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Registration number: 12395498

Mefoods Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Mefoods Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Mefoods Limited

Company Information

Director

Mr Edward McLachlan

Registered office

c/o Easterbrook Eaton Ltd
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

Accountants

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

 

Mefoods Limited

(Registration number: 12395498)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,311

20,269

Current assets

 

Stocks

5

1,450

-

Debtors

6

44,383

45,908

Cash at bank and in hand

 

34,934

1,337

 

80,767

47,245

Prepayments and accrued income

 

319

1,129

Creditors: Amounts falling due within one year

(62,810)

(44,496)

Net current assets

 

18,276

3,878

Total assets less current liabilities

 

37,587

24,147

Creditors: Amounts falling due after more than one year

(18,093)

(18,750)

Net assets

 

19,494

5,397

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

19,394

5,297

Shareholders' funds

 

19,494

5,397

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 October 2023
 

 

Mefoods Limited

(Registration number: 12395498)
Abridged Balance Sheet as at 31 March 2023

.........................................
Mr Edward McLachlan
Director

 

Mefoods Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
c/o Easterbrook Eaton Ltd
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

These financial statements were authorised for issue by the director on 10 October 2023.

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

 

Mefoods Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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

Furniture, fittings and equipment

20% reducing balance basis

Motor vehicles

20% reducing balance basis

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.

Borrowings

 

Mefoods Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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 the director) during the year, was 4 (2022 - 3).

 

Mefoods Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

14,811

11,440

26,251

Additions

2,587

1,283

3,870

At 31 March 2023

17,398

12,723

30,121

Depreciation

At 1 April 2022

3,694

2,288

5,982

Charge for the year

2,741

2,087

4,828

At 31 March 2023

6,435

4,375

10,810

Carrying amount

At 31 March 2023

10,963

8,348

19,311

At 31 March 2022

11,117

9,152

20,269

5

Stocks

2023
£

2022
£

Other inventories

1,450

-

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

8

Dividends

Interim dividends paid

 

Mefoods Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

   

2023
£

 

2022
£

Interim dividend of £60 (2022 - £75) per each Ordinary

 

3,000

 

7,500

         

Recommended final dividends paid and not recognised in the accounts

The director is recommending the following final dividends:

These dividends have not been accrued in the balance sheet.

9

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Edward McLachlan

41,582

3,000

(987)

43,595

         
       

 

2022

At 1 February 2021
£

Other payments made to company by director
£

At 31 March 2022
£

Mr Edward McLachlan

10,713

30,869

41,582

       
     

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,898

10,786

Contributions paid to money purchase schemes

63

-

11,961

10,786

Loans to related parties

2023

Associates
£

Total
£

At start of period

44,333

44,333

Advanced

10,334

10,334

Repaid

(6,150)

(6,150)

At end of period

48,517

48,517

 

Mefoods Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

2022

Associates
£

Total
£

At start of period

8,748

8,748

Advanced

35,585

35,585

At end of period

44,333

44,333