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REGISTERED NUMBER: 10535349 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Mercanti Imports Limited

Mercanti Imports Limited (Registered number: 10535349)






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


Mercanti Imports Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr J-C Gulotta
Miss L R Gulotta
Mr L D Gulotta





SECRETARY: Miss L R Gulotta





REGISTERED OFFICE: Mercanti
Days Lane
St Philips
Bristol
BS2 0QA





REGISTERED NUMBER: 10535349 (England and Wales)





ACCOUNTANTS: Wormald & Partners
Chartered Accountants (ICAEW)
Redland House
157 Redland Road
Redland
Bristol
BS6 6YE

Mercanti Imports Limited (Registered number: 10535349)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 100,833 128,333
Tangible assets 5 2,534,497 2,496,068
2,635,330 2,624,401

CURRENT ASSETS
Stocks 6 1,066,770 735,875
Debtors 7 619,068 519,915
Cash at bank and in hand 556,528 218,811
2,242,366 1,474,601
CREDITORS
Amounts falling due within one year 8 982,808 702,758
NET CURRENT ASSETS 1,259,558 771,843
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,894,888

3,396,244

CREDITORS
Amounts falling due after more than one year 9 (1,589,579 ) (1,615,797 )

PROVISIONS FOR LIABILITIES 11 (87,453 ) (52,741 )
NET ASSETS 2,217,856 1,727,706

CAPITAL AND RESERVES
Called up share capital 12 3 3
Retained earnings 13 2,217,853 1,727,703
SHAREHOLDERS' FUNDS 2,217,856 1,727,706

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.

Mercanti Imports Limited (Registered number: 10535349)

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 30 July 2024 and were signed on its behalf by:




Mr J-C Gulotta - Director Miss L R Gulotta - Director




Mr L D Gulotta - Director


Mercanti Imports Limited (Registered number: 10535349)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Mercanti 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business on 27 August 2017 in the sum of £275,000 has been provided. This was not reflected in the Company accounts until the year ended 31 December 2021 pending HMRC clearance. The clearance was provided and the liquidation finalised on 14 July 2021.

Goodwill is being amortised evenly over its useful economic life of 10 years. Amortisation was provided in the year ended 31 December 2021 for the period from acquisition on 27 August 2017 to 31 December 2021.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance basis
Fixtures and fittings - 15% on reducing balance basis
Motor vehicles - 15% on reducing balance basis
Computer equipment - 33.33% on reducing balance basis

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.

Mercanti Imports Limited (Registered number: 10535349)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 275,000
AMORTISATION
At 1 January 2023 146,667
Amortisation for year 27,500
At 31 December 2023 174,167
NET BOOK VALUE
At 31 December 2023 100,833
At 31 December 2022 128,333

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 2,223,020 79,524 44,768
Additions - 24,809 4,320
Disposals - - -
At 31 December 2023 2,223,020 104,333 49,088
DEPRECIATION
At 1 January 2023 17,290 12,044 11,679
Charge for year 29,640 13,843 5,611
Eliminated on disposal - - -
At 31 December 2023 46,930 25,887 17,290
NET BOOK VALUE
At 31 December 2023 2,176,090 78,446 31,798
At 31 December 2022 2,205,730 67,480 33,089

Mercanti Imports Limited (Registered number: 10535349)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 304,990 7,067 2,659,369
Additions 128,093 2,849 160,071
Disposals (37,690 ) - (37,690 )
At 31 December 2023 395,393 9,916 2,781,750
DEPRECIATION
At 1 January 2023 119,449 2,839 163,301
Charge for year 42,961 2,356 94,411
Eliminated on disposal (10,459 ) - (10,459 )
At 31 December 2023 151,951 5,195 247,253
NET BOOK VALUE
At 31 December 2023 243,442 4,721 2,534,497
At 31 December 2022 185,541 4,228 2,496,068

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 32,875
Additions 128,093
At 31 December 2023 160,968
DEPRECIATION
At 1 January 2023 4,931
Charge for year 23,406
At 31 December 2023 28,337
NET BOOK VALUE
At 31 December 2023 132,631
At 31 December 2022 27,944

6. STOCKS
2023 2022
£    £   
Stocks 1,066,770 735,875

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 603,148 492,929
VAT 12,470 15,517
Prepayments 3,450 11,469
619,068 519,915

Mercanti Imports Limited (Registered number: 10535349)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 59,779 55,572
Hire purchase contracts 40,803 10,948
Trade creditors 512,422 399,708
Tax 204,468 85,160
Social security and other taxes 20,248 17,306
Other creditors 2,128 1,307
Credit card 2,371 2,736
Directors' loan accounts 128,996 92,712
Accrued expenses 11,593 37,309
982,808 702,758

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Barclays loan 1,226,607 1,282,477
Hire purchase contracts 63,952 20,100
Other creditors 299,020 313,220
1,589,579 1,615,797

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,283,735 1,338,049

The bank loan is secured by a legal charge over the Company's freehold property together with fixed and floating charges over the Company's other assets.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 87,453 52,741

Deferred
tax
£   
Balance at 1 January 2023 52,741
Provided during year 34,712
Balance at 31 December 2023 87,453

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary A 1 1 1
1 Ordinary B 1 1 1
1 Ordinary C 1 1 1
3 3

Mercanti Imports Limited (Registered number: 10535349)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. RESERVES
Retained
earnings
£   

At 1 January 2023 1,727,703
Profit for the year 645,750
Dividends (155,600 )
At 31 December 2023 2,217,853

14. RELATED PARTY DISCLOSURES

During the year, total dividends of £155,600 (2022 - £78,600) were paid to the directors .