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REGISTERED NUMBER: 09430334 (England and Wales)






















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 30 June 2024

for

Mercury Products Ltd

Mercury Products Ltd (Registered number: 09430334)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Mercury Products Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: S S Mei
A N Ponting





REGISTERED OFFICE: Unit A James Carter Road
Mildenhall
Bury St. Edmunds
IP28 7DE





REGISTERED NUMBER: 09430334 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Mercury Products Ltd (Registered number: 09430334)

Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
The main business activity is the sale and purchase of hardware, plumbing and heating equipment and other products.

Year Period
ended ended
30.06.2024 30.06.2023
£    £   
Turnover 17,382,232 16,864,275
Gross profit 4,055,814 4,845,183
Gross profit margin 23.33% 26.5%
Other operating income - 2,745
Profit after tax 2,720,177 3,317,157
Net profit margin 15.6% 19.6%

The directors are pleased to report that the company performed well in the year to June 2024. While Turnover increased in the year there was an increase in supply costs which reduced the gross profit margin from the previous year but this was in line with expectations.

The company's supplies and operations are well diversified, and the directors are confident they are making the right decisions to drive profit and enhance cash generation. The directors are aware and have assessed the risks and believe the risks are mitigated and this strengthens the business for the long term.

The directors consider the company to be in a solid financial position at the year end with accumulated distributable reserves of approximately £6.8 million.

Management remains mindful of the competitive environment in which the company operates and the need to maintain close control over the company's financial position and working capital.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's principal supply lines are from the Far East and disruption to shipping routes can impact on availability of stocks and delivery times.

The company operates in a competitive market and failure to compete effectively in terms of price , product specification and quality can have an adverse effect on demand and or margins.

The company has in place an organisational structure with clearly defined lines of responsibility and delegation of authority. The company has developed a framework for identifying risk. This process allows the company to manage its capital requirements and to ensure we have the financial strength and capital adequacy to support the growth of the business.

FINANCIAL KEY PERFORMANCE INDICATORS
The Key financial performance indicators used by the company are turnover, gross profit and operating profit. The primary balance sheet indicators are solvency and the working capital position.

FUTURE DEVELOPMENTS
The company is well placed with a strong financial base and remains confident in its ability to continue to maintain the business strategy and deliver strong returns.

ON BEHALF OF THE BOARD:





S S Mei - Director


11 March 2025

Mercury Products Ltd (Registered number: 09430334)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

S S Mei
A N Ponting

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S S Mei - Director


11 March 2025

Report of the Independent Auditors to the Members of
Mercury Products Ltd

Opinion
We have audited the financial statements of Mercury Products Ltd (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Mercury Products Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Other Matters to Report

The year ended 30 June 2024 is the first year that the financial statements for Mercury Products Limited are required by law to be audited. Therefore the comparative data, being the year ended 30 June 2023, has not been audited. However the opening balances that effect the 30 June 2024 have been audited as part of the 2024 audit work.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.
- Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Mercury Products Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




James Sewell BA (Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

11 March 2025

Mercury Products Ltd (Registered number: 09430334)

Income Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 17,382,232 16,864,275

Cost of sales 13,326,418 12,019,092
GROSS PROFIT 4,055,814 4,845,183

Administrative expenses 1,425,264 1,442,709
2,630,550 3,402,474

Other operating income - 2,745
OPERATING PROFIT 4 2,630,550 3,405,219

Interest receivable and similar income 136,143 25,943
2,766,693 3,431,162

Interest payable and similar expenses 5 46,516 114,005
PROFIT BEFORE TAXATION 2,720,177 3,317,157

Tax on profit 6 - -
PROFIT FOR THE FINANCIAL YEAR 2,720,177 3,317,157

Mercury Products Ltd (Registered number: 09430334)

Other Comprehensive Income
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,720,177 3,317,157


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,720,177

3,317,157

Mercury Products Ltd (Registered number: 09430334)

Balance Sheet
30 June 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 7 4,605,000 4,402,356
Debtors 8 11,929,288 3,280,512
Cash at bank 3,842,991 2,381,776
20,377,279 10,064,644
CREDITORS
Amounts falling due within one year 9 13,490,769 5,898,311
NET CURRENT ASSETS 6,886,510 4,166,333
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,886,510

4,166,333

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings 12 6,886,509 4,166,332
SHAREHOLDERS' FUNDS 6,886,510 4,166,333

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2025 and were signed on its behalf by:





S S Mei - Director


Mercury Products Ltd (Registered number: 09430334)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 1 849,175 849,176

Changes in equity
Total comprehensive income - 3,317,157 3,317,157
Balance at 30 June 2023 1 4,166,332 4,166,333

Changes in equity
Total comprehensive income - 2,720,177 2,720,177
Balance at 30 June 2024 1 6,886,509 6,886,510

Mercury Products Ltd (Registered number: 09430334)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Mercury Products Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.

The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis and are covered within the accounting policies:

(i) When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. See note 7 for the net carrying amount of the stock and associated provision.

Revisions to accounting estimates are recognised in the period in which the estimate is revised.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


Mercury Products Ltd (Registered number: 09430334)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 June 2024 nor for the year ended 30 June 2023.

The average number of employees during the year was NIL (2023 - NIL).

2024 2023
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Foreign exchange differences 1,276 183,468

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other loan interest 46,516 114,005

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 June 2024 nor for the year ended 30 June 2023.

7. STOCKS

20242023
£   £   

Stocks 6,728,9616,778,304
Provisions(2,123,961)(2,375,948)
4,605,0004,402,356

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 9,607,252 2,838,278
Other debtors 1,292,574 -
Prepayments 1,029,462 442,234
11,929,288 3,280,512

Mercury Products Ltd (Registered number: 09430334)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 10) - 1,228,500
Trade creditors 1,060,676 591,050
VAT 494,960 459,608
Other creditors 11,389,922 3,607,106
Accrued expenses 545,211 12,047
13,490,769 5,898,311

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans - 1,228,500

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

12. RESERVES
Retained
earnings
£   

At 1 July 2023 4,166,332
Profit for the year 2,720,177
At 30 June 2024 6,886,509

13. CONTINGENT LIABILITIES

There is a fixed and floating charge secured over the assets of the company, in favour of Barclays plc. This
relates to borrowings in connected companies.

14. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence

20242023
£   £   
Sales11,766,471567,071
Purchases 5,083,5874,155,136
Amounts due from related party1,292,574-
Amounts due to related party 11,389,9213,607,106

Mercury Products Ltd (Registered number: 09430334)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

15. IMMEDIATE PARENT UNDERTAKING AND ULTIMATE CONTROLLING PARTY

The immediate parent company is Plumb Galaxy Limited. Mercury Products Limited is a wholly owned subsidiary of Plumb Galaxy Limited. Their registered office is:

Unit 16 Floats Road
Roundthorn Industrial Estate
Wythenshawe
Manchester
M23 9LJ

The ultimate parent is Tanger Holding Limited. Consolidated financial statements for he ultimate parent company are filed with the Registrar of Companies where copies may be obtained.

The entity is controlled by S S Mei by virtue of his shareholdings in the ultimate parent company.