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Registration number: 07437977

Mercers Furniture Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

Mercers Furniture Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Mercers Furniture Limited

Company Information

Director

Mr Richard Mercer

Registered office

1 High Street
Roydon
Harlow
Essex
CM19 5HJ

Accountants

Richard Brown & Co
Accountants
1 High Street
Roydon
Harlow
Essex
CM19 5HJ

 

Mercers Furniture Limited

(Registration number: 07437977)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

105,000

120,000

Tangible assets

5

27,881

37,174

 

132,881

157,174

Current assets

 

Stocks

6

1,647,925

1,049,138

Debtors

7

42,547

117,735

Cash at bank and in hand

 

139,528

336,388

 

1,830,000

1,503,261

Creditors: Amounts falling due within one year

(385,011)

(471,987)

Net current assets

 

1,444,989

1,031,274

Net assets

 

1,577,870

1,188,448

Capital and reserves

 

Called up share capital

8

700

700

Retained earnings

1,577,170

1,187,748

Shareholders' funds

 

1,577,870

1,188,448

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Mercers Furniture Limited

(Registration number: 07437977)
Abridged Balance Sheet as at 30 April 2024

Approved and authorised by the director on 18 June 2024
 

.........................................

Mr Richard Mercer

Director

 

Mercers Furniture Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
1 High Street
Roydon
Harlow
Essex
CM19 5HJ
England

These financial statements were authorised for issue by the director on 18 June 2024.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Mercers Furniture Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

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.

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

Vehicles

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Mercers Furniture Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Mercers Furniture Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2023 - 14).

 

Mercers Furniture Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 May 2023

300,000

At 30 April 2024

300,000

Amortisation

At 1 May 2023

180,000

Amortisation charge

15,000

At 30 April 2024

195,000

Carrying amount

At 30 April 2024

105,000

At 30 April 2023

120,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

11,361

89,638

100,999

At 30 April 2024

11,361

89,638

100,999

Depreciation

At 1 May 2023

3,665

60,160

63,825

Charge for the year

1,924

7,369

9,293

At 30 April 2024

5,589

67,529

73,118

Carrying amount

At 30 April 2024

5,772

22,109

27,881

At 30 April 2023

7,696

29,478

37,174

6

Stocks

2024
£

2023
£

Raw materials and consumables

38,425

39,902

Finished goods and goods for resale

1,609,500

1,009,236

1,647,925

1,049,138

 

Mercers Furniture Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

500

500

500

500

Ordinary B shares of £1 each

200

200

200

200

 

700

700

700

700

9

Dividends

Final dividends paid

   

2024
£

 

2023
£

Final dividend of £Nil (2023 - £1.00) per each Ordinary A shares

 

-

 

-

         

Final dividends paid

   

2024
£

 

2023
£

Final dividend of £Nil (2023 - £1) per each Ordinary A shares

 

-

 

-

         

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £2.00 (2023 - £4.00) per each Ordinary A shares

 

1,000

 

2,000

         

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £2 (2023 - £4) per each Ordinary A shares

 

1,000

 

2,000

         

Recommended final dividends paid and not recognised in the accounts

The director is recommending the following final dividends:

These dividends have not been accrued in the balance sheet.