REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Year Ended 31 July 2021 |
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Mersey Rewinds Limited |
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REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Year Ended 31 July 2021 |
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for
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Mersey Rewinds Limited |
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Mersey Rewinds Limited (Registered number: 01440274)
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Contents of the Financial Statements
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for the Year Ended 31 July 2021
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Page
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Company Information
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1
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Report of the Directors
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2
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Report of the Independent Auditors
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4
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Income Statement
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8
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Balance Sheet
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9
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Notes to the Financial Statements
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10
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Mersey Rewinds Limited
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Company Information
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for the Year Ended 31 July 2021
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DIRECTORS:
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SECRETARY:
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REGISTERED OFFICE:
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REGISTERED NUMBER:
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AUDITORS:
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Statutory Auditor
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3rd Floor Pacific Chambers
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11-13 Victoria Street
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Liverpool
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Merseyside
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L2 5QQ
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Mersey Rewinds Limited (Registered number: 01440274)
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Report of the Directors
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for the Year Ended 31 July 2021
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The directors present their report with the financial statements of the company for the year ended 31 July 2021.
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PRINCIPAL ACTIVITY
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The company's principal activity continues to be that of mechanical, electrical and marine engineers. |
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REVIEW OF BUSINESS
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The company has continued to trade profitably, during a difficult year where business activities and operations have
continued to be impacted by the Covid pandemic. As a critical member of the supply chain to numerous essential industries
and service providers, we have responded with emergency and essential support to provide intricate engineering solutions in
challenging environments and difficult circumstances.
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The impact of the pandemic on our customer base is evident in lower work volumes from customers in oil refining, transport,
motor vehicle and aerospace industries. Volumes from food, pharmaceuticals, waste and utility businesses have remained
strong. This year there have been changes in sales mix with growth in Site Services and Distribution but decline in Fitting,
Fabrication, Machine Shop and Balancing.
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The company continues to invest substantial resources in research and development ventures. This remains at the core of the
company's success, enabling sustainability and longevity to our operations. Our multi-disciplined engineers customarily
identify enhancement methods to designs and complex processes, delivering efficiencies and critical cost savings.
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Employment levels have fallen slightly during the year although investment in honing existing skills to fill current and future
needs, continues at every level of the business. Investment in specialist technical training continues to improve work quality,
as well as widening the range and depth of skills within the business.
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We recognise and applaud the contributions of our employees, identified as key workers under Government guidance,
throughout the pandemic. They have responded positively and enthusiastically, often in difficult circumstances to maintain
operations for many situations. Their flexibility, hard work and commitment ensured delivery of service in a safe and
efficient manner.
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Employee safety and well-being remains a priority at a time when all workers are faced with added challenges at work and
home. Income from Government Job Retention Scheme has helped support a small number of workers who have been
furloughed at different times during the year.
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The company remains committed to high standards and continues to develop an integrated management system to augment
ISO 9001 accreditation with that of ISO 45001 and ISO 14001. Health and Safety and environmental compliance continue
to be demonstrated through Avetta and Safe Contractor approval.
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Capital expenditure remains tightly controlled with only essential and targeted investment in the period. There have been
additional costs in respect of equipment, transport and training to enable safe working during the pandemic.
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The impact of the COVID-19 pandemic will continue in the year ahead. Work volumes will remain volatile as legislative
restrictions and customer requirements affect demand for services. We remain positive on the fundamentals of business
strength and flexibility to develop opportunities as they arise. We continue to seek to extend our technological range and
expand into markets and services not previously provided. Future plans include a focus to our e-commerce platform to
achieve and to accommodate the growing expansion of our service offering.
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DIRECTORS
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The directors shown below have held office during the whole of the period from 1 August 2020 to the date of this report.
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Mersey Rewinds Limited (Registered number: 01440274)
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Report of the Directors
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for the Year Ended 31 July 2021
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
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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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS
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The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small
companies.
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ON BEHALF OF THE BOARD:
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Report of the Independent Auditors to the Members of
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Mersey Rewinds Limited
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Opinion
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We have audited the financial statements of Mersey Rewinds Limited (the 'company') for the year ended 31 July 2021 which comprise the Income Statement, Balance Sheet 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 2021 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. |
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Basis for opinion
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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.
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Conclusions relating to going concern
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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.
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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.
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant
sections of this report.
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However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant
economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of
the potential implications on the company’s trade, customers, suppliers and wider economy. The Directors’ view on the
impact of COVID-19 is disclosed within the directors report.
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Other information
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The directors are responsible for the other information. The other information comprises the information in the Report of the
Directors, but does not include the financial statements and our Report of the Auditors thereon.
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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.
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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.
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Opinions on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Directors for the financial year for which the financial statements are prepared
is consistent with the financial statements; and
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the Report of the Directors has been prepared in accordance with applicable legal requirements.
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Report of the Independent Auditors to the Members of
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Mersey Rewinds Limited
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Matters on which we are required to report by exception
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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 Report of the Directors.
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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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches
not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take
advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the
Report of the Directors.
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Responsibilities of directors
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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.
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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.
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Report of the Independent Auditors to the Members of
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Mersey Rewinds Limited
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Auditors' responsibilities for the audit of the financial statements
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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.
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We obtained an understanding of the legal and regulatory frameworks applicable to the company financial statements or that
had a fundamental effect on the operations of the company. We determined that the most significant laws and regulations
included, but were not limited to, United Kingdom Generally Accepted Accounting Practice, Companies Act 2006,
distributable profits legislation and tax legislation. We assessed the extent of compliance with these laws and regulations as
part of our procedures on the related financial statements items. Our tests including agreeing the financial statement
disclosures to underlying supporting documentation, enquiries with management and review of correspondence with external
legal advisors.
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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:
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- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
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- Inquiring of management and those charged with governance about any known actual, suspected or alleged fraud;
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- Understanding how those charged with governance considered and addressed the potential for override of controls or other
inappropriate influence over the financial reporting process;
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- Challenging assumptions and judgements made by management in its significant accounting estimates; and
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- Identifying and testing journal entries, in particular any journal entries with unusual characteristics or posted by senior
management.
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Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that
material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by
their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations,
or the override of internal controls.
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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.
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Report of the Independent Auditors to the Members of
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Mersey Rewinds Limited
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Use of our report
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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.
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for and on behalf of
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Statutory Auditor
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3rd Floor Pacific Chambers
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11-13 Victoria Street
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Liverpool
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Merseyside
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L2 5QQ
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Mersey Rewinds Limited (Registered number: 01440274)
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Income Statement
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for the Year Ended 31 July 2021
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31.7.21
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31.7.20
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Notes
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£
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TURNOVER
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Cost of sales
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GROSS PROFIT
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Administrative expenses
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197,333
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177,477
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Other operating income
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OPERATING PROFIT
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3
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Interest receivable and similar income
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340,170
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295,969
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Interest payable and similar expenses
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PROFIT BEFORE TAXATION
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Tax on profit
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PROFIT FOR THE FINANCIAL YEAR
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Mersey Rewinds Limited (Registered number: 01440274)
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Balance Sheet
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31 July 2021
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31.7.21
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31.7.20
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Notes
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£
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£
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£
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£
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FIXED ASSETS
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Tangible assets
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4
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CURRENT ASSETS
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Stocks
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Debtors
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5
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Cash at bank and in hand
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CREDITORS
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Amounts falling due within one year
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6
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NET CURRENT ASSETS
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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CREDITORS
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Amounts falling due after more than one year
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7
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PROVISIONS FOR LIABILITIES
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NET ASSETS
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CAPITAL AND RESERVES
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Called up share capital
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9
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Revaluation reserve
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10
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Retained earnings
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SHAREHOLDERS' FUNDS
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The financial statements were approved by the Board of Directors and authorised for issue on
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Mersey Rewinds Limited (Registered number: 01440274)
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Notes to the Financial Statements
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for the Year Ended 31 July 2021
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1.
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ACCOUNTING POLICIES
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Basis of preparing the financial statements
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Turnover
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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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Other operating income |
Income from government grants is presented within other operating income. Grants relating to assets are classified as deferred income and recognised in income over the expected useful life of the asset to which they relate. Government grants relating to revenue are recognised as income over the periods when the related costs are incurred. During the year the company claimed £142,758 (2020: £116,010) in relation to job retention payments within the governments Job Retention Scheme. |
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Tangible fixed assets
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life on the following bases: |
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Freehold property - 2% on cost |
Short leasehold - over lease term |
Plant and machinery - 20% on reducing balance |
Fixtures and fittings - 20% on reducing balance |
Motor vehicles - 25% reducing balance |
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Stocks
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Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowances for
obsolete and slow moving items.
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Cost is calculated using the weighted average cost method and includes all purchase, transport, and handling costs in
bringing stocks to their present location and condition.
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Taxation
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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. |
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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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Mersey Rewinds Limited (Registered number: 01440274)
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Notes to the Financial Statements - continued
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for the Year Ended 31 July 2021
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1.
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ACCOUNTING POLICIES - continued
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Deferred tax
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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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Research and development
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Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies
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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. |
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Hire purchase and leasing commitments
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Cash and cash equivalents
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Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with
banks.
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Mersey Rewinds Limited (Registered number: 01440274)
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Notes to the Financial Statements - continued
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for the Year Ended 31 July 2021
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1.
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ACCOUNTING POLICIES - continued
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Financial instruments
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Financial instruments are recognised when the company becomes party to the contractual provisions of the
instrument.
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a
legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously.
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Basic financial instruments
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Basic financial assets, which include trade and other debtors and cash and bank balances, are initially recognised at
transaction price including transaction costs and are subsequently carried at amortised cost using the effective
interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at
the present value of the future receipts discounted at a market rate of interest.
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Impairment of financial assets
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Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment
at each reporting end date.
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Derecognition of financial assets
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Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to
another entity.
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Basic financial liabilities
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Basic financial liabilities, including trade and other creditors are initially recognised at transaction price.
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Derecognition of financial liabilities
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Financial liabilities are derecognised when, the company's contractual obligations are discharged, cancelled, or they
expire.
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Going concern
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The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered
relevant information, including the forecasts through to the year ended 31 July 2024 and future cash flows in making
their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow
analysis to take into account the impact on their business of possible scenarios brought on by the impact of
COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the
measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the
Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and
accounts.
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2.
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EMPLOYEES AND DIRECTORS
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The average number of employees during the year was
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Defined contribution plans |
The company operates a defined contribution pension scheme, of which £138,567 (2020 - £138,658) has been recognised in profit or loss as an expense. |
Mersey Rewinds Limited (Registered number: 01440274)
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Notes to the Financial Statements - continued
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for the Year Ended 31 July 2021
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3.
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OPERATING PROFIT
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The operating profit is stated after charging:
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31.7.21
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31.7.20
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£
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£
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Depreciation - owned assets
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Auditor's remuneration
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Non audit remuneration
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4.
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TANGIBLE FIXED ASSETS
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Freehold
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Short
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Plant and
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property
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leasehold
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machinery
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£
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£
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£
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COST OR VALUATION
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At 1 August 2020
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Additions
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Disposals
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At 31 July 2021
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DEPRECIATION
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At 1 August 2020
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Charge for year
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Eliminated on disposal
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At 31 July 2021
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NET BOOK VALUE
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At 31 July 2021
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At 31 July 2020
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Mersey Rewinds Limited (Registered number: 01440274)
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Notes to the Financial Statements - continued
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for the Year Ended 31 July 2021
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4.
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TANGIBLE FIXED ASSETS - continued
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Fixtures
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and
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Motor
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fittings
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vehicles
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Totals
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£
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£
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£
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COST OR VALUATION
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At 1 August 2020
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Additions
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Disposals
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(
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(
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At 31 July 2021
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DEPRECIATION
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At 1 August 2020
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Charge for year
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Eliminated on disposal
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(
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(
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)
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At 31 July 2021
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NET BOOK VALUE
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At 31 July 2021
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At 31 July 2020
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Cost or valuation at 31 July 2021 is represented by:
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Freehold
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Short
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Plant and
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property
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leasehold
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machinery
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£
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£
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£
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Valuation in
2017
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77,816
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-
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-
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Cost
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1,172,184
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117,637
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577,359
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1,250,000
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117,637
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577,359
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Fixtures
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and
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Motor
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fittings
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vehicles
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Totals
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£
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£
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£
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Valuation in
2017
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-
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-
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77,816
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Cost
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69,575
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384,351
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2,321,106
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69,575
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384,351
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2,398,922
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Mersey Rewinds Limited (Registered number: 01440274)
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Notes to the Financial Statements - continued
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for the Year Ended 31 July 2021
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4.
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TANGIBLE FIXED ASSETS - continued
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If
Freehold property
had not been revalued it would have been included at the following historical cost:
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31.7.21
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31.7.20
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£
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£
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Cost
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1,172,184
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1,172,184
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Aggregate depreciation
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195,224
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195,224
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Value of land in freehold land and buildings
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250,000
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250,000
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Freehold property
was valued on
an open market
basis on
20 February 2017
by
Byrom & Thomas
.
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The net book value of other tangible fixed assets includes £145,778 (2020 - £19,908) in respect of assets held under hire purchase contracts. The depreciation charge in respect of such assets amounted to £34,700 (2020 - £6,636). |
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5.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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31.7.21
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31.7.20
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£
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£
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Trade debtors
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Other debtors
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6.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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31.7.21
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31.7.20
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£
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£
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Hire purchase contracts
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Trade creditors
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Taxation and social security
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Other creditors
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7.
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
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31.7.21
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31.7.20
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£
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£
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Hire purchase contracts
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Taxation and social security
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Other creditors
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Mersey Rewinds Limited (Registered number: 01440274)
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Notes to the Financial Statements - continued
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for the Year Ended 31 July 2021
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7.
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
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31.7.21
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31.7.20
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£
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£
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Amounts falling due in more than five years:
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Repayable by instalments
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Other loans more 5yrs instal
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400,000
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-
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8.
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SECURED DEBTS
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The following secured debts are included within creditors:
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31.7.21
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31.7.20
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£
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£
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Hire purchase contracts
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106,790
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27,078
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Pension Fund loan
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600,000
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1,044,000
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The Pension Fund loan is secured by a charge dated 2 April 2015 over the Freehold property. The hire purchase
contracts are secured on the assets concerned. The overdraft is secured by a mortgage debenture dated 14/02/1989
over the assets of the company and the first legal mortgage date 06/06/1997 over 107/113 & 117 Bridge Street,
Birkenhead.
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9.
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CALLED UP SHARE CAPITAL
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Allotted, issued and fully paid:
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Number:
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Class:
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Nominal
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31.7.21
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31.7.20
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value:
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£
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£
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Ordinary
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£1
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5,000
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5,000
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Preferred ordinary shares
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£1
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5,000
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5,000
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Non-participating cumulative
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redeemable 6% preference share
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£1
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60,000
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60,000
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70,000
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70,000
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Called up share capital represents the nominal value of shares that have been issued. |
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The non-participating cumulative redeemable 6% preference shares are redeemable, at par, on 6 months notice in writing on option (A) by the company, at any time between the fifth and fifteenth anniversary of the date of issue, or (B) by the shareholder at any time between the tenth and fifteenth anniversary inclusive of the date of issue. |
Mersey Rewinds Limited (Registered number: 01440274)
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Notes to the Financial Statements - continued
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for the Year Ended 31 July 2021
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10.
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RESERVES
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Revaluation
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reserve
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£
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At 1 August 2020
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Transfer
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(2,701
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)
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At 31 July 2021
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Amounts taken to revaluation reserve have been included within the deferred tax calculation. |
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11.
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RELATED PARTY DISCLOSURES
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The directors have a controlling interest in
Urbantrend Limited
, a company with which at the year end there was a
debtor of £193,668 (2020 - £376,782).
This is included in other debtors.
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Included in creditors is the sum of £34,539 (2020 - £33,244) relating to directors' current accounts, of which £26,035
(2020 - £9,482) relates to Mr A Wilbraham, £3,582 (2020 - £2,744) to Mrs L Wilbraham, £37 (2020 - £18,613) to
Mr B Norcott and £8,467 (2020 - £2,405) to Mrs P Norcott. Interest is charged at 4.75% and balances are repayable
on demand.
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The company owes the pension schemes of Mr A Wilbraham and Mr B Norcott £600,000 (2020 - £1,044,000) this is
included within other creditors.
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12.
|
ULTIMATE CONTROLLING PARTY
|
|
|
The
ultimate controlling party is the Mersey Rewinds Limited Unapproved Pension Scheme
which owns 100% of the
issued ordinary share capital.
The directors are the beneficiaries of this scheme
.
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