Company registration number 08476419 (England and Wales)
MERC-CARE (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
MERC-CARE (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Demidrakis Kyriacou
Giuseppe Sesto
Secretary
Giuseppe Sesto
Company number
08476419
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
Bankers
Barclays Bank Plc
Leicester
Leicestershire
LB87 2BB
MERC-CARE (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MERC-CARE (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
480,000
480,000
Investments
4
638,000
638,000
1,118,000
1,118,000
Current assets
Debtors
6
-
0
175
Cash at bank and in hand
2,284
3,167
2,284
3,342
Creditors: amounts falling due within one year
7
(742,610)
(674,073)
Net current liabilities
(740,326)
(670,731)
Total assets less current liabilities
377,674
447,269
Creditors: amounts falling due after more than one year
8
(4,000)
(20,000)
Provisions for liabilities
(10,252)
(10,252)
Net assets
363,422
417,017
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
363,322
416,917
Total equity
363,422
417,017

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. 08476419
MERC-CARE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

MERC-CARE (HOLDINGS) 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.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents UK rental income received or receivable for services provided net of trade discounts. Rental income is recognised on a straight line basis over the term of the relevant lease.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.4
Fixed asset investments

Interest in subsidiary is initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
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.

MERC-CARE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
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.

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of person employed by the company during the year was 0 (2023 - 0).

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
2023
£
£
At 31 May
480,000
480,000
MERC-CARE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
3
Investment property
(Continued)
- 4 -

Investment property comprises a property located at 28A Whittington Road, London, N22 8YD. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 3 March 2020 by Cordell Marks Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors are of the opinion that the market value is not significantly different from the amount shown above at the year end date.

4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
638,000
638,000
5
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Merc-Care Limited
England
Specialists Mercedes motor mechanics
Ordinary
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Merc-Care Limited
105,875
569,691
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
175
MERC-CARE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts due to group undertakings
639,502
611,973
Corporation tax
1,972
2,428
Directors' current account
81,386
40,584
Other creditors (note 8)
19,750
19,088
742,610
674,073
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,000
20,000

During the year, the company paid interest of £1,733 (2023: £3,388) in respect of a loan from Merc-Care Pension Scheme.The loan is secured by a charge on the company's investment property and the interest payable on the loans is 4%. Also included in other creditors (note7) is an amount of £16,000 (2023: £16,000) relating to the loan. The directors are the only members of the pension scheme and also act with another as trustees.

9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10,252
10,252
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
11
Related party transactions

During the year, the company paid an interim dividend of £76,000 (2023: £12,000) to each director of the company.

 

12
Controlling company

The company was controlled throughout the current and previous year by the directors by virtue of them owning the entire issued share capital of the company.

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