Registration number:
Mercury Components LLP
for the Year Ended 30 June 2024
Mercury Components LLP
Contents
Limited liability partnership information |
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Members' Report |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Mercury Components LLP
Limited liability partnership information
Designated members |
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Registered office |
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Mercury Components LLP
Members' Report for the Year Ended 30 June 2024
The members present their report and the unaudited financial statements for the year ended 30 June 2024.
Designated members
The members who held office during the year were as follows:
Members' drawings and the subscription and repayment of members' capital
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount
of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of
the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited
to subscribe for further capital, the amount of which is determined by the performance and seniority of those
members. On retirement, the capital is repaid to members.
Small companies provision statement
This report has 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, as applied to limited liability partnerships.
Approved by the
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Mercury Components LLP
(Registration number: OC365162)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Current assets |
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Stocks |
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Debtors |
- |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Members’ other interests |
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Members' capital classified as equity |
25,826 |
25,826 |
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Other reserves |
( |
( |
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12,787 |
14,594 |
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12,787 |
14,594 |
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Total members' interests |
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Equity |
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12,787 |
14,594 |
For the year ending 30 June 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Mercury Components LLP (registered number OC365162) were approved by the
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Mercury Components LLP
Notes to the Financial Statements for the Year Ended 30 June 2024
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
General information and basis of accounting
The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
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.
The functional currency of Mercury Components LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Mercury Components LLP
Notes to the Financial Statements for the Year Ended 30 June 2024
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.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Stocks |
2024 |
2023 |
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Stocks |
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Debtors |
2024 |
2023 |
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Other debtors |
- |
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Total current trade and other debtors |
- |
164 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Accruals and deferred income |
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Taxation and social security |
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- |
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Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.