Company registration number 2485859 (England and Wales)
MERC-CARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
MERC-CARE LIMITED
COMPANY INFORMATION
Directors
Demidrakis Kyriacou
Giuseppe Sesto
Secretary
Giuseppe Sesto
Company number
2485859
Registered office
1 Queens Parade
Brownlow Road
London
N11 2DN
Accountants
P Spyrou & Co
Chartered Certified Accountants
1 Queens Parade
Brownlow Road
London
N11 2DN
Business address
Rear of Electricity Board Primary Sub-Station
Brunswick Park Road
London
N11 1EY
Bankers
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
MERC-CARE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MERC-CARE LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,517
7,915
Current assets
Stocks
16,250
25,270
Debtors
4
653,109
628,720
Cash at bank and in hand
27,564
28,512
696,923
682,502
Creditors: amounts falling due within one year
5
(119,730)
(107,826)
Net current assets
577,193
574,676
Total assets less current liabilities
589,710
582,591
Creditors: amounts falling due after more than one year
6
(18,333)
(28,333)
Provisions for liabilities
7
(1,686)
(442)
Net assets
569,691
553,816
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
569,591
553,716
Total equity
569,691
553,816

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 2024 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 August 2024 and are signed on its behalf by:
Demidrakis Kyriacou
Director
Company Registration No. 2485859
MERC-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

MERC-CARE LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN. The company's business address is Rear of Electricity Board Primary Sub-Station, Brunswick Park Road, London, N11 1EY.

 

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised at the point of sale.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the completion of the service.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.

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:

Land and buildings Leasehold
over life of the lease
Plant and machinery
25% Straight line
Fixtures, fittings & equipment
25% Straight line
Motor vehicles
25% Straight line

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.

MERC-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

 

1.5
Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs.

 

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MERC-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 9 (2023 - 8).

2024
2023
Number
Number
Total
9
8
MERC-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
21,930
99,091
121,021
Additions
-
0
12,031
12,031
Disposals
-
0
(10,139)
(10,139)
At 31 May 2024
21,930
100,983
122,913
Depreciation and impairment
At 1 June 2023
19,629
93,477
113,106
Depreciation charged in the year
383
5,526
5,909
Eliminated in respect of disposals
-
0
(8,619)
(8,619)
At 31 May 2024
20,012
90,384
110,396
Carrying amount
At 31 May 2024
1,918
10,599
12,517
At 31 May 2023
2,301
5,614
7,915
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,970
7,587
Amounts owed by group undertakings
639,502
611,973
Other debtors
9,637
9,160
653,109
628,720
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
12,757
11,795
Trade creditors
38,628
43,499
Corporation tax
31,990
21,291
Other taxation and social security
25,728
20,434
Other creditors
10,627
10,807
119,730
107,826
MERC-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,333
28,333

The long term bank loan is under the government 'Bounce Back Loan Scheme' which is 100% secured by the UK government.

7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,686
442
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
9
Related party transactions

During the year, the company made rental payments at market rate to Merc-Care Pension Scheme amounting to £58,500 (2023: £62,438) for the occupation of the business premises owned by the pension scheme. The directors of the Company are the only members of the pension scheme and act with another as trustees.

10
Parent company

The ultimate parent company is Merc-Care (Holdings) Limited, a company registered in England and Wales.

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