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REGISTRAR OF COMPANIES

Registration number: 04752009

Meldrum Limited

Unaudited Financial Statements

16 March 2022 to 28 February 2023

image-name

 

Meldrum Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

3

 

Meldrum Limited

(Registration number: 04752009)
Balance Sheet as at 28 February 2023

Note

28 February 2023
£

15 March 2022
£

Fixed assets

 

Tangible assets

4

73,234

4,560

Current assets

 

Debtors

5

709,637

486,418

Cash at bank and in hand

 

351,733

204,046

 

1,061,370

690,464

Creditors: Amounts falling due within one year

6

(696,726)

(342,318)

Net current assets

 

364,644

348,146

Total assets less current liabilities

 

437,878

352,706

Creditors: Amounts falling due after more than one year

6

(52,259)

-

Net assets

 

385,619

352,706

Capital and reserves

 

Allotted, called up and fully paid share capital

2,262

2,262

Profit and loss account

383,357

350,444

Total equity

 

385,619

352,706

 

Meldrum Limited

(Registration number: 04752009)
Balance Sheet as at 28 February 2023 (continued)

For the financial period ending 28 February 2023 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 period 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:
 

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

S Holliday

Director

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

M L Hand

Company secretary and director

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Period from 16 March 2022 to 28 February 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:
Unit 14 Currock Trade Centre
Currock Road
CARLISLE
CA2 5AD

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pounds sterling (£) because that is that currency of the primary economic environment in which the company operates. The financial statements are presented in sterling (£).

Disclosure of long or short period

The accounting period has been shortened in order to better fit the reporting requirements of the directors.

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.

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Period from 16 March 2022 to 28 February 2023 (continued)


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Included in the profit and loss account are government grants receivable in respect of UK government initiatives to respond to the financial impact of the COVID-19 pandemic, namely the Coronavirus Job Retention Scheme.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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.

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Period from 16 March 2022 to 28 February 2023 (continued)

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

Improvements to property

6 years straight line basis

Plant and equipment

4 - 10 years straight line basis

Motor vehicles

4 years straight line basis

Furniture, fittings and office equipment

1 - 5 years straight line 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 the sale of goods 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

Borrowings

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.

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Period from 16 March 2022 to 28 February 2023 (continued)

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 period, was 32 (2022 - 33).

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Period from 16 March 2022 to 28 February 2023 (continued)

4

Tangible assets

Improvements to property
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 16 March 2022

35,950

29,742

124,127

161,327

351,146

Additions

-

-

95,777

5,867

101,644

Disposals

-

-

(53,565)

-

(53,565)

At 28 February 2023

35,950

29,742

166,339

167,194

399,225

Depreciation

At 16 March 2022

35,950

29,740

124,127

156,769

346,586

Charge for the period

-

2

12,348

4,370

16,720

Eliminated on disposal

-

-

(37,315)

-

(37,315)

At 28 February 2023

35,950

29,742

99,160

161,139

325,991

Carrying amount

At 28 February 2023

-

-

67,179

6,055

73,234

At 15 March 2022

-

2

-

4,558

4,560

5

Debtors

28 February 2023
£

15 March 2022
£

Trade debtors

567,012

167,698

Other debtors

142,625

318,720

709,637

486,418

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Period from 16 March 2022 to 28 February 2023 (continued)

6

Creditors

Note

28 February 2023
£

15 March 2022
£

Due within one year

 

Loans and borrowings

7

10,336

-

Trade creditors

 

463,435

82,956

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

45,162

-

Taxation and social security

 

36,903

37,857

Other creditors

 

140,890

221,505

 

696,726

342,318

Due after one year

 

Loans and borrowings

7

52,259

-

7

Loans and borrowings

28 February 2023
£

15 March 2022
£

Current loans and borrowings

Finance lease liabilities

10,336

-

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

28 February 2023
£

15 March 2022
£

Finance lease liabilities

10,336

-

Finance lease liabilities are secured on the assets to which they relate.

28 February 2023
£

15 March 2022
£

Non-current loans and borrowings

Finance lease liabilities

52,259

-

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

28 February 2023
£

15 March 2022
£

Finance lease liabilities

52,259

-

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Period from 16 March 2022 to 28 February 2023 (continued)

Finance lease liabilities are secured on the assets to which they relate.

8

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 £9,432 (2022 - £28,178).

Financial commitments include total future commitments under property and vehicle operating leases expiring in 2023.