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REGISTERED NUMBER: OC366204 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MEIT CONSULTANTS LLP

MEIT CONSULTANTS LLP (REGISTERED NUMBER: OC366204)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MEIT CONSULTANTS LLP

GENERAL INFORMATION
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: M B Ross
T J Hale





REGISTERED OFFICE: 54 Sun Street
Waltham Abbey
Essex
EN9 1EJ





REGISTERED NUMBER: OC366204 (England and Wales)





ACCOUNTANTS: KNIGHT WHEELER LIMITED
Chartered Accountants
54 Sun Street
Waltham Abbey
Essex
EN9 1EJ

MEIT CONSULTANTS LLP (REGISTERED NUMBER: OC366204)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 73,587 153,011

CURRENT ASSETS
Debtors 5 905,547 351,399
Cash at bank and in hand 1,355 211,382
906,902 562,781
CREDITORS
Amounts falling due within one year 6 (885,566 ) (531,202 )
NET CURRENT ASSETS 21,336 31,579
TOTAL ASSETS LESS CURRENT
LIABILITIES

94,923

184,590

CREDITORS
Amounts falling due after more than one
year

7

-

(174,965

)
NET ASSETS ATTRIBUTABLE TO
MEMBERS

94,923

9,625

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

94,923

9,625

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 94,923 9,625
Amounts due from members 5 - (38,721 )
94,923 (29,096 )

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

MEIT CONSULTANTS LLP (REGISTERED NUMBER: OC366204)

BALANCE SHEET - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24 July 2024 and were signed by:




T J Hale - Designated member




M B Ross - Designated member


MEIT CONSULTANTS LLP (REGISTERED NUMBER: OC366204)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

MEIT Consultants LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - in accordance with the property
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 21 (2023 - 23 ) .

MEIT CONSULTANTS LLP (REGISTERED NUMBER: OC366204)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2023 11,372 100,000 11,648
Disposals (11,372 ) - -
At 31 March 2024 - 100,000 11,648
DEPRECIATION
At 1 April 2023 11,372 100,000 7,499
Charge for year - - 2,912
Eliminated on disposal (11,372 ) - -
At 31 March 2024 - 100,000 10,411
NET BOOK VALUE
At 31 March 2024 - - 1,237
At 31 March 2023 - - 4,149

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 246,330 103,574 472,924
Disposals (81,500 ) - (92,872 )
At 31 March 2024 164,830 103,574 380,052
DEPRECIATION
At 1 April 2023 107,770 93,272 319,913
Charge for year 23,179 7,489 33,580
Eliminated on disposal (35,656 ) - (47,028 )
At 31 March 2024 95,293 100,761 306,465
NET BOOK VALUE
At 31 March 2024 69,537 2,813 73,587
At 31 March 2023 138,560 10,302 153,011

MEIT CONSULTANTS LLP (REGISTERED NUMBER: OC366204)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 246,330
Disposals (81,500 )
At 31 March 2024 164,830
DEPRECIATION
At 1 April 2023 107,770
Charge for year 23,179
Eliminated on disposal (35,656 )
At 31 March 2024 95,293
NET BOOK VALUE
At 31 March 2024 69,537
At 31 March 2023 138,560

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 826,033 230,611
Amounts due from members - 38,721
Other debtors 17,400 15,200
Prepayments 62,114 66,867
905,547 351,399

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,104 9,196
Hire purchase contracts (see note 8) 107,715 22,589
Trade creditors 473,914 206,319
Social security and other taxes 57,379 53,881
VAT 30,401 22,977
Other creditors 6,780 9,836
Credit card 14,837 20,511
Deferred income 190,000 133,102
Accrued expenses 3,436 52,791
885,566 531,202

MEIT CONSULTANTS LLP (REGISTERED NUMBER: OC366204)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 9,196
Bank loans - 2-5 years - 18,864
Hire purchase contracts (see note 8) - 146,905
- 174,965

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Gross obligations repayable:
Within one year 117,825 28,840
Between one and five years - 178,948
117,825 207,788

Finance charges repayable:
Within one year 10,110 6,251
Between one and five years - 32,043
10,110 38,294

Net obligations repayable:
Within one year 107,715 22,589
Between one and five years - 146,905
107,715 169,494

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 1,104 -
Hire purchase contracts - 169,494
1,104 169,494

Hire purchase liabilities are secured upon the assets to which they relate.

MEIT CONSULTANTS LLP (REGISTERED NUMBER: OC366204)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 94,923 9,625

Falling due within one year 94,923 9,625

In the event of a winding up the amounts included in 'Loans and other debts due to members' will rank equally with unsecured creditors.