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Registered number: SC806219
HFD MERCURY HOUSE LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2025
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HFD MERCURY HOUSE LIMITED
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REGISTERED NUMBER: SC806219
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BALANCE SHEET
AS AT 30 JUNE 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Capital contribution reserve
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 11 form part of these financial statements.
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HFD MERCURY HOUSE LIMITED
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REGISTERED NUMBER: SC806219
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BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2025
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HFD MERCURY HOUSE LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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Capital contribution reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Inital recognition of capital contribution
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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Total comprehensive income for the period
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The notes on pages 4 to 11 form part of these financial statements.
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HFD MERCURY HOUSE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
HFD Mercury House Limited (Company number: SC806219) is a private company limited by shares incorporated in Scotland. The registered office is 177 Bothwell Street, Glasgow, G2 7ER.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the presentational and functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis following an assessment by the directors'. The assessment included consideration of the company's ability to meet its financial obligations as they fall due for a minimum period of 12 months from the date of approving the financial statements.
The company has received a letter of support frim HFD Group Limited confirming that they and other related group companies won't recall any balances within 12 months and will also provide funds if required.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
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HFD MERCURY HOUSE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Assets under construction are not depreciated until the asset is available for use and then reallocated to the appropriate category.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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HFD MERCURY HOUSE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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 and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of small company, or a public benefit entity concessionary loan.
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.
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The Company has no employees other than the directors, who did not receive any remuneration (Unaudited 2024 - £NIL).
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HFD MERCURY HOUSE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Assets under construction
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Freehold investment property
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During the year, the company acquired an investment property for £2,448,199, exclusive of transaction costs. In accordance with FRS 102 Section 16 ‘Investment Property’, the property is initially recognised at cost and subsequently measured at fair value at each reporting date. The initial cost of £1,199,039 is stated net of directly attributable acquisition costs of £1,249,160.
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HFD MERCURY HOUSE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Amounts owed from related parties
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to related parties
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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HFD MERCURY HOUSE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The bank loan is secured by a bond and floating charge over the assets and undertakings of the company and a first ranking standard security over the company's heritable properties.
The loan is repayable by payments of £40,075 each, on each quarterly repayment date, followed by a final payment of all sums outstanding on the Termination date in December 2029. Interest is accrued at a rate of 2.35% over SONIA.
During the year the Company received an interest-free loan of £850,000 from a parent undertaking. The loan is unsecured and repayable in Decemeber 2029.
The loan has been recognised initially at its fair value, determined by discounting the future repayment amount using the Bank of England base rate + 1.75%. This resulted in an initial carrying value of £525,847.
The difference of £324,153 between the cash received and the fair value of the loan has been recognised as a capital contribution and credited to the Capital Contribution Reserve.
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HFD MERCURY HOUSE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Allotted, called up and fully paid
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6,623,452 (2024 - 6,623,452) Ordinary Shares shares of £0.001 each
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Capital contribution reserve
Capital contribution reserve holds the discounted portion of interest accounted for in the period.
Profit and loss account
The profit and loss reserves represents cumulative profits and losses, less any dividends paid.
13.Other financial commitments
During the year-end, HFD Mercury House Limited entered into a commitment for which the company provides financial guarantees to its bankers. The conditions within the previous loan agreement held by the companies named remain unchanged, ensuring that in the event of HFD Duart House Limited, HFD Phoenix House Limited, HFD International House Limited, HFD Willow House Limited or HFD Avondale House Limited failing to repay their bank loans, the company will satisfy this debt. At 30 June 2025, this debt was £15,577,150 (Unaudited 2024: £Nil).
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Related party transactions
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During the year, the company entered into transactions with related parties in the normal course of business. These transactions included:
Purchases from related parties: £1,042,249 (Unaudited 2024: £Nil)
Interest receivable from related parties: £14,361 (Unaudited 2024: £Nil)
Amounts receivable from related parties at year-end: £1,112,110 (Unaudited 2024: £Nil)
Amounts payable to related parties < 1 year: £1,150,602 (Unaudited 2024 £Nil)
Amounts payable to related parties > 1 year: £525,847 (Unaudited 2024 £Nil)
Transactions with related parties were conducted on an arm’s length basis where applicable. However, the interest-free loan received from a related party during the year was not provided on normal commercial terms, as an equivalent third-party loan would typically bear interest. In accordance with FRS 102, the loan has been initially recognised at fair value, with the difference between the amount advanced and its discounted value recognised as a capital contribution within equity.
No guarantees were given or received in respect of related party balances, and no provisions have been made for doubtful debts in respect of amounts owed by related parties.
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HFD MERCURY HOUSE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
The Hill 2011 Trust and The Alexander Trust and their members are considered to be the ultimate controlling party.
The auditor's report on the financial statements for the year ended 30 June 2025 was unqualified.
The audit report was signed on 23 December 2025 by James Hamilton (Senior Statutory Auditor) on behalf of Johnston Carmichael.
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