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Registered Number: 11083491
England and Wales

 

 

 

MERIDIAN IT SERVICES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 30 November 2023.
Principal activities
Principal activity of the company during the financial year was of providing IT services including development and support services to financial sector in UK and Europe.
Directors
The directors who served the company throughout the year were as follows:
Atul Prasad
Priya Prasad
Manish Shah
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
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 (Financial Reporting Standard 102). 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 the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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. The directors 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Atul Prasad
Director

Date approved: 30 August 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 39,655    23,335 
39,655    23,335 
Current assets      
Debtors: amounts falling due within one year 4 76,691    52,000 
Debtors: amounts falling due after one year 5 10,000   
Cash at bank and in hand 15,817    36,771 
102,508    88,771 
Creditors: amount falling due within one year 6 (104,812)   (82,939)
Net current assets (2,304)   5,832 
 
Total assets less current liabilities 37,351    29,167 
Creditors: amount falling due after more than one year 7 (30,405)   (20,507)
Net assets 6,946    8,660 
 

Capital and reserves
     
Called up share capital 8 300    200 
Profit and loss account 6,646    8,460 
Shareholders' funds 6,946    8,660 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 30 August 2024 and were signed on its behalf by:


-------------------------------
Atul Prasad
Director
2
General Information
Meridian IT Services Limited is a private company, limited by shares, registered in England and Wales, registration number 11083491, registration address 50 Wakering Road, Barking, Essex, England, IG11 8GN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 33.33% Reducing Balance
Computer Equipment 33.33% Reducing Balance
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 December 2022 35,080    5,053    40,133 
Additions 25,000      25,000 
Disposals    
At 30 November 2023 60,080    5,053    65,133 
Depreciation
At 01 December 2022 13,236    3,562    16,798 
Charge for year 7,410    1,270    8,680 
On disposals    
At 30 November 2023 20,646    4,832    25,478 
Net book values
Closing balance as at 30 November 2023 39,434    221    39,655 
Opening balance as at 01 December 2022 21,844    1,491    23,335 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors   34,500 
Accrued Income 52,500    17,500 
Other Debtors 22,000   
VAT 2,191   
76,691    52,000 

5.

Debtors: amounts falling due after one year

2023
£
  2022
£
Directors' Loan Accounts (Atul) 10,000   
10,000   

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 61,724    59,003 
Corporation Tax 235    229 
Accrued Expenses 3,500    3,500 
Other Creditors   1 
Directors' Current Accounts 39,353    16,913 
VAT   3,293 
104,812    82,939 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 17,405    20,507 
Directors Current Account (Manish) 13,000   
30,405    20,507 

8.

Share Capital

Authorised
200 Class A shares of £1.00 each
100 Class B shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
200 Class A shares of £1.00 each 200    100 
100 Class B shares of £1.00 each 100    100 
300    200 

3