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REGISTERED NUMBER: 10488837 (England and Wales)








Unaudited Financial Statements

For The Year Ended 30 November 2021

for

MEP Systems Limited

MEP Systems Limited (Registered number: 10488837)






Contents of the Financial Statements
For The Year Ended 30 November 2021




Page

Balance Sheet 1

Notes to the Financial Statements 3


MEP Systems Limited (Registered number: 10488837)

Balance Sheet
30 November 2021

30.11.21 30.11.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 163,649 156,604

CURRENT ASSETS
Debtors 5 1,818,767 1,427,327
Cash at bank 247,121 506,820
2,065,888 1,934,147
CREDITORS
Amounts falling due within one year 6 929,131 699,953
NET CURRENT ASSETS 1,136,757 1,234,194
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,300,406

1,390,798

CREDITORS
Amounts falling due after more than one
year

7

(232,910

)

(313,404

)

PROVISIONS FOR LIABILITIES (22,990 ) (11,190 )
NET ASSETS 1,044,506 1,066,204

CAPITAL AND RESERVES
Called up share capital 103 103
Retained earnings 1,044,403 1,066,101
1,044,506 1,066,204

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MEP Systems Limited (Registered number: 10488837)

Balance Sheet - continued
30 November 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 August 2022 and were signed on its behalf by:




P Congo - Director J R Martin - Director




R M Ward - Director


MEP Systems Limited (Registered number: 10488837)

Notes to the Financial Statements
For The Year Ended 30 November 2021

1. STATUTORY INFORMATION

MEP Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10488837

Registered office: Harscombe House
1 Darklake View
Plymouth
Devon
PL6 7TL

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the contract value for the stage of completion as at the year end for all projects. Debtors include the retentions which are held by the customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.
Plant and Machinery etc - 25% on reducing balance and 25% on cost
Leasehold improvements - 15 years straight line

Taxation
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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

MEP Systems Limited (Registered number: 10488837)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2021

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2020 256,482
Additions 60,305
Disposals (8,594 )
At 30 November 2021 308,193
DEPRECIATION
At 1 December 2020 99,878
Charge for year 46,109
Eliminated on disposal (1,443 )
At 30 November 2021 144,544
NET BOOK VALUE
At 30 November 2021 163,649
At 30 November 2020 156,604

5. DEBTORS
30.11.21 30.11.20
£    £   
Amounts falling due within one year:
Trade debtors 1,000,888 756,436
Other debtors 622,578 477,426
1,623,466 1,233,862

Amounts falling due after more than one year:
Other debtors 195,301 193,465

Aggregate amounts 1,818,767 1,427,327

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.21 30.11.20
£    £   
Bank loans and overdrafts 50,000 25,000
Hire purchase contracts and finance leases (see note 8)
37,970

43,499
Trade creditors 596,884 236,898
Taxation and social security 46,405 379,846
Other creditors 197,872 14,710
929,131 699,953

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.21 30.11.20
£    £   
Bank loans 175,000 225,000
Hire purchase contracts and finance leases (see note 8)
57,910

88,404
232,910 313,404

MEP Systems Limited (Registered number: 10488837)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2021

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
30.11.21 30.11.20 30.11.21 30.11.20
£    £    £    £   
Net obligations repayable:
Within one year 17,773 20,702 20,197 22,797
Between one and five years 20,594 30,891 37,316 57,513
38,367 51,593 57,513 80,310

Non-cancellable operating leases
30.11.21 30.11.20
£    £   
Within one year 34,000 -
Between one and five years 34,000 -
68,000 -

9. SECURED DEBTS

The following secured debts are included within creditors:

30.11.21 30.11.20
£    £   
Bank loans 225,000 250,000
Hire purchase contracts and finance leases 95,880 131,903
320,880 381,903

The hire purchase arrangements are secured on the assets they are financing.

The bank loan is secured with a fixed and floating charge over the assets within the company.