MERCIAN SPORTS COMPANY LIMITED

Company Registration Number:
01605419 (England and Wales)

Unaudited statutory accounts for the year ended 31 May 2024

Period of accounts

Start date: 1 June 2023

End date: 31 May 2024

MERCIAN SPORTS COMPANY LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2024

Balance sheet
Additional notes
Balance sheet notes

MERCIAN SPORTS COMPANY LIMITED

Balance sheet

As at 31 May 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets: 3 14,986 18,527
Tangible assets: 4 23,180 18,662
Total fixed assets: 38,166 37,189
Current assets
Stocks: 5 304,912 337,837
Debtors: 6 315,741 306,560
Cash at bank and in hand: 9,399 6,310
Total current assets: 630,052 650,707
Creditors: amounts falling due within one year: 7 ( 515,804 ) ( 512,031 )
Net current assets (liabilities): 114,248 138,676
Total assets less current liabilities: 152,414 175,865
Creditors: amounts falling due after more than one year: 8 ( 24,930 ) ( 56,390 )
Total net assets (liabilities): 127,484 119,475
Capital and reserves
Called up share capital: 120,000 120,000
Profit and loss account: 7,484 (525 )
Total Shareholders' funds: 127,484 119,475

The notes form part of these financial statements

MERCIAN SPORTS COMPANY LIMITED

Balance sheet statements

For the year ending 31 May 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 29 January 2025
and signed on behalf of the board by:

Name: S B Mason
Status: Director

The notes form part of these financial statements

MERCIAN SPORTS COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is stated net of value added tax and trade discounts. Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and similar allowances. Revenue from the sale of goods is recognised when the goods are despatched, which is the point at which the risks and rewards of ownership pass to the customer and legal title has passed.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured using the depreciated historical cost model and are recognised at cost, less accumulated depreciation and less impairment losses. Depreciation is calculated so as to write off the cost of tangible fixed assets over their expected useful lives using the following rates: Leasehold land and buildings - Over the period of the lease Motor Vehicles - 25% reducing balance Fixtures, fittings and plant - 10% or 33% reducing balance

    Intangible fixed assets amortisation policy

    The intangible assets comprise the costs of developing a brand for the Company, the development and implementation of a web based ordering system, and the cost of trademarks. The intangible assets are amortised on a straight line basis over periods of 5 or 10 years. The director considers this to be a reliable estimate of the useful lives.

    Other accounting policies

    Leases Plant and equipment acquired under hire purchase contracts are capitalised and depreciated using the same basis as other tangible fixed assets. The associated obligations net of future finance costs, are included in creditors. Inventories Inventory has been valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. Foreign currencies Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange ruling at the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the period. Pension scheme arrangements The company makes contributions to defined contribution schemes in respect of directors and employees. The assets of the schemes being held separately from the assets of the company. The contributions payable to the schemes are charged to profit and loss. Financial instruments The company only has basic financial instruments. A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Financial instruments are initially recognised at the transaction price and debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each period. Impairment A review for indicators of impairment is carried out at each reporting date. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Research, development and design costs Research, development and design costs relating to future products are carried forward to match the period in which the product will be sold. Costs which are not directly related to future products are taken to profit and loss.

MERCIAN SPORTS COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 8 8

MERCIAN SPORTS COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 June 2023 48,474 48,474
Additions
Disposals
Revaluations
Transfers
At 31 May 2024 48,474 48,474
Amortisation
At 1 June 2023 29,947 29,947
Charge for year 3,541 3,541
On disposals
Other adjustments
At 31 May 2024 33,488 33,488
Net book value
At 31 May 2024 14,986 14,986
At 31 May 2023 18,527 18,527

MERCIAN SPORTS COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 June 2023 1,939 70,578 72,517
Additions 6,773 2,498 9,271
Disposals
Revaluations
Transfers
At 31 May 2024 8,712 73,076 81,788
Depreciation
At 1 June 2023 194 53,661 53,855
Charge for year 1,454 3,299 4,753
On disposals
Other adjustments
At 31 May 2024 1,648 56,960 58,608
Net book value
At 31 May 2024 7,064 16,116 23,180
At 31 May 2023 1,745 16,917 18,662

MERCIAN SPORTS COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

5. Stocks

2024 2023
£ £
Stocks 304,912 337,837
Total 304,912 337,837

MERCIAN SPORTS COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

6. Debtors

2024 2023
£ £
Trade debtors 246,849 256,604
Other debtors 68,892 49,956
Total 315,741 306,560

MERCIAN SPORTS COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

7. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 35,519 31,515
Trade creditors 182,477 216,043
Taxation and social security 27,782 8,225
Other creditors 270,026 256,248
Total 515,804 512,031

The bank loan is secured by way of a floating charge over the current assets. Other creditors includes an interest free loan, repayable on demand, from S B Mason amounting to £120,699 (2023 £118,511).

MERCIAN SPORTS COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

8. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 10,000 23,943
Other creditors 14,930 32,447
Total 24,930 56,390

The bank loan is secured by way of a floating charge over the current assets.

MERCIAN SPORTS COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

9. Financial Commitments

Operating lease commitment in respect of land and buildings £505,000 (2023 £565,000)