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REGISTERED NUMBER: 10657292 (England and Wales)















MERIDIAN DEVELOPMENTS 2020 LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






MERIDIAN DEVELOPMENTS 2020 LIMITED (REGISTERED NUMBER: 10657292)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 3

Notes to the Financial Statements 4


MERIDIAN DEVELOPMENTS 2020 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr G Cronin
Mr R A Evans
Ms B Marjoram
Mr R C Reynolds
Mr A S Coots
Ms E L Peters





SECRETARY: Mr R A Evans





REGISTERED OFFICE: C/O Winckworth Sherwood LLP
Arbor
255 Blackfriars Road
London
SE1 9AX





BUSINESS ADDRESS: 4 Gunnery Terrace
The Royal Arsenal
Woolwich
LONDON
SE18 6SW





REGISTERED NUMBER: 10657292 (England and Wales)






MERIDIAN DEVELOPMENTS 2020 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







AUDITORS: McBrides Accountants LLP
Nexus House
2 Cray Road
SIDCUP
Kent
DA14 5DA

MERIDIAN DEVELOPMENTS 2020 LIMITED (REGISTERED NUMBER: 10657292)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
CURRENT ASSETS
Stocks 5 63,806 50,401
Debtors 6 602,977 2,334,320
Cash at bank 40,514 52,700
707,297 2,437,421
CREDITORS
Amounts falling due within one year 7 651,031 2,437,321
NET CURRENT ASSETS 56,266 100
TOTAL ASSETS LESS CURRENT
LIABILITIES

56,266

100

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 56,166 -
SHAREHOLDERS' FUNDS 56,266 100

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 5 September 2024 and were signed on its behalf by:




Mr R A Evans - Director



Mr G Cronin - Director


MERIDIAN DEVELOPMENTS 2020 LIMITED (REGISTERED NUMBER: 10657292)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Meridian Developments 2020 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the valuations of work in progress based on costs incurred on the developments to date less costs already billed.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for services provided, excluding discounts, rebates, value added tax and other sales taxes.

Income is recognised once the relevant performance conditions have been met and income meeting these conditions for which an invoice has not yet been raised is accrued.

Stocks
Stocks consist purely of work in progress.

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated based on actual costs incurred but not yet meeting the criteria to be provided as accrued income and includes all relevant costs which will be chargeable to the end client based on the terms of the contract between the parties.

MERIDIAN DEVELOPMENTS 2020 LIMITED (REGISTERED NUMBER: 10657292)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

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 statement of financial position date.

MERIDIAN DEVELOPMENTS 2020 LIMITED (REGISTERED NUMBER: 10657292)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Impairment of non financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed, to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

Going concern
The directors have assessed the major risks to which the Company is exposed and assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of approval of the financial statements. The Company has known future contracts to be sufficient to allow the company to continue trading for the foreseeable future. There is nothing within the Company's current strategy which suggests that the Company's activities will cease. For these reasons the directors continue to adopt the going concern basis in preparing the financial statements.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

MERIDIAN DEVELOPMENTS 2020 LIMITED (REGISTERED NUMBER: 10657292)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. STOCKS
31.3.24 31.3.23
£    £   
Work-in-progress 63,806 50,401

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed by group undertakings 547,025 934,826
Other debtors 12,472 12,472
VAT refund 18,111 18,941
Accrued income 25,369 1,368,081
602,977 2,334,320

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 210,647 411,859
Other taxes and PAYE taxes 15,148 -
Other creditors 405,990 765,340
Accrued expenses 19,246 1,260,122
651,031 2,437,321

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary 1 100 100

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Warren (Senior Statutory Auditor)
for and on behalf of McBrides Accountants LLP

10. ULTIMATE PARENT COMPANY

Meridian Home Start Limited is regarded by the directors as being the company's ultimate parent company.