BrightAccountsProduction v1.0.0 v1.0.0 2022-11-01 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. 20 March 2024 NI014683 2023-10-31 NI014683 2022-10-31 NI014683 2021-10-31 NI014683 2022-11-01 2023-10-31 NI014683 2021-11-01 2022-10-31 NI014683 uk-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI014683 uk-curr:PoundSterling 2022-11-01 2023-10-31 NI014683 uk-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 NI014683 uk-bus:FullAccounts 2022-11-01 2023-10-31 NI014683 uk-bus:Director1 2022-11-01 2023-10-31 NI014683 uk-bus:Director2 2022-11-01 2023-10-31 NI014683 uk-bus:RegisteredOffice 2022-11-01 2023-10-31 NI014683 uk-bus:Agent1 2022-11-01 2023-10-31 NI014683 uk-core:ShareCapital 2023-10-31 NI014683 uk-core:ShareCapital 2022-10-31 NI014683 uk-core:RevaluationReserve 2023-10-31 NI014683 uk-core:RevaluationReserve 2022-10-31 NI014683 uk-core:RetainedEarningsAccumulatedLosses 2023-10-31 NI014683 uk-core:RetainedEarningsAccumulatedLosses 2022-10-31 NI014683 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-10-31 NI014683 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-10-31 NI014683 uk-bus:FRS102 2022-11-01 2023-10-31 NI014683 uk-core:LandBuildings 2022-11-01 2023-10-31 NI014683 uk-core:PlantMachinery 2022-11-01 2023-10-31 NI014683 uk-core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 NI014683 uk-core:MotorVehicles 2022-11-01 2023-10-31 NI014683 uk-core:CurrentFinancialInstruments 2023-10-31 NI014683 uk-core:CurrentFinancialInstruments 2022-10-31 NI014683 uk-core:WithinOneYear 2023-10-31 NI014683 uk-core:WithinOneYear 2022-10-31 NI014683 uk-core:WithinOneYear 2023-10-31 NI014683 uk-core:WithinOneYear 2022-10-31 NI014683 uk-core:WithinOneYear 2023-10-31 NI014683 uk-core:WithinOneYear 2022-10-31 NI014683 uk-core:AfterOneYear 2023-10-31 NI014683 uk-core:AfterOneYear 2022-10-31 NI014683 uk-core:AfterOneYear 2023-10-31 NI014683 uk-core:AfterOneYear 2022-10-31 NI014683 uk-core:BetweenOneTwoYears 2023-10-31 NI014683 uk-core:BetweenOneTwoYears 2022-10-31 NI014683 uk-core:BetweenTwoFiveYears 2023-10-31 NI014683 uk-core:BetweenTwoFiveYears 2022-10-31 NI014683 uk-core:BetweenOneFiveYears 2023-10-31 NI014683 uk-core:BetweenOneFiveYears 2022-10-31 NI014683 uk-core:EmployeeBenefits 2022-10-31 NI014683 uk-core:EmployeeBenefits 2022-11-01 2023-10-31 NI014683 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-10-31 NI014683 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-10-31 NI014683 uk-core:OtherDeferredTax 2023-10-31 NI014683 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-10-31 NI014683 uk-core:EmployeeBenefits 2023-10-31 NI014683 2022-11-01 2023-10-31 NI014683 uk-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
Company Registration Number: NI014683
 
 
Merex Construction Limited
 
        Unaudited Financial Statements
 
for the financial year ended 31 October 2023
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 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 5 201,112 272,768
───────── ─────────
 
Current Assets
Debtors 6 736,949 514,471
Cash and cash equivalents 3,520 2,927
───────── ─────────
740,469 517,398
───────── ─────────
Creditors: amounts falling due within one year 7 (665,636) (506,070)
───────── ─────────
Net Current Assets 74,833 11,328
───────── ─────────
Total Assets less Current Liabilities 275,945 284,096
 
Creditors:
amounts falling due after more than one year 8 (58,610) (112,463)
 
Provisions for liabilities 10 (14,158) (14,158)
───────── ─────────
Net Assets 203,177 157,475
═════════ ═════════
 
Capital and Reserves
Called up share capital 12,150 12,150
Revaluation reserve 11 122,444 122,444
Retained earnings 68,583 22,881
───────── ─────────
Equity attributable to owners of the company 203,177 157,475
═════════ ═════════
 
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 year ended 31 October 2023 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 year 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 year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 20 March 2024 and signed on its behalf by
           
           
________________________________          
Mr. Mervyn Gilfillan          
Director          
           



Merex Construction Limited
Notes to the Financial Statements
for the financial year ended 31 October 2023

   
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 (£) 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 year ended 31 October 2023 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 year 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. 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.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 9, (2022 - 10).
 
  2023 2022
  Number Number
 
Administration 1 1
Production 6 7
Selling 2 2
  ───────── ─────────
  9 10
  ═════════ ═════════
             
5. Tangible assets
  Land and Plant and Fixtures, Motor Total
  buildings machinery fittings and vehicles  
  freehold   equipment    
  £ £ £ £ £
Cost or Valuation
At 1 November 2022 175,000 227,097 20,622 136,250 558,969
Disposals - (79,101) - (21,445) (100,546)
  ───────── ───────── ───────── ───────── ─────────
At 31 October 2023 175,000 147,996 20,622 114,805 458,423
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 November 2022 3,500 137,742 13,059 131,900 286,201
Charge for the financial year 3,208 7,051 1,442 - 11,701
On disposals - (19,147) - (21,444) (40,591)
  ───────── ───────── ───────── ───────── ─────────
At 31 October 2023 6,708 125,646 14,501 110,456 257,311
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 October 2023 168,292 22,350 6,121 4,349 201,112
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 October 2022 171,500 89,355 7,563 4,350 272,768
  ═════════ ═════════ ═════════ ═════════ ═════════
           
5.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2023   2022  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Plant and machinery - - 54,950 11,775
Motor vehicles - - - 4,772
  ───────── ───────── ───────── ─────────
  - - 54,950 16,547
  ═════════ ═════════ ═════════ ═════════
       
5.2. Tangible assets continued
 
Tangible assets included at a valuation would have been included on a historical cost basis at:
 
  2023 2022
  £ £
 
Cost 89,542 89,542
Depreciation (40,568) (38,777)
  ───────── ─────────
Net book value 48,974 50,765
  ═════════ ═════════
 
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.
       
6. Debtors 2023 2022
  £ £
 
Trade debtors 267,227 277,026
Prepayments and accrued income 469,722 237,445
  ───────── ─────────
  736,949 514,471
  ═════════ ═════════
       
7. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts 97,756 60,752
Bank loan 31,372 32,633
Net obligations under finance leases
and hire purchase contracts 456 24,357
Trade creditors 428,300 315,333
Taxation and social security costs (Note 9) 43,273 16,254
Directors' current accounts 38,252 40,498
Accruals and deferred income:
Pension accrual 3,074 3,248
Other accruals 23,153 12,995
  ───────── ─────────
  665,636 506,070
  ═════════ ═════════
 
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.
       
8. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 58,610 85,819
Finance leases and hire purchase contracts - 26,644
  ───────── ─────────
  58,610 112,463
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 129,128 93,385
Repayable between one and two years 31,373 33,375
Repayable between two and five years 27,237 52,444
  ───────── ─────────
  187,738 179,204
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 456 24,357
Repayable between one and five years - 26,644
  ───────── ─────────
  456 51,001
  ═════════ ═════════
       
9. Taxation and social security 2023 2022
  £ £
 
Creditors:
VAT 23,758 2,841
PAYE / NI 11,743 5,582
CIS tax deducted 7,772 7,831
  ───────── ─────────
  43,273 16,254
  ═════════ ═════════
             
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Other Total Total
  allowances   differences    
           
        2023 2022
  £ £ £ £ £
 
At financial year start 25,179 (10,209) (812) 14,158 8,513
Charged to profit and loss - - - - 5,645
  ───────── ───────── ───────── ───────── ─────────
At financial year end 25,179 (10,209) (812) 14,158 14,158
  ═════════ ═════════ ═════════ ═════════ ═════════
   
11. 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.
 
       
12. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 October 2023.
   
13. Directors' advances, credits and guarantees
 
The loan from the directors is interest free, repayable on demand and unsecured
   
14. Controlling interest
 
The controlling parties are Mervyn and Melanie Gillfillan.
   
15. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.
       
16. Prepayments and accrued income
 
Prepayments and accrued income comprise:
       
17. Other accruals
 
Other accruals are made up:
 
  2023 2022
  £ £
 
Credit cards 524 1,152
Accruals 20,234 9,450
Hiolday pay accrual 2,393 2,393
  ───────── ─────────
  23,151 12,995
  ═════════ ═════════