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Registered number: 02986070










MERIDIAN LEISURE MANAGEMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023



 
MERIDIAN LEISURE MANAGEMENT LIMITED
 

COMPANY INFORMATION


Director
M Janmohamed 




Company secretary
C Broulidakis



Registered number
02986070



Registered office
Crowne Plaza Reading East
Wharfedale Road

Winnersh Triangle

Reading

Berkshire

RG41 5TS




Accountants
James Cowper Kreston
Chartered Accountants

Reading Bridge House

George Street

Reading

RG1 8LS





 
MERIDIAN LEISURE MANAGEMENT LIMITED
REGISTERED NUMBER: 02986070

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
761,905
547,261

  
761,905
547,261

Current assets
  

Debtors: amounts falling due within one year
 4 
4,689,885
3,982,158

Cash at bank and in hand
 5 
159,635
81,124

  
4,849,520
4,063,282

Creditors: amounts falling due within one year
 6 
(7,000,837)
(5,851,412)

Net current liabilities
  
 
 
(2,151,317)
 
 
(1,788,130)

Total assets less current liabilities
  
(1,389,412)
(1,240,869)

Provisions for liabilities
  

Deferred tax
 7 
(309)
-

  
 
 
(309)
 
 
-

Net liabilities
  
(1,389,721)
(1,240,869)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(1,389,821)
(1,240,969)

  
(1,389,721)
(1,240,869)


Page 1

 
MERIDIAN LEISURE MANAGEMENT LIMITED
REGISTERED NUMBER: 02986070

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Janmohamed
Director

Date: 27 August 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MERIDIAN LEISURE MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Meridian Leisure Management Limited is a limited liability company incorporated in England and Wales.  The address of its registered office and principal place of business is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis. Whilst the company has net liabilities the director and related companies have agreed to support the company to enable it to continue to trade in the foreseeable future.

  
2.3

Cash flow

The financial statements do not include a Cash Flow Statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under Section 1A of Financial Reporting Standard 102.

 
2.4

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25% Reducing balance
Motor vehicles
-
25% Reducing balance
Fixtures & fittings
-
25% Reducing balance
Office equipment
-
25% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
MERIDIAN LEISURE MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss account.

 
2.7

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
MERIDIAN LEISURE MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Tangible fixed assets





Freehold property
Plant & machinery etc
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2023
536,474
58,592
7,010
602,076


Additions
217,154
-
-
217,154



At 31 December 2023

753,628
58,592
7,010
819,230



Depreciation


At 1 January 2023
-
51,271
3,544
54,815


Charge for the year on owned assets
-
1,643
867
2,510



At 31 December 2023

-
52,914
4,411
57,325



Net book value



At 31 December 2023
753,628
5,678
2,599
761,905



At 31 December 2022
536,474
7,321
3,466
547,261

Page 5

 
MERIDIAN LEISURE MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£
£


Trade debtors
966,628
494,720

Other debtors
3,317,731
3,025,248

Prepayments and accrued income
405,526
428,206

Deferred taxation
-
33,984

4,689,885
3,982,158



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
159,635
81,124



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,326
5,874

Corporation tax
-
2,622

Other taxation and social security
11,757
84,575

Other creditors
6,936,128
5,745,199

Accruals and deferred income
49,626
13,142

7,000,837
5,851,412



7.


Deferred taxation




2023


£






At beginning of year
33,984


Charged to profit or loss
(34,293)



At end of year
(309)

Page 6

 
MERIDIAN LEISURE MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
7.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(309)
-

Tax losses carried forward
-
33,984

(309)
33,984


8.


Ultimate parent undertaking and controlling party

The company is under the immediate control of Onyx Securities Limited which holds 100% (2022: 100%) of the company's issued share capital. The shares of Onyx Securities Limited are held by an Isle of Man based trust, Venus 2 Trust.


Page 7