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Registration number: 02184183

M.E.D.A Intl Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Company Information

Directors

Mr James Richard Mackinnon Baines

Mr Michael Simon Taylor

Mrs Amanda Cartlidge

Registered office

4 Glasshouse Studios
Fryern Court Road
Burgate
Fordingbridge
Hampshire
SP6 1QX

Accountants

Optimum Tax and Accounting Limited
Chartered Management Accountants
4 Glasshouse Studios
Fryern Court Road
Burgate
Fordingbridge
Hampshire
SP6 1QX

 

(Registration number: 02184183)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

119,200

75,014

Investments

6

16,539

16,539

 

135,739

91,553

Current assets

 

Stocks

7

7,000

5,647

Debtors

8

1,254,470

785,821

 

1,261,470

791,468

Creditors: Amounts falling due within one year

9

(925,948)

(512,759)

Net current assets

 

335,522

278,709

Total assets less current liabilities

 

471,261

370,262

Creditors: Amounts falling due after more than one year

9

(33,212)

(42,900)

Net assets

 

438,049

327,362

Capital and reserves

 

Called up share capital

10

225,000

225,000

Share premium reserve

28,150

28,150

Retained earnings

184,899

74,212

Shareholders' funds

 

438,049

327,362

For the financial year 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 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. 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 28 November 2023 and signed on its behalf by:
 

 

(Registration number: 02184183)
Balance Sheet as at 28 February 2023

.........................................
Mr James Richard Mackinnon Baines
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 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:
4 Glasshouse Studios
Fryern Court Road
Burgate
Fordingbridge
Hampshire
SP6 1QX

These financial statements were authorised for issue by the Board on 28 November 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 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.

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.

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 rate on the date when the fair value is re-measured.

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

 

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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

Motor Vehicles

33% Straight Line

Plant and Machinery

33% Straight Line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight Line

 

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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

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.

 

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

Current asset investment

Investments in subsidiary, associates and jointly controlled entities are included at fair value. The share of profit or loss from the Locks Hill LLP for its accounting period ending within the accounting period of the company is included in the accounts of that period of the company as a value adjustment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 17).

 

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

192,436

192,436

At 28 February 2023

192,436

192,436

Amortisation

At 1 March 2022

192,436

192,436

At 28 February 2023

192,436

192,436

Carrying amount

At 28 February 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

78,917

101,714

180,631

Additions

35,721

64,645

100,366

Disposals

(19,196)

-

(19,196)

At 28 February 2023

95,442

166,359

261,801

Depreciation

At 1 March 2022

35,800

69,817

105,617

Charge for the year

28,078

18,334

46,412

Eliminated on disposal

(9,428)

-

(9,428)

At 28 February 2023

54,450

88,151

142,601

Carrying amount

At 28 February 2023

40,992

78,208

119,200

At 28 February 2022

43,117

31,897

75,014

6

Investments

2023
£

2022
£

Investments in subsidiaries

16,539

16,539

 

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Subsidiaries

£

Cost or valuation

At 1 March 2022

16,539

Provision

Carrying amount

At 28 February 2023

16,539

At 28 February 2022

16,539

7

Stocks

2023
£

2022
£

Work in progress

7,000

5,647

8

Debtors

Current

2023
£

2022
£

Trade debtors

583,511

369,369

Prepayments

32,485

16,985

Other debtors

638,474

399,467

 

1,254,470

785,821

 

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

501,098

99,393

Trade creditors

 

77,699

79,525

Taxation and social security

 

267,647

212,550

Accruals and deferred income

 

76,989

121,291

Other creditors

 

2,515

-

 

925,948

512,759

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

33,212

42,900

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary Share of £1 each

11,250

11,250

11,250

11,250

B Ordinary Share of £1 each

78,750

78,750

78,750

78,750

C Ordinary Share of £1 each

67,500

67,500

67,500

67,500

D Ordinary Share of £1 each

67,500

67,500

67,500

67,500

 

225,000

225,000

225,000

225,000

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,212

42,900

 

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

379,806

14,949

Hire purchase contracts

121,292

84,444

501,098

99,393

12

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil per each A Ordinary Share

 

-

 

-

Interim dividend of £0.51 (2022 - £0.74) per each B Ordinary Share

 

40,162

 

40,162

Interim dividend of £0.59 (2022 - £0.86) per each C Ordinary Share

 

39,825

 

39,825

Interim dividend of £0.59 (2022 - £0.86) per each D Ordinary Share

 

39,825

 

39,825

   

119,812

 

119,812

13

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,000

24,000