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Registered number: 12529543
Mercia Partners Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12529543
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 960,942 410,000
960,942 410,000
CURRENT ASSETS
Debtors 5 33,000 10,000
Cash at bank and in hand 99,119 119,305
132,119 129,305
Creditors: Amounts Falling Due Within One Year 6 (319,794 ) (1,140 )
NET CURRENT ASSETS (LIABILITIES) (187,675 ) 128,165
TOTAL ASSETS LESS CURRENT LIABILITIES 773,267 538,165
Creditors: Amounts Falling Due After More Than One Year 7 (658,668 ) (525,166 )
NET ASSETS 114,599 12,999
CAPITAL AND RESERVES
Called up share capital 8 2 2
Revaluation reserve 9 169,548 35,422
Profit and Loss Account (54,951 ) (22,425 )
SHAREHOLDERS' FUNDS 114,599 12,999
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Andrew Nicholas
Director
15th August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Mercia Partners Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12529543 . The registered office is 1 London Road, Ipswich, IP1 2HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Fair Value
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Investment Property
2023
£
Fair Value
As at 1 January 2023 410,000
Additions 416,816
Revaluations 134,126
As at 31 December 2023 960,942
Page 3
Page 4
5. Debtors
2023 2022
£ £
Due within one year
Other debtors - 10,000
Other debtors (1) 33,000 -
33,000 10,000
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 22,612 -
Other creditors (1) 296,042 -
Accruals and deferred income 1,140 1,140
319,794 1,140
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 517,537 290,691
Directors loan account 141,131 234,475
658,668 525,166
The directors loans are long term investments from the Directors, although repayable on demand.
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
9. Reserves
Revaluation Reserve
£
As at 1 January 2023 35,422
Transfer to profit and loss 134,126
As at 31 December 2023 169,548
Page 4