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Registration number: 02609505

Meridian Medical Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Meridian Medical Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Meridian Medical Limited

Company Information

Directors

Mr M Fenton

Mr J Fenton

Registered office

Unit 1
Thorgate Road
Lineside Industrial Estate
Littlehampton
West Sussex
BN17 7LU

Accountants

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Meridian Medical Limited
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Meridian Medical Limited for the year ended 31 March 2022 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Meridian Medical Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Meridian Medical Limited and state those matters that we have agreed to state to the Board of Directors of Meridian Medical Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Meridian Medical Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Meridian Medical Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Meridian Medical Limited. You consider that Meridian Medical Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Meridian Medical Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

9 August 2022

 

Meridian Medical Limited

(Registration number: 02609505)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,394,086

1,371,267

Current assets

 

Stocks

5

1,699,504

1,425,967

Debtors

6

1,293,326

950,569

Cash at bank and in hand

 

650,152

859,300

 

3,642,982

3,235,836

Creditors: Amounts falling due within one year

7

(833,365)

(586,446)

Net current assets

 

2,809,617

2,649,390

Total assets less current liabilities

 

4,203,703

4,020,657

Provisions for liabilities

(103,162)

(98,074)

Net assets

 

4,100,541

3,922,583

Capital and reserves

 

Called up share capital

11

50,000

50,000

Retained earnings

4,050,541

3,872,583

Shareholders' funds

 

4,100,541

3,922,583

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 August 2022 and signed on its behalf by:
 

.........................................
Mr M Fenton
Director

.........................................
Mr J Fenton
Director

 
     
 

Meridian Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 1
Thorgate Road
Lineside Industrial Estate
Littlehampton
West Sussex
BN17 7LU

These financial statements were authorised for issue by the Board on 9 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Meridian Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% of 75% of cost

Leasehold properties

Over lease term

Plant and machinery

15% reducing balance

Fixtures and fittings

10% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Meridian Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 86 (2021 - 89).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 April 2021

967,237

418,214

18,045

1,918,250

3,321,746

Additions

14,529

44,007

-

99,043

157,579

At 31 March 2022

981,766

462,221

18,045

2,017,293

3,479,325

Depreciation

At 1 April 2021

179,683

303,189

7,895

1,459,712

1,950,479

Charge for the year

19,629

28,946

2,538

83,647

134,760

At 31 March 2022

199,312

332,135

10,433

1,543,359

2,085,239

Carrying amount

At 31 March 2022

782,454

130,086

7,612

473,934

1,394,086

At 31 March 2021

787,554

115,025

10,150

458,538

1,371,267

Included within the net book value of land and buildings above is £782,455 (2021 - £787,554) in respect of freehold land and buildings.
 

 

Meridian Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Stocks

2022
£

2021
£

Raw materials and consumables

1,148,126

993,120

Work in progress

377,794

185,761

Finished goods and goods for resale

173,584

247,086

1,699,504

1,425,967

6

Debtors

Current

2022
£

2021
£

Trade debtors

1,166,635

888,819

Prepayments

99,826

29,818

Other debtors

26,865

31,932

 

1,293,326

950,569

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

499,297

353,925

Taxation and social security

265,181

173,703

Accruals and deferred income

52,294

51,825

Other creditors

16,593

6,993

833,365

586,446

8

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £2.40 (2021 - £0.80) per each Ordinary shares

 

120,000

 

40,000

         
 

Meridian Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £172,083 (2021 - £112,000). The commitments made are under non-cancellable operating lease agreements.

10

Related party transactions

Transactions with directors

2022

At 1 April 2021
£

Repayments by director
£

At 31 March 2022
£

Mr M Fenton

Amounts due from director

14,000

(14,000)

-

       
     

 

2021

At 1 April 2020
£

Repayments by director
£

At 31 March 2021
£

Mr M Fenton

Amounts due from director

20,000

(6,000)

14,000

       
     

 

11

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £0.10 each

500,000

50,000

500,000

50,000