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REGISTERED NUMBER: 10534488 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MERCIA IMPORTS LIMITED

MERCIA IMPORTS LIMITED (REGISTERED NUMBER: 10534488)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MERCIA IMPORTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: J Weiss
J Robbins





REGISTERED OFFICE: Bank Gallery
13 High Street
Kenilworth
Warwickshire
CV8 1LY





REGISTERED NUMBER: 10534488 (England and Wales)





ACCOUNTANTS: Bernard Rogers & Co
Bank Gallery
High Street
Kenilworth
Warwickshire
CV8 1LY

MERCIA IMPORTS LIMITED (REGISTERED NUMBER: 10534488)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 270,835 254,895
Debtors 4 13,535 10,647
Cash at bank 18,636 42,484
303,006 308,026
CREDITORS
Amounts falling due within one year 5 769,897 705,350
NET CURRENT LIABILITIES (466,891 ) (397,324 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(466,891

)

(397,324

)

CREDITORS
Amounts falling due after more than one
year

6

15,491

25,275
NET LIABILITIES (482,382 ) (422,599 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (482,482 ) (422,699 )
SHAREHOLDERS' FUNDS (482,382 ) (422,599 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MERCIA IMPORTS LIMITED (REGISTERED NUMBER: 10534488)

BALANCE SHEET - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





J Weiss - Director


MERCIA IMPORTS LIMITED (REGISTERED NUMBER: 10534488)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Mercia Imports Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,846 7,534
Other debtors 7,689 3,113
13,535 10,647

MERCIA IMPORTS LIMITED (REGISTERED NUMBER: 10534488)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,784 9,784
Trade creditors 543,070 452,720
Taxation and social security - 8,447
Other creditors 217,043 234,399
769,897 705,350

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 15,491 25,275

7. RELATED PARTY DISCLOSURES

At 31 December 2023 other creditors included loans made to the company by the directors of £2,844 (2022: £2,705). The loans are interest free and have no fixed date for repayment.

J Weiss (Director) is also a director of Rhythm Inc. At 31 December 2023 other creditors included loans made to the company by Rhythm Inc of £211,411 (2022: £223,354). The loans are interest free and have no fixed date for repayment.

J Robbins (Director) is also a director of Lestal Kenilworth Limited. At 31 December 2023 trade creditors included a balance due to Lestal Kenilworth Limited of £17,167 (2022: £20,902) and other debtors included a balance of £4,526 (2022: £2,353) due from Lestal Kenilworth Limited.

8. ULTIMATE CONTROLLING PARTY

The controlling party is J Weiss.

9. GOING CONCERN

At the year end, the company had a deficiency of net assets in the sum of £482,382 and is consequently reliant on the continued support of it's creditors.The directors believe that the position will improve in the next financial period and that the going concern basis of accounts preparation in appropriate.