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Registered number: 11986064
SRG Mercury Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
A Patel & Co Accountants
Licensed by AAT - Reg. No. 1199
341 Derby Street
Bolton
BL3 6LR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11986064
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 34,486 36,771
Tangible Assets 5 352,555 493,147
387,041 529,918
CURRENT ASSETS
Stocks 6 53,225 46,744
Debtors 7 1,559,954 965,961
Cash at bank and in hand 272,543 481,539
1,885,722 1,494,244
Creditors: Amounts Falling Due Within One Year 8 (560,039 ) (781,053 )
NET CURRENT ASSETS (LIABILITIES) 1,325,683 713,191
TOTAL ASSETS LESS CURRENT LIABILITIES 1,712,724 1,243,109
NET ASSETS 1,712,724 1,243,109
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 1,712,723 1,243,108
SHAREHOLDERS' FUNDS 1,712,724 1,243,109
Page 1
Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Maqsud Patel
Director
19/12/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
SRG Mercury Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11986064 . The registered office is Suite 2, 1st Floor 1 Merchants Place, River Street, Bolton, BL2 1BX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10%
Leasehold -
Motor Vehicles -
Fixtures & Fittings 10%
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 9)
9 9
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 45,702
As at 30 September 2024 45,702
Amortisation
As at 1 October 2023 8,931
Provided during the period 2,285
As at 30 September 2024 11,216
Net Book Value
As at 30 September 2024 34,486
As at 1 October 2023 36,771
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5. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 October 2023 438,536 100,659 539,195
Additions 45,028 153,270 198,298
Disposals (330,813 ) - (330,813 )
As at 30 September 2024 152,751 253,929 406,680
Depreciation
As at 1 October 2023 17,236 28,812 46,048
Provided during the period 2,514 5,563 8,077
As at 30 September 2024 19,750 34,375 54,125
Net Book Value
As at 30 September 2024 133,001 219,554 352,555
As at 1 October 2023 421,300 71,847 493,147
6. Stocks
2024 2023
£ £
Finished goods 53,225 46,744
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 164,618 57,834
Prepayments and accrued income 10,000 -
Other debtors 723,008 892,179
VAT - 15,741
Other taxes and social security - 207
897,626 965,961
Due after more than one year
Other debtors 662,328 -
1,559,954 965,961
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 185,800 523,003
Corporation tax 227,772 241,224
Other taxes and social security 634 -
VAT 43,571 -
Capital On Tap C. Card 21,060 -
American Express C. Card 1,148 -
Accruals and deferred income 2,925 3,000
Director's loan account 77,129 13,826
560,039 781,053
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 35,000 37,500
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