Myers Group Limited
Registered number: 01753287
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,956,336 2,469,210
Investments 4 200,003 200,003
3,156,339 2,669,213
Current assets
Debtors 5 451,336 576,157
Cash at bank and in hand 254 304
451,590 576,461
Creditors: amounts falling due within one year 6 (543,292) (538,215)
Net current (liabilities)/assets (91,702) 38,246
Total assets less current liabilities 3,064,637 2,707,459
Creditors: amounts falling due after more than one year 7 (478,445) (291,052)
Provisions for liabilities (427,465) (373,405)
Net assets 2,158,727 2,043,002
Capital and reserves
Called up share capital 30,001 30,001
Capital redemption reserve 8 170,001 170,001
Profit and loss account 1,958,725 1,843,000
Shareholder's funds 2,158,727 2,043,002
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A L Myers
Director
Approved by the board on 16 September 2024
Myers Group Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 March 2023 4,177,755
Additions 2,075,501
Disposals (2,163,753)
At 29 February 2024 4,089,503
Depreciation
At 1 March 2023 1,708,545
Charge for the year 751,123
On disposals (1,326,501)
At 29 February 2024 1,133,167
Net book value
At 29 February 2024 2,956,336
At 28 February 2023 2,469,210
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 March 2023 200,003
At 29 February 2024 200,003
5 Debtors 2024 2023
£ £
Amounts owed by group undertakings 451,336 576,157
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 419,420 416,005
Amounts owed to group undertakings 100,043 100,043
Taxes and social security costs 1,061 776
Other creditors 22,768 21,391
543,292 538,215
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 478,445 291,052
8 Capital redemption reserve 2024 2023
£ £
At 1 March 2023 170,001 170,001
At 29 February 2024 170,001 170,001
9 Pension commitments
The company operates a defined contribution pension scheme for its director and employee. The assets of the scheme are held separately from those of the company in an indepedently administered fund.
10 Related party transactions
The indebtedness to the director A L Myers at the year end was £7,685 (2023, £5,640).
11 Controlling party
Mr A L Myers is the ultimate controlling party as he owns 100% of the issued share capital of Myers Group Limited.
12 Other information
Myers Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
44 Forest Ridge
Keston
BR2 6EQ
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