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Registration number: 07159244

Mercers Offshore Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Mercers Offshore Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Mercers Offshore Limited

Company Information

Director

PF Doring

Company secretary

A Doring

Registered office

Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisors
Cooper House
Lower Charlton House
Shepton Mallet
Somerset
BA4 5QE

 

Mercers Offshore Limited

(Registration number: 07159244)
Balance Sheet
29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,589

2,645

Investment property

5

525,000

525,000

 

528,589

527,645

Current assets

 

Debtors

6

136,238

149,743

Cash at bank and in hand

 

605,649

514,821

 

741,887

664,564

Creditors: Amounts falling due within one year

7

(62,299)

(115,393)

Net current assets

 

679,588

549,171

Net assets

 

1,208,177

1,076,816

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,208,077

1,076,716

Shareholders' funds

 

1,208,177

1,076,816

 

Mercers Offshore Limited

(Registration number: 07159244)
Balance Sheet
29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 September 2024
 

.........................................
PF Doring
Director

 

Mercers Offshore Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE
United Kingdom

These financial statements were authorised for issue by the director on 20 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Mercers Offshore Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax and is recognised in the profit or loss account.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight line

Fixtures and fittings

25% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Mercers Offshore Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business and are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Mercers Offshore Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

4,355

5,083

9,438

Additions

958

1,998

2,956

At 29 February 2024

5,313

7,081

12,394

Depreciation

At 1 March 2023

2,179

4,614

6,793

Charge for the year

1,330

682

2,012

At 29 February 2024

3,509

5,296

8,805

Carrying amount

At 29 February 2024

1,804

1,785

3,589

At 28 February 2023

2,176

469

2,645

5

Investment properties

2024
£

At 1 March

525,000

At 29 February

525,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

2023
£

Trade debtors

88,183

147,103

Other debtors

46,589

1,172

Prepayments

1,466

1,468

136,238

149,743

 

Mercers Offshore Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

36,667

Trade creditors

 

1,794

4,256

Taxation and social security

 

59,110

72,572

Accruals and deferred income

 

1,160

1,158

Other creditors

 

235

740

 

62,299

115,393

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

36,667

9

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Amount owed by the director to the company

-

45,287

45,287

-

-

-

-

45,287

45,287