Company registration number 12287878 (England and Wales)
Mercury Technology Partners Ltd
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
Mercury Technology Partners Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 4
Mercury Technology Partners Ltd
Statement of financial position
as at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
99,232
127,618
Current assets
Debtors
194,882
174,044
Cash at bank and in hand
108,437
200,312
303,319
374,356
Creditors: amounts falling due within one year
(306,179)
(253,598)
Net current (liabilities)/assets
(2,860)
120,758
Total assets less current liabilities
96,372
248,376
Provisions for liabilities
4
(24,808)
(24,247)
Net assets
71,564
224,129
Capital and reserves
Called up share capital
990
990
Profit and loss reserves
70,574
223,139
Total equity
71,564
224,129
Mercury Technology Partners Ltd
Statement of financial position (continued)
as at 31 March 2024
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 November 2024 and are signed on its behalf by:
G Fletcher
Director
Company Registration No. 12287878
Mercury Technology Partners Ltd
Notes to the Financial Statements
for the year ended 31 March 2024
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
3 Years Straight Line
Computers
3 Years Straight Line
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Mercury Technology Partners Ltd
Notes to the Financial Statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 4 -
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
4
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
5,407
157,658
163,065
Additions
958
5,000
5,958
Disposals
(3,320)
(3,320)
At 31 March 2024
958
7,087
157,658
165,703
Depreciation and impairment
At 1 April 2023
2,839
32,608
35,447
Depreciation charged in the year
3,081
31,263
34,344
Eliminated in respect of disposals
(3,320)
(3,320)
At 31 March 2024
2,600
63,871
66,471
Carrying amount
At 31 March 2024
958
4,487
93,787
99,232
At 31 March 2023
2,568
125,050
127,618
4
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
24,808
24,247
5
Company information
Mercury Technology Partners Ltd is a private company limited by shares incorporated in England and Wales. The registered office is International House, 61 Mosley Street, Manchester, United Kingdom, M2 3HZ.