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REGISTERED NUMBER: 04410470 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

MERCHANT NAVY RESOURCES LIMITED

MERCHANT NAVY RESOURCES LIMITED (REGISTERED NUMBER: 04410470)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MERCHANT NAVY RESOURCES LIMITED

COMPANY INFORMATION
for the Year Ended 30 April 2024







DIRECTORS: Mrs A B Corlett
D K Corlett





SECRETARY: Kenilworth Trading Limited





REGISTERED OFFICE: Bank Gallery
High Street
Kenilworth
Warwickshire
CV8 1LY





REGISTERED NUMBER: 04410470 (England and Wales)





ACCOUNTANTS: Bernard Rogers & Co
Bank Gallery
High Street
Kenilworth
Warwickshire
CV8 1LY

MERCHANT NAVY RESOURCES LIMITED (REGISTERED NUMBER: 04410470)

BALANCE SHEET
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,773 37,513

CURRENT ASSETS
Debtors 5 175,209 525,359
Cash at bank 118,563 62,491
293,772 587,850
CREDITORS
Amounts falling due within one year 6 134,286 255,859
NET CURRENT ASSETS 159,486 331,991
TOTAL ASSETS LESS CURRENT
LIABILITIES

179,259

369,504

CREDITORS
Amounts falling due after more than one
year

7

(61,793

)

(91,455

)

PROVISIONS FOR LIABILITIES (7,968 ) (11,375 )
NET ASSETS 109,498 266,674

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 109,496 266,672
SHAREHOLDERS' FUNDS 109,498 266,674

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

MERCHANT NAVY RESOURCES LIMITED (REGISTERED NUMBER: 04410470)

BALANCE SHEET - continued
30 April 2024


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 9 December 2024 and were signed on its behalf by:





Mrs A B Corlett - Director


MERCHANT NAVY RESOURCES LIMITED (REGISTERED NUMBER: 04410470)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

Merchant Navy Resources 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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.

Hire purchase and leasing commitments
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 9 (2023 - 8 ) .

MERCHANT NAVY RESOURCES LIMITED (REGISTERED NUMBER: 04410470)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023
and 30 April 2024 98,107
DEPRECIATION
At 1 May 2023 60,594
Charge for year 17,740
At 30 April 2024 78,334
NET BOOK VALUE
At 30 April 2024 19,773
At 30 April 2023 37,513

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 115,766 180,985
Other debtors 59,443 344,374
175,209 525,359

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,972 32,160
Trade creditors 25,844 61,039
Taxation and social security 74,027 157,671
Other creditors 3,443 4,989
134,286 255,859

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 61,793 91,455

MERCHANT NAVY RESOURCES LIMITED (REGISTERED NUMBER: 04410470)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
Mrs A B Corlett
Balance outstanding at start of year 136,429 71,435
Amounts advanced - 64,994
Amounts repaid (136,429 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 136,429

D K Corlett
Balance outstanding at start of year 135,160 95,160
Amounts advanced - 40,000
Amounts repaid (135,160 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 135,160

These loans have subsequently been repaid.

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs A Corlett and Mr D Corlett.