Relate AccountsProduction v2.7.2 v2.7.2 2021-12-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is constuction and civil enginerring contractors. 8 November 2023 NI014683 2022-10-31 NI014683 2021-11-30 NI014683 2020-11-30 NI014683 2021-12-01 2022-10-31 NI014683 2020-12-01 2021-11-30 NI014683 uk-bus:PrivateLimitedCompanyLtd 2021-12-01 2022-10-31 NI014683 uk-curr:PoundSterling 2021-12-01 2022-10-31 NI014683 uk-bus:SmallCompaniesRegimeForAccounts 2021-12-01 2022-10-31 NI014683 uk-bus:FullAccounts 2021-12-01 2022-10-31 NI014683 uk-bus:Director1 2021-12-01 2022-10-31 NI014683 uk-bus:Director2 2021-12-01 2022-10-31 NI014683 uk-bus:RegisteredOffice 2021-12-01 2022-10-31 NI014683 uk-bus:Agent1 2021-12-01 2022-10-31 NI014683 uk-core:ShareCapital 2022-10-31 NI014683 uk-core:ShareCapital 2021-11-30 NI014683 uk-core:RevaluationReserve 2022-10-31 NI014683 uk-core:RevaluationReserve 2021-11-30 NI014683 uk-core:RetainedEarningsAccumulatedLosses 2022-10-31 NI014683 uk-core:RetainedEarningsAccumulatedLosses 2021-11-30 NI014683 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-10-31 NI014683 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2021-11-30 NI014683 uk-bus:FRS102 2021-12-01 2022-10-31 NI014683 uk-core:LandBuildings 2021-12-01 2022-10-31 NI014683 uk-core:PlantMachinery 2021-12-01 2022-10-31 NI014683 uk-core:FurnitureFittingsToolsEquipment 2021-12-01 2022-10-31 NI014683 uk-core:MotorVehicles 2021-12-01 2022-10-31 NI014683 uk-core:CurrentFinancialInstruments 2022-10-31 NI014683 uk-core:CurrentFinancialInstruments 2021-11-30 NI014683 uk-core:WithinOneYear 2022-10-31 NI014683 uk-core:WithinOneYear 2021-11-30 NI014683 uk-core:WithinOneYear 2022-10-31 NI014683 uk-core:WithinOneYear 2021-11-30 NI014683 uk-core:WithinOneYear 2022-10-31 NI014683 uk-core:WithinOneYear 2021-11-30 NI014683 uk-core:AfterOneYear 2022-10-31 NI014683 uk-core:AfterOneYear 2021-11-30 NI014683 uk-core:AfterOneYear 2022-10-31 NI014683 uk-core:AfterOneYear 2021-11-30 NI014683 uk-core:BetweenOneTwoYears 2022-10-31 NI014683 uk-core:BetweenOneTwoYears 2021-11-30 NI014683 uk-core:BetweenTwoFiveYears 2022-10-31 NI014683 uk-core:BetweenTwoFiveYears 2021-11-30 NI014683 uk-core:BetweenOneFiveYears 2022-10-31 NI014683 uk-core:BetweenOneFiveYears 2021-11-30 NI014683 uk-core:EmployeeBenefits 2021-11-30 NI014683 uk-core:EmployeeBenefits 2021-12-01 2022-10-31 NI014683 uk-core:AcceleratedTaxDepreciationDeferredTax 2022-10-31 NI014683 uk-core:TaxLossesCarry-forwardsDeferredTax 2022-10-31 NI014683 uk-core:OtherDeferredTax 2022-10-31 NI014683 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2022-10-31 NI014683 uk-core:EmployeeBenefits 2022-10-31 NI014683 2021-12-01 2022-10-31 NI014683 uk-bus:AuditExempt-NoAccountantsReport 2021-12-01 2022-10-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
Company Registration Number: NI014683
 
 
Merex Construction Limited
 
        Unaudited Financial Statements
 
for the financial period ended 31 October 2022
Merex Construction Limited
Directors and Other Information

 
Directors Mr. Mervyn Gilfillan
Mrs. Melanie J Gilfillan
 
 
Company Registration Number NI014683
 
 
Registered Office and Business Address Old Channel Road
Sydenham Raod
Belfast
Co. Antrim
 
 
Accountants HCA Chartered Accountants Limited
Chartered Accountants
12 Cromac Place
Belfast
Co. Antrim
BT7 2JB
Northern Ireland
 
 
Bankers Danske Bank Limited
  520 Upper Newtonards Road
 
   
Solicitors John Elliot
  40 Linenhall Street



Merex Construction Limited
Company Registration Number: NI014683
Balance Sheet
as at 31 October 2022

Oct 22 Nov 21
Notes £ £
 
Fixed Assets
Tangible assets 6 272,768 324,217
───────── ─────────
 
Current Assets
Debtors 7 514,471 827,140
Cash and cash equivalents 2,927 2,346
───────── ─────────
517,398 829,486
───────── ─────────
Creditors: amounts falling due within one year 9 (506,070) (811,151)
───────── ─────────
Net Current Assets 11,328 18,335
───────── ─────────
Total Assets less Current Liabilities 284,096 342,552
 
Creditors:
amounts falling due after more than one year 11 (112,463) (184,090)
 
Provisions for liabilities 13 (14,158) (8,513)
───────── ─────────
Net Assets 157,475 149,949
═════════ ═════════
 
Capital and Reserves
Called up share capital 12,150 12,150
Revaluation reserve 14 122,444 122,444
Retained earnings 22,881 15,355
───────── ─────────
Equity attributable to owners of the company 157,475 149,949
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial period ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial period in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit and loss for the financial period 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.
           
Approved by the Board and authorised for issue on 8 November 2023 and signed on its behalf by
           
________________________________          
Mr. Mervyn Gilfillan          
Director          
           



Merex Construction Limited
Notes to the Financial Statements
for the financial period ended 31 October 2022

   
1. General Information
 
Merex Construction Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI014683. The registered office of the company is Old Channel Road, Sydenham Raod, Belfast, Co. Antrim which is also the principal place of business of the company. The principal activity of the company is constuction and civil enginerring contractors. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial period ended 31 October 2022 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods and services supplied by the company, exclusive of trade discounts and value added tax.
 
Amounts recoverable on contracts
Contract work in progress at the year end is included in turnover and in debtors at it estimated recoverable amount. Associated contract costs incurred but not settled are in included in accruals.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 2% Straight line
  Plant and machinery - 15% Straight line
  Fixtures, fittings and equipment - 15% Straight line
  Motor vehicles - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Leasing
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Period of financial statements
 
The financial statements are for the 11 month period ended 31 October 2022.
   
4. Change in Accounting Policies
 
Previously buildings were estimated to have a useful life of 25 years. This was revised by the directors in the previous  year to 50 years.
       
5. Employees
 
The average monthly number of employees, including directors, during the financial period was 10, (Nov 21 - 10).
 
  Oct 22 Nov 21
  Number Number
 
Production 7 7
Administration 1 1
Selling 2 2
  ───────── ─────────
  10 10
  ═════════ ═════════
             
6. Tangible assets
  Land and Plant and Fixtures, Motor Total
  buildings machinery fittings and vehicles  
  freehold   equipment    
  £ £ £ £ £
Cost or Valuation
At 1 December 2021 175,000 226,684 16,551 157,900 576,135
Additions - 413 4,071 5,800 10,284
Disposals - - - (27,450) (27,450)
  ───────── ───────── ───────── ───────── ─────────
At 31 October 2022 175,000 227,097 20,622 136,250 558,969
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 December 2021 - 114,839 11,401 125,678 251,918
Charge for the financial period 3,500 22,903 1,658 6,222 34,283
  ───────── ───────── ───────── ───────── ─────────
At 31 October 2022 3,500 137,742 13,059 131,900 286,201
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 October 2022 171,500 89,355 7,563 4,350 272,768
  ═════════ ═════════ ═════════ ═════════ ═════════
At 30 November 2021 175,000 111,845 5,150 32,222 324,217
  ═════════ ═════════ ═════════ ═════════ ═════════
           
6.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  Oct 22   Nov 21  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Plant and machinery 54,950 11,775 66,725 11,775
Motor vehicles - 4,772 32,222 16,996
  ───────── ───────── ───────── ─────────
  54,950 16,547 98,947 28,771
  ═════════ ═════════ ═════════ ═════════
       
6.2. Tangible assets continued
 
Tangible assets included at a valuation would have been included on a historical cost basis at:
 
  Oct 22 Nov 21
  £ £
 
Cost 89,542 89,542
Depreciation (40,486) (36,986)
  ───────── ─────────
Net book value 49,056 52,556
  ═════════ ═════════
 
No provsion has been made for deferred tax on the gain arising on revaluation as the company has no present intention of disposing of it s property and, if it did, would roll over the proceeds in other premises.
       
7. Debtors Oct 22 Nov 21
  £ £
 
Trade debtors 277,026 557,611
Prepayments and accrued income 237,445 269,529
  ───────── ─────────
  514,471 827,140
  ═════════ ═════════
       
8. Prepayments and accrued income
 
Prepayments and accrued income comprise:
       
9. Creditors Oct 22 Nov 21
Amounts falling due within one year £ £
 
Bank overdrafts 60,752 47,954
Bank loan 32,633 31,990
Net obligations under finance leases
and hire purchase contracts 24,357 34,560
Trade creditors 315,333 548,786
Taxation and social security costs (Note 12) 16,254 42,071
Directors' current accounts 40,498 62,562
Other creditors - 29,308
Accruals and deferred income:
Pension accrual 3,248 2,719
Other accruals 12,995 11,201
  ───────── ─────────
  506,070 811,151
  ═════════ ═════════
 
The bank loan, which has been arranged under the Coronavirus Business Interruption Loan Scheme (CBILs), is secured by a fixed and floating charge over the company's assets. Under CBILs, the loan is repayable over a period of 6 years and the government meets the interest costs in the first year. In addition the government provides the Bank with an 80% repayment guarantee.
       
10. Other accruals
 
Other accruals are made up:
 
  Oct 22 Nov 21
  £ £
 
Credit cards 1,152 1,308
Accruals 9,450 7,500
Hiolday pay accrual 2,393 2,393
  ───────── ─────────
  12,995 11,201
  ═════════ ═════════
       
11. Creditors Oct 22 Nov 21
Amounts falling due after more than one year £ £
 
Bank loan 85,819 117,781
Finance leases and hire purchase contracts 26,644 66,309
  ───────── ─────────
  112,463 184,090
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 9) 93,385 79,944
Repayable between one and two years 33,375 32,714
Repayable between two and five years 52,444 85,067
  ───────── ─────────
  179,204 197,725
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 24,357 34,560
Repayable between one and five years 26,644 66,309
  ───────── ─────────
  51,001 100,869
  ═════════ ═════════
       
12. Taxation and social security Oct 22 Nov 21
  £ £
 
Creditors:
VAT 2,841 20,741
PAYE / NI 5,582 10,944
CIS tax deducted 7,831 10,386
  ───────── ─────────
  16,254 42,071
  ═════════ ═════════
             
13. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Other Total Total
  allowances   differences    
           
        Oct 22 Nov 21
  £ £ £ £ £
 
At financial period start 30,467 (21,438) (516) 8,513 (6,304)
Charged to profit and loss (5,288) 11,229 (296) 5,645 14,817
  ───────── ───────── ───────── ───────── ─────────
At financial period end 25,179 (10,209) (812) 14,158 8,513
  ═════════ ═════════ ═════════ ═════════ ═════════
   
14. Reserves
 
Revaluation Reserve
 
The revalaution reserve represent the difference between the depreciated cost of the comany's land and buildings (based on useful life of 50 years,  2019: 25 years) and the open market value as estimated by the directors.
 
       
15. Capital commitments
 
The company had no material capital commitments at the financial period-ended 31 October 2022.
   
16. Directors' advances, credits and guarantees
 
The loan from the directors is interest free, repayable on demand and unsecured
   
17. Controlling interest
 
The controlling parties are Mervyn and Melanie Gillfillan.
   
18. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial period-end.
       
19. Changes in Equity
 
Other Comprehensive Income Oct 22 Nov 21
  £ £
 
Revaluation reserve unrealised movement on revaluation of property - 3,500
  ═════════ ═════════