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Unaudited Financial Statements |
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for the Year Ended 31 May 2019 |
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for |
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Mercury Fuel Systems Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2019 |
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for |
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Mercury Fuel Systems Limited |
Mercury Fuel Systems Limited (Registered number: 06577190) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Mercury Fuel Systems Limited |
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Company Information |
for the Year Ended 31 May 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
140 Coniscliffe Road |
DARLINGTON |
County Durham |
DL3 7RT |
Mercury Fuel Systems Limited (Registered number: 06577190) |
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Balance Sheet |
31 May 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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. |
Mercury Fuel Systems Limited (Registered number: 06577190) |
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Balance Sheet - continued |
31 May 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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Mercury Fuel Systems Limited (Registered number: 06577190) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2019 |
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1. | STATUTORY INFORMATION |
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Mercury Fuel Systems Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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There were no material departures from that standard. |
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The financial statements are prepared on the going concern basis which assumes that the company will continue |
to trade. However, the validity of the going concern basis is dependent on the continued support of the creditors |
and the director. If the company is unable to continue to trade, adjustments would be required to reduce the value |
of the assets to their recoverable amounts, to provide any further liabilities that might arise and to reanalyse both |
fixed assets and long term liabilities as current assets and liabilities. |
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The principal accounting policies adopted in the preparation of the financial statements are set out below and |
have remained unchanged from the previous year, and also have been consistently applied within the same |
accounts. |
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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 companies under common control. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Income recognition |
Turnover represents the sale of goods and is recognised when the significant risks and rewards of ownership of |
the goods have transferred to the buyer. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and estimated selling price less cost to sell. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
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Mercury Fuel Systems Limited (Registered number: 06577190) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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 year end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 -
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2018 |
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Disposals | ( |
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At 31 May 2019 |
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DEPRECIATION |
At 1 June 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 May 2019 |
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NET BOOK VALUE |
At 31 May 2019 |
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At 31 May 2018 |
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5. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
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Mercury Fuel Systems Limited (Registered number: 06577190) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Other loans |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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A Ordinary | £1 | 550 | 550 |
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B Ordinary | £1 | 450 | 450 |
1,000 | 1,000 |
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The "A" Ordinary and "B" Ordinary shares shall constitute different classes of shares for the purposes of the |
Companies Act 2006 but shall, save as otherwise provided for, confer upon the holders thereof the same rights |
and rank pari passu in all respects except that the directors shall be entitled to pay such different dividend of the |
"A" Ordinary and "B" Ordinary shares as they shall from time to time decide. |
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10. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
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There is a cross guarantee in place with a related party in relation to any bank borrowings by that company. Its |
bank borrowings at 31 May 2019 stood at £1,115,592. |