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01/04/2023
31/03/2024
2024-03-31
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No description of principal activities is disclosed
2023-04-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
05329986
2023-04-01
2024-03-31
05329986
2024-03-31
05329986
2023-03-31
05329986
2022-04-01
2023-03-31
05329986
2023-03-31
05329986
2022-03-31
05329986
core:FurnitureFittingsToolsEquipment
2023-04-01
2024-03-31
05329986
bus:Director1
2023-04-01
2024-03-31
05329986
bus:Director4
2023-04-01
2024-03-31
05329986
core:FurnitureFittingsToolsEquipment
2023-03-31
05329986
core:FurnitureFittingsToolsEquipment
2024-03-31
05329986
core:RetainedEarningsAccumulatedLosses
2022-04-01
2023-03-31
05329986
core:RetainedEarningsAccumulatedLosses
2023-04-01
2024-03-31
05329986
core:WithinOneYear
2024-03-31
05329986
core:WithinOneYear
2023-03-31
05329986
core:UKTax
2023-04-01
2024-03-31
05329986
core:UKTax
2022-04-01
2023-03-31
05329986
core:ShareCapital
2024-03-31
05329986
core:ShareCapital
2023-03-31
05329986
core:RetainedEarningsAccumulatedLosses
2024-03-31
05329986
core:RetainedEarningsAccumulatedLosses
2023-03-31
05329986
core:ShareCapital
2022-03-31
05329986
core:RetainedEarningsAccumulatedLosses
2022-03-31
05329986
core:PreviouslyStatedAmount
core:ShareCapital
2024-03-31
05329986
core:BetweenOneFiveYears
2024-03-31
05329986
core:BetweenOneFiveYears
2023-03-31
05329986
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
05329986
core:Non-currentFinancialInstruments
2024-03-31
05329986
core:Non-currentFinancialInstruments
2023-03-31
05329986
core:FurnitureFittingsToolsEquipment
2023-03-31
05329986
bus:Director1
2023-03-31
05329986
bus:Director1
2024-03-31
05329986
bus:Director4
2023-03-31
05329986
bus:Director4
2024-03-31
05329986
bus:Director1
2022-03-31
05329986
bus:Director1
2023-03-31
05329986
bus:Director4
2022-03-31
05329986
bus:Director4
2023-03-31
05329986
bus:Director1
2022-04-01
2023-03-31
05329986
bus:Director4
2022-04-01
2023-03-31
05329986
bus:SmallEntities
2023-04-01
2024-03-31
05329986
bus:Audited
2023-04-01
2024-03-31
05329986
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
05329986
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
05329986
bus:FullAccounts
2023-04-01
2024-03-31
Company registration number:
05329986
Mercurius IT Limited
Filleted financial statements
31 March 2024
Mercurius IT Limited
Statement of financial position
31 March 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
7 |
44,166 |
|
|
|
2,719 |
|
|
Investments |
|
8 |
61,971 |
|
|
|
61,971 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
106,137 |
|
|
|
64,690 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
9 |
1,307,557 |
|
|
|
1,606,839 |
|
|
Cash at bank and in hand |
|
|
1,145,935 |
|
|
|
880,660 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
2,453,492 |
|
|
|
2,487,499 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
10 |
(
1,070,787) |
|
|
|
(
1,272,398) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
1,382,705 |
|
|
|
1,215,101 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,488,842 |
|
|
|
1,279,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
1,488,842 |
|
|
|
1,279,791 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
1,000 |
|
|
|
1,000 |
Profit and loss account |
|
|
|
|
1,487,842 |
|
|
|
1,278,791 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
1,488,842 |
|
|
|
1,279,791 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regiime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime
.
These financial statements were approved by the
board of directors
and authorised for issue on
09 September 2024
, and are signed on behalf of the board by:
Mr. Jaywant Shivajirao Tahasildar
Mr. Lee David Cridland
Director
Director
Company registration number:
05329986
Mercurius IT Limited
Statement of changes in equity
Year ended 31 March 2024
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 April 2022 |
|
1,000 |
|
985,756 |
986,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
293,035 |
293,035 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
293,035 |
293,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 and 1 April 2023 |
|
1,000 |
|
1,278,791 |
1,279,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
459,051 |
459,051 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
459,051 |
459,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
250,000) |
(
250,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
250,000) |
(
250,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2024 |
|
1,000 |
|
1,487,842 |
1,488,842 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mercurius IT Limited
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales registration number
05329986
. The address of the registered office is 24 Shenley Pavilions, Chalkdell Drive, Shenley Wood, Milton Keynes Buckinghamshire, MK5 6LB
2.
Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with section 1A of Financial Reporting Standard 102 ,the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied
Going concern
The financial statements have been prepared on the going concern basis as the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
Consolidation
The company is exempt from preparing consolidated accounts due to the group meeting the criteria for a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
In the case of long term contracts, turnover is recognised in line with the stage of completion of the project, based upon a review of labour costs incurred to date as a percentage of expected total labour costs. Turnover is then accrued or deferred as appropriate.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the lease term.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
33.33 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates
.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Pension
The Company operates a defined contribution plan for its employees. A defined contribution plan is a
pension plan under which the Company pays fixed contributions into a separate entity. Once the
contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paidare shown in accruals as a liability in the balance sheet. The assets of the plan are held separatelyfrom the Company in independently administered funds.Contributions to defined contribution plans are expensed in the period to which they relate.
3.
Auditors remuneration
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
16,750 |
9,250 |
|
|
|
|
|
|
Fees payable to the company's auditor in respect of: |
|
|
|
|
Other Services |
|
850 |
1,770 |
|
|
|
_______ |
_______ |
|
|
|
17,600 |
11,020 |
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
21
(2023:
14
).
5.
Profit before taxation
Profit before taxation is stated after charging/(crediting):
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
23,903 |
2,122 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
6.
Tax on profit
Major components of tax expense
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
66,705 |
28,480 |
|
Adjustments in respect of previous periods |
|
(
12,338) |
- |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
54,367 |
28,480 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Factors affecting tax charge for the year
The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax 25% (2023: 19%) The differences are explained below
Year
Year
ended
ended
2024
2023
£
£
Profit on ordinary activities before tax
513,418
321,515
_______
|
_______
|
Profit on ordinary activities multiplied by standard rate of
128,355
61,088
corporation tax in the UK of 25% (2023 - 19%)
Adjustments in respect of prior periods towards
(12,338)
-
research and development tax credit
-
-
Expenses not deductible for tax purposes
6,295
26,187
Effect of capital allowances and depreciation
(
16,337
)
(
441
)
Adjustment in research and development tax credit leading
(51,608)
(58,354)
to an increase (decrease) in the tax charge
_______
|
_______
|
Tax on profit
54,367
28,480
_______
|
_______
|
7.
Tangible assets
|
|
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2023 |
59,021 |
59,021 |
|
|
|
|
|
|
Additions |
65,350 |
65,350 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2024 |
124,371 |
124,371 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2023 |
56,302 |
56,302 |
|
|
|
|
|
|
Charge for the year |
23,903 |
23,903 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2024 |
80,205 |
80,205 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2024 |
44,166 |
44,166 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2023 |
2,719 |
2,719 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Investments
|
|
Other investments other than loans |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2023 and 31 March 2024 |
61,971 |
61,971 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 April 2023 and 31 March 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2024 |
61,971 |
61,971 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 |
61,971 |
61,971 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
Mercurius IT Limited
has a 99.9% investment in its Indian Subsidiary, Mercurius Info Tech (India) Pvt Ltd. of £61,971. The Subsidiary is in the business of IT Software Consultancy and Services.
9.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
990,479 |
1,300,809 |
|
Prepayments |
|
17,399 |
3,312 |
|
Other debtors & accrued income |
|
299,679 |
302,718 |
|
|
|
_______ |
_______ |
|
|
|
1,307,557 |
1,606,839 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
542,936 |
368,487 |
|
Corporation tax |
|
47,113 |
66,581 |
|
Social security and other taxes |
|
234,230 |
309,731 |
|
Other creditors and deferred income |
|
246,508 |
527,599 |
|
|
|
_______ |
_______ |
|
|
|
1,070,787 |
1,272,398 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
46,785 |
44,449 |
Later than 1 year and not later than 5 years |
54,837 |
45,902 |
|
_______ |
_______ |
|
101,622 |
90,351 |
|
_______ |
_______ |
|
|
|
12.
Summary audit opinion
The auditor's report on the Financial statements for the year ended 31st March 2024 was
unqualified
.
The senior statutory auditor was signed on
10 September 2024
by Allan Pinner
FCCA (Senior Statutory Auditor) for and on behalf of Kreston Reeves LLP
.
13.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr. Jaywant Shivajirao Tahasildar |
31,809 |
1,654 |
(
8,365) |
25,098 |
|
|
|
Mr. Lee David Cridland |
81,084 |
4,302 |
(
10,052) |
75,334 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
112,893 |
5,956 |
(
18,417) |
100,432 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr. Jaywant Shivajirao Tahasildar |
31,086 |
723 |
- |
31,809 |
|
|
|
Mr. Lee David Cridland |
79,240 |
1,844 |
- |
81,084 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
110,326 |
2,567 |
- |
112,893 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
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In the current year interest is charged on the loans at the higher of 1% or the Bank of England Base Rate and are repayable on demand.
14.
Related party transactions
The company has taken the exemption in FRS 102 section 1AC.35 from disclosing transctions with related parties conducted under normal market conditions.