 

Stocks

9,553

15,310

Debtors

6

58,608

52,250

Cash at bank and in hand

 

59,513

25,004

 

127,674

92,564

Creditors: Amounts falling due within one year

7

(56,671)

(60,348)

Net current assets

 

71,003

32,216

Total assets less current liabilities

 

433,059

381,264

Creditors: Amounts falling due after more than one year

7

(23,168)

(17,995)

Provisions for liabilities

(31,230)

(27,874)

Net assets

 

378,661

335,395

Capital and reserves

 

Called up share capital

500

500

Revaluation reserve

157,292

157,292

Other reserves

85,646

85,646

Profit and loss account

135,223

91,957

Total equity

 

378,661

335,395

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

 

Mercury Sports Equipment Limited

(Registration number: 00895940)
Balance Sheet as at 31 October 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr A J Eardley
Director

 

Mercury Sports Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Victoria Road
Fenton
Stoke on Trent
Staffordshire
ST4 2HS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Mercury Sports Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by internal valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Mercury Sports Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

Mercury Sports Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
 £

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

233,333

48,517

20,435

6,882

309,167

Additions

-

32,995

-

-

32,995

Disposals

-

(21,990)

-

-

(21,990)

At 31 October 2023

233,333

59,522

20,435

6,882

320,172

Depreciation

At 1 November 2022

23,333

32,773

15,541

5,139

76,786

Charge for the year

4,667

6,033

734

436

11,870

Eliminated on disposal

-

(13,873)

-

-

(13,873)

At 31 October 2023

28,000

24,933

16,275

5,575

74,783

Carrying amount

At 31 October 2023

205,333

34,589

4,160

1,307

245,389

At 31 October 2022

210,000

15,744

4,894

1,743

232,381

 

Mercury Sports Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Investment properties

2023
£

At 1 November 2022 and at 31 October 2023

116,667

The investment property has been valued by Mr A J Eardley, a director of the company.

6

Debtors

2023
£

2022
£

Trade debtors

55,403

47,416

Prepayments

3,205

4,834

 

58,608

52,250

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Bank loans and overdrafts

6,869

7,087

Trade creditors

12,506

20,090

Taxation and social security

19,791

13,347

Other creditors

22,395

17,003

Directors' loan account

(12,063)

138

HP and finance lease liabilities

7,173

2,683

56,671

60,348

Creditors: amounts falling due after more than one year

2023
£

2022
£

Bank loans and borrowings

23,168

17,995

Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.