REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
Meb Equipment Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
Meb Equipment Limited |
Meb Equipment Limited (Registered number: 03645415) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Meb Equipment Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Pippins |
Cherry Drive |
Forty Green |
Beaconsfield |
Buckinghamshire |
HP9 1XP |
Meb Equipment Limited (Registered number: 03645415) |
Balance Sheet |
30 November 2023 |
30.11.23 | 30.11.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 9 |
Retained earnings | 9 | (11,923 | ) |
SHAREHOLDERS' FUNDS |
56,000 | 71,175 |
The director acknowledges his 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. |
Meb Equipment Limited (Registered number: 03645415) |
Balance Sheet - continued |
30 November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Meb Equipment Limited (Registered number: 03645415) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Meb Equipment Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis which assumes the continued support of the bankers and creditors to the company. |
Along with many other businesses, the company has had its challenges as a result of the global uncertainty and supply chain issues. Despite this, the Company remains profitable. |
Whilst the same challenges remain, the director is confident that the company will continue to trade profitably and thus considers the going concern basis to be appropriate. |
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 |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any other financial instruments, as covered by Section 12 of FRS 102 |
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. |
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. |
Meb Equipment Limited (Registered number: 03645415) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Bank loans |
Other creditors |
Meb Equipment Limited (Registered number: 03645415) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Bank loans |
Other creditors | 14,568 | 24,758 |
The Bank loan is secured by way of a fixed and floating charge over the assets of the company. The balance owing at the balance sheet date was £21,574 ( 2022 £31,162). Of this sum, £9,588 is considered to be repayable within one year (2022 £9,588). |
Within other creditors, further finance totalling £14,458 (2022 £24,758 ) is secured by way of a personal guarantee given by the director. Of this sum, £10,300 is considered to be repayable within one year (2022 £10,300). |
9. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 December 2022 |
Prior year adjustment | ( |
) | ( |
) |
( |
) | 7,077 |
Profit for the year |
At 30 November 2023 | 25,950 |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022: |
30.11.23 | 30.11.22 |
as restated |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Meb Equipment Limited (Registered number: 03645415) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
11. | RELATED PARTY DISCLOSURES |
The director is also a director of MEB Equipment Limited incorporated in the Republic of Ireland. |
During the period under review, the companies traded with each other selling machines and parts as required. All transactions are considered to be on normal commercial terms. |
The Company provided management charges to the Irish entity during the year amounting to £14,804 (2022 £24,165). |
The aggregate balance due from the Irish entity as at the balance sheet date was £23,718 ( 2022 £110,340) |
12. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |