MERIT OFFICE INSTALLATIONS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Company registration number 04040767 (England and Wales)
MERIT OFFICE INSTALLATIONS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 28
MERIT OFFICE INSTALLATIONS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

The directors present the strategic report for the year ended 31 August 2023.

Principal activities

The principal activity of the company during the period under review was the provision of warehousing & distribution services and facilitation of office relocation and installations.

Review of the business

The key financial and other performance indicators during the year were as follows:

2023
2022
Change
£'000
£'000
%
Turnover
12,324
11,255
9.50%
Operating profit
1,945
2,646
(26.50)%
Profit after tax
1,482
1,920
(22.80)%
Current assets as a % of current liabilities
154%
189%
Principal risks and uncertainties

In common with most other businesses, the company faces pressures from organisations pursuing the same contracts. The directors consider that a competitive advantage is maintained because of the depth of experience in the industry the management team as well as a detailed understanding of the market

 

The company is subject to regulatory and legislative risks. Breaches in regulations or applicable law can result in fines or exclusion from certain contracts. To combat this the company maintains robust compliance and legal monitoring controls.

Credit risk

Credit risk is the risk of financial loss to the company. Exposure to credit risk in relation to customers is managed through credit control processes which include active debtor management.

Liquidity risk

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The company's approach to managing liquidity is to ensure, as far as possible, that we will always have sufficient liquidity to meet liabilities when due under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company's reputation.

 

Considering the risk mitigation activities in place, the company's exposure to liquidity and credit risk is considered to be within normal parameters and represents an acceptable level of risk.

Development

Merit is constantly assessing ways to further strengthen and evolve its core processes and services offered. The company is recognised as innovative in problem solving and dealing with specialist projects.

 

Additional investment has been made in an existing operational system, which has been enhanced to produce electronic POD’s, an efficiency saving in both time and paper usage.

 

To increase efficiency and productivity of resources, the decision was taken to absorb Merit Couriers into Merit Office Installations early in 2023, which bolstered Merit’s delivery fleet significantly.

 

MERIT OFFICE INSTALLATIONS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
Environment

Merit continues to have environment and sustainable matters and initiatives at the forefront of its operations. In the last year, the provision of electric vehicle charging stations has increased from 12 units to 19, with the capability of the new units charging at faster rates than their original counterparts. This facilitated the additional requirements of the growing EV fleet, particularly the fully electric “Jumbo” Transit vans that arrived in October 2022. These vehicles necessitated additional training for our existing drivers due to their size and weight. Merit funded this education, enhancing the driving licenses of all involved.

 

Following the previous years’ initiative to continually improve our practices, the company has looked at alternative waste streams for items we are tasked with the responsibility to dispose of. A project that is continuing to grow in popularity is providing reusable items to schools and other local charitable projects. This has not only seen a vast number of items being reused by those who need it in the local community, but has also vastly reduced the carbon that would have been generated from the manufacture of new products if those who received the donations had purchased them.

Futire developments

Further expansion of the fleet has led to enhanced coverage of all services. Additional services offered continue to help further the Merit’s standing in the industry, with such offerings as asset tagging and barcoded crate hire key among these.

 

Significant investment in education, training and benchmarked salary tiers have been rolled out among staff at all levels within the company. Merit’s personnel continue to develop and strive towards professional growth for the betterment of them as individuals as well as their respective teams.

On behalf of the board

Mr R J Ashford
Director
29 August 2024
MERIT OFFICE INSTALLATIONS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 August 2023.

Results and dividends

Key performance indicators for the company have been disclosed in the strategic report (page 1).

 

Particulars of all approved dividends are detailed in note 12 to the financial statements.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J D Ashford
Mr R J Ashford
Mr R Ashford
Mrs E I Ashford
Financial instruments

There are no material exposures to price risk, credit risk, liquidity risk or cash flow risk not covered in the strategic report.

Future developments

The directors have been prepared a strategic report and within this have declared details surrounding future developments of the company.

Auditor

The auditor, Kreston Reeves LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MERIT OFFICE INSTALLATIONS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr R J Ashford
Director
29 August 2024
MERIT OFFICE INSTALLATIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MERIT OFFICE INSTALLATIONS LTD
- 5 -
Opinion

We have audited the financial statements of Merit Office Installations Ltd (the 'company') for the year ended 31 August 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MERIT OFFICE INSTALLATIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MERIT OFFICE INSTALLATIONS LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

MERIT OFFICE INSTALLATIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MERIT OFFICE INSTALLATIONS LTD (CONTINUED)
- 7 -
Capabilities of the audit in detecting irregularities, including fraud

Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery arid employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to accounting estimates such as bad debt provision and accruals and the inappropriate posting of journals. Audit procedures performed by the group engagement team included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also;

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in the internal control that we identify during the audit.

MERIT OFFICE INSTALLATIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MERIT OFFICE INSTALLATIONS LTD (CONTINUED)
- 8 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Mark Attwood FCCA
Senior Statutory Auditor
For and on behalf of Kreston Reeves LLP
29 August 2024
Chartered Accountants
Statutory Auditor
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
MERIT OFFICE INSTALLATIONS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
12,324,313
11,254,857
Cost of sales
(7,179,696)
(6,472,643)
Gross profit
5,144,617
4,782,214
Administrative expenses
(3,075,166)
(2,135,026)
Operating profit
4
2,069,451
2,647,188
Interest receivable and similar income
8
7
2,358
Interest payable and similar expenses
9
(88,085)
(83,231)
Inter group loans written off
10
(36,704)
(109,334)
Profit before taxation
1,944,669
2,456,981
Tax on profit
11
(462,354)
(536,924)
Profit for the financial year
1,482,315
1,920,057
Other comprehensive income
Tax relating to other comprehensive income
-
0
(32,458)
Total comprehensive income for the year
1,482,315
1,887,599

The profit and loss account has been prepared on the basis that all operations are continuing operations.

 

There was no other comprehensive income during the year (2022: £Nil)

MERIT OFFICE INSTALLATIONS LTD
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
13
25,814
-
0
Tangible assets
14
2,605,161
1,750,399
2,630,975
1,750,399
Current assets
Debtors
15
5,978,901
5,619,363
Cash at bank and in hand
233,576
263,391
6,212,477
5,882,754
Creditors: amounts falling due within one year
16
(4,032,738)
(3,109,560)
Net current assets
2,179,739
2,773,194
Total assets less current liabilities
4,810,714
4,523,593
Creditors: amounts falling due after more than one year
17
(781,307)
(1,232,042)
Provisions for liabilities
Deferred tax liability
19
651,290
430,041
(651,290)
(430,041)
Net assets
3,378,117
2,861,510
Capital and reserves
Called up share capital
21
823
825
Revaluation reserve
405,727
405,727
Distributable profit and loss reserves
2,971,567
2,454,958
Total equity
3,378,117
2,861,510

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
Mr R J Ashford
Director
Company registration number 04040767 (England and Wales)
MERIT OFFICE INSTALLATIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2021
821
438,185
1,339,951
1,778,957
Year ended 31 August 2022:
Profit
-
-
1,920,057
1,920,057
Other comprehensive income:
Tax relating to other comprehensive income
-
(32,458)
-
0
(32,458)
Total comprehensive income
-
(32,458)
1,920,057
1,887,599
Issue of share capital
21
4
-
-
4
Dividends
12
-
-
(805,050)
(805,050)
Balance at 31 August 2022
825
405,727
2,454,958
2,861,510
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
1,482,315
1,482,315
Dividends
12
-
-
(965,706)
(965,706)
Redemption of shares
21
(2)
-
-
0
(2)
Balance at 31 August 2023
823
405,727
2,971,567
3,378,117
MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 12 -
1
Accounting policies
Company information

Merit Office Installations Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Merit House, Units 1-4 Whitehall Road, Rochester, Kent, ME4 4WS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Merit Group Holdings Limited. These consolidated financial statements are available from its registered office, Merit House, Units 1-4 Whitewall Road, Medway City Estate, Rochester, Kent, ME2 4WS.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
20% Straight line
Plant and equipment
10 to 20% Reducing balance
Fixtures and fittings
20% Reducing balance
Motor vehicles
25% Reducing balance
Containers
20% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 14 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 16 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14

Dividends

Dividends to the company's shareholders are recognised when they are approved for payment.

MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 17 -
1.15

Borrowing costs

All costs are recognised in the profit and loss in the year in which they are incurred

1.16

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets

The company has recognised tangible fixed assets with a carrying value of £2,605,161 at the reporting date (2022 - £1,750,399) which is detailed in note 15. Tangible assets are stated at their costs less provision for depreciation and impairment. Any tangible assets carried at revalued amounts are recorded at fair value at the date of revaluation less any subsequent accumulated deprecation and subsequent accumulated impairment losses.

 

In order to determine the fair value of tangible assets the company has used a valuation technique based on comparable market data. Valuations are obtained with sufficient regularity to ensure that the carrying value of revalued assets reflects current market conditions.

 

At the end of each accounting period, the directors revalue their containers, taking into consideration their market value and their current condition. The revaluation this year did not give rise to any adjustment to the carrying value.

 

The company's accounting policy sets out the approach to calculating depreciation for tangible assets acquired. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as changes in market conditions that indicate a need to reconsider the estimated used.

 

Where there are indications that the carrying value of tangible assets may be impaired the company undertakes tests to determine the recoverable amounts of assets. These tests require estimates for the fair value of asses less costs to sell and their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less the incremental costs of disposing the asset.

Taxation

A provision has been made in the financial statements for deferred tax amounting to £651,290 (2022 - £430,041) at the reporting date. The provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the asset is based and the tax rates that will be in force at that time together with an assessment of the impact of the future tax planning strategies.

Goodwill

The company has recognised goodwill arising from business combinations with a carrying value of £25,814 (2022 - £nil) at the reporting date, as detailed on note 14. On acquisition the company determines a reliable estimate of the useful life of goodwill based upon factors such as expected use of the acquired business, forecasts of expected future results and cash flow, and any legal, regulatory or contractual provision that can limit useful life. At each subsequent reporting date the directors consider whether there are any factors such as changes in market conditions that indicate a need to reconsider the useful life of goodwill and intangible assets.

MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 19 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Rendering of services
12,324,313
11,254,857
2023
2022
£
£
Other revenue
Interest income
7
2,358

All turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
195,833
139,591
Loss/(profit) on disposal of tangible fixed assets
2,368
(17,498)
Amortisation of intangible assets
1,077
-
Operating lease charges
222,857
166,029
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
59,640
34,600
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Distribution staff
24
17
Administrative staff
13
12
Management
7
9
Total
44
38
MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,834,463
1,408,818
Social security costs
147,102
125,349
Pension costs
28,991
22,691
2,010,556
1,556,858
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
65,244
67,822
Company pension contributions to defined contribution schemes
1,263
1,249
66,507
69,071
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
17,850
17,734
Company pension contributions to defined contribution schemes
348
345
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
7
4
Other interest income
-
0
2,354
Total income
7
2,358
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
20,383
52,920
Interest on finance leases and hire purchase contracts
65,108
28,337
Other interest
2,594
1,974
88,085
83,231
MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 21 -
10
Inter group loans written off
2023
2022
£
£
Inter group loans written off
(36,704)
(109,334)
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
241,105
423,761
Deferred tax
Origination and reversal of timing differences
221,249
113,163
Total tax charge
462,354
536,924

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,944,669
2,456,981
Expected tax charge based on the standard rate of corporation tax in the UK of 21.50% (2022: 19.00%)
418,104
466,826
Tax effect of expenses that are not deductible in determining taxable profit
16,934
27,249
Group relief
(19,279)
(6,206)
Effect of capital allowances and depreciation
(174,823)
(64,108)
Rounding on tax charges
169
-
0
Deferred tax
221,249
113,163
Taxation charge for the year
462,354
536,924

In addition to the amount charged to the income statement and other comprehensive income, the amounts relating to tax that have been recognised directly in equity was £nil (2022: £32,548).

2023
2022
£
£
Deferred tax arising on:
Revaluation of property
-
32,458
MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
11
Taxation
(Continued)
- 22 -

In addition to the amount charged to the income statement and other comprehensive income, the amounts relating to tax that have been recognised directly in equity was £nil (2022: £32,548).

 

As at 1 April 2023, the main rate of corporation tax increased from 19% to 25%. The company expects all profits to be taxed at the full rate of 25% in the forthcoming years.

12
Dividends
2023
2022
£
£
Interim paid
965,706
805,050
13
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022
-
0
Additions
26,891
At 31 August 2023
26,891
Amortisation and impairment
At 1 September 2022
-
0
Amortisation charged for the year
1,077
At 31 August 2023
1,077
Carrying amount
At 31 August 2023
25,814
At 31 August 2022
-
0

During this year, a group company, Merit Couriers Limited, ceased to trade. At this point the trade and assets of the company were transferred and incorporated into Merit Office Installations Limited. As part of this transfer goodwill recognised previously on a purchase was also transferred.

MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 23 -
14
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Containers
Total
£
£
£
£
£
£
Cost or valuation
At 1 September 2022
229,340
274,806
42,127
767,108
1,534,346
2,847,727
Additions
192,835
54,000
1,439
371,189
492,000
1,111,463
Disposals
-
0
-
0
-
0
(100,260)
-
0
(100,260)
At 31 August 2023
422,175
328,806
43,566
1,038,037
2,026,346
3,858,930
Depreciation and impairment
At 1 September 2022
182,533
149,482
28,132
446,260
290,921
1,097,328
Depreciation charged in the year
39,196
22,079
2,906
131,652
-
0
195,833
Eliminated in respect of disposals
-
0
-
0
-
0
(39,392)
-
0
(39,392)
At 31 August 2023
221,729
171,561
31,038
538,520
290,921
1,253,769
Carrying amount
At 31 August 2023
200,446
157,245
12,528
499,517
1,735,425
2,605,161
At 31 August 2022
46,807
125,324
13,995
320,848
1,243,425
1,750,399

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and equipment
90,324
44,646
Motor vehicles
414,251
182,175
Containers
1,100,400
608,400
1,604,975
835,221

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
14
Tangible fixed assets
(Continued)
- 24 -
Containers
2023
2022
£
£
Cost
1,485,377
993,376
Accumulated depreciation
(290,921)
(290,921)
Carrying value
1,194,456
702,455
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,448,536
1,815,469
Amounts owed by group undertakings
1,834,847
1,647,838
Amounts owed by connected companies
1,974,185
1,503,664
Other debtors
4,164
12,790
Prepayments and accrued income
717,169
639,602
5,978,901
5,619,363
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
294,613
300,000
Invoice discounting finance
814,371
885,100
Obligations under finance leases
18
349,932
180,713
Trade creditors
848,632
635,648
Amounts owed to group undertakings
31,144
31,122
Amounts owed to connected companies
633,533
64,300
Corporation tax
241,105
406,415
Other taxation and social security
724,674
383,010
Director loan accounts
7,867
1,616
Other creditors
36,557
43,936
Accruals and deferred income
50,310
177,700
4,032,738
3,109,560

The invoice discounting finance, detailed above, is secured a via fixed and floating charge, held by the lenders over the company's assets.

 

The hire purchase and finance lease creditors creditors are secured against the assets to whom they relate.

 

MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 25 -
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
-
0
825,000
Obligations under finance leases
18
781,307
407,042
781,307
1,232,042

The bank loan, repaid this year, was secured via a fixed and floating charge held by the Bank over the company's assets.

 

This Coronavirus Business interruption loan's final repayment is due in May 2026. Interest was payable at 3.25% p.a. above base rate, commencing from June 2021. The first 12 months of the loan was interest free. The company decided to repay this loan during this financial year.

18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
349,932
180,713
In two to five years
781,307
407,042
1,131,239
587,755
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
516,048
294,799
Revaluations
135,242
135,242
651,290
430,041
MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
19
Deferred taxation
(Continued)
- 26 -
2023
Movements in the year:
£
Liability at 1 September 2022
430,041
Charge to profit or loss
221,249
Liability at 31 August 2023
651,290
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
28,991
22,691

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
600
600
600
600
Ordinary B shares of £1 each
200
200
200
200
Employee shares of £1 each
17
21
17
21
Ordinary H shares of £1 each
6
4
6
4
823
825
823
825

All share classifications have the same voting rights, dividend rights and capital distribution rights, upon winding up or otherwise.

22
Reserves

Profit and loss account - this reserve records retained earnings and the accumulated profit and loss.

 

Revaluation reserve - this reserve records the value of fixed asset revaluations less associated deferred tax liabilities.

MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 27 -
23
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
136,280
124,404
Between two and five years
136,736
54,572
273,016
178,976
24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2023
2022
£
£
Loan owed from a group company written off
36,704
109,334
Rent paid to Merit Property Limited
130,909
69,548
2023
2022
Amounts due to related parties
£
£
Loans with group companies
23,551
-
Loans with connected companies
629,533
64,300
2023
2022
Amounts due from related parties
£
£
Loans with group companies
1,644,113
1,345,330
Loans with connected companies
1,908,407
1,444,138
Other information

The loans detailed above are interest free, unsecured and have no fixed repayment schedules.

 

There were no other transactions carried our outside of the normal course of business.

MERIT OFFICE INSTALLATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 28 -
25
Ultimate controlling party

During the period under review, the company was under the ultimate control of its parent company, Merit Group Holdings Limited. Their registered office is Merit House, Units 1-4 Whitewall Road, Medway City Estate, Rochester, Kent, ME2 4WS.

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