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REGISTERED NUMBER: 10488837 (England and Wales)








Unaudited Financial Statements

For The Year Ended 30 November 2023

for

MEP Systems Limited

MEP Systems Limited (Registered number: 10488837)






Contents of the Financial Statements
For The Year Ended 30 November 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


MEP Systems Limited (Registered number: 10488837)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 288,053 359,644

CURRENT ASSETS
Debtors 5 1,453,419 1,551,019
Cash at bank 397,368 284,357
1,850,787 1,835,376
CREDITORS
Amounts falling due within one year 6 846,836 984,629
NET CURRENT ASSETS 1,003,951 850,747
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,292,004

1,210,391

CREDITORS
Amounts falling due after more than one
year

7

(229,175

)

(305,257

)

PROVISIONS FOR LIABILITIES (12,786 ) (10,661 )
NET ASSETS 1,050,043 894,473

CAPITAL AND RESERVES
Called up share capital 103 103
Retained earnings 1,049,940 894,370
1,050,043 894,473

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

MEP Systems Limited (Registered number: 10488837)

Balance Sheet - continued
30 November 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:




P Congo - Director J R Martin - Director




R M Ward - Director


MEP Systems Limited (Registered number: 10488837)

Notes to the Financial Statements
For The Year Ended 30 November 2023

1. STATUTORY INFORMATION

MEP Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10488837

Registered office: Harscombe House
1 Darklake View
Plymouth
Devon
PL6 7TL

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 Companies Act 2006. 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.

Turnover represents the contract value for the stage of completion as at the year end for all projects. Debtors include the retentions which are held by the customers.

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 shorter.
Plant and Machinery etc - 25% on reducing balance and 25% on cost
Leasehold improvements - 15 years straight line

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

MEP Systems Limited (Registered number: 10488837)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 502,219
Additions 32,510
Disposals (47,832 )
At 30 November 2023 486,897
DEPRECIATION
At 1 December 2022 142,575
Charge for year 86,627
Eliminated on disposal (30,358 )
At 30 November 2023 198,844
NET BOOK VALUE
At 30 November 2023 288,053
At 30 November 2022 359,644

5. DEBTORS
30.11.23 30.11.22
£    £   
Amounts falling due within one year:
Trade debtors 994,211 829,187
Other debtors 459,208 500,621
1,453,419 1,329,808

Amounts falling due after more than one year:
Other debtors - 221,211

Aggregate amounts 1,453,419 1,551,019

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 50,000 50,000
Finance leases (see note 8) 46,820 61,183
Trade creditors 463,269 610,497
Taxation and social security 133,205 38,777
Other creditors 153,542 224,172
846,836 984,629

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans 75,000 125,000
Finance leases (see note 8) 154,175 180,257
229,175 305,257

MEP Systems Limited (Registered number: 10488837)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
30.11.23 30.11.22
£    £   
Net obligations repayable:
Within one year 46,820 61,183
Between one and five years 154,175 180,257
200,995 241,440

Non-cancellable operating leases
30.11.23 30.11.22
£    £   
Within one year 34,000 34,000
Between one and five years 68,000 -
102,000 34,000

9. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 125,000 175,000
Finance leases 200,995 241,440
325,995 416,440

The hire purchase arrangements are secured on the assets they are financing.

The bank loan is secured with a fixed and floating charge over the assets within the company.