REGISTERED NUMBER: 14849245 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 5 MAY 2023 TO 31 MAY 2024

FOR

NO MERCY MARINE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D M Matthews

Ms N Hughes

REGISTERED OFFICE:

61 Queen Square

Bristol

BS1 4JZ

REGISTERED NUMBER:

14849245 (England and Wales)

ACCOUNTANTS:

Burnside

Chartered Accountants

61 Queen Square

Bristol

BS1 4JZ

FIXED ASSETS

Tangible assets

4

3,072,728

TOTAL ASSETS LESS CURRENT LIABILITIES

3,072,728

CREDITORS

Amounts falling due after more than one year

5

3,321,868

NET LIABILITIES

(249,140

)

RESERVES

Retained earnings

(249,140

)

(249,140

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 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.

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 5 May 2025 and were signed on its behalf by:

D M Matthews - Director

1.	STATUTORY INFORMATION

No Mercy Marine Ltd is a private company, limited by guarantee , 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

7.5% on cost

Financial instruments

Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs.

Taxation

Taxation for the period 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 period 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.

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.

Going concern

The directors have considered the company's ability to continue as a going concern for at least 12 months from the date of signing of these financial statements and have concluded that they consider the company to be a going concern. This assessment is based on the directors' intention to continue to provide any financial support necessary for the foreseeable future. The directors have therefore adopted the going concern basis of accounting in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

Additions

3,321,868

At 31 May 2024

3,321,868

DEPRECIATION

Charge for period

249,140

At 31 May 2024

249,140

NET BOOK VALUE

At 31 May 2024

3,072,728

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Other creditors

2,010,934

Directors' loan accounts

1,310,934

3,321,868

6.	RELATED PARTY DISCLOSURES

As at 31 May 2024 a total of £1,310,934 was owed to D M Matthews by the company. No interest is being charged in relation to this amount.

7.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors, by virtue of their significant influence over the company.

The company is limited by guarantee. Each of the directors have guaranteed to contribute £1 each to the assets of the company in the event of a winding up of the company whilst they are members.