21 01/04/2023 31/03/2024 2024-03-31 false false false false true false false false false false true false false true false false false false false false false 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
_______ _______ _______ _______
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.