REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Meridian Productivity Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Meridian Productivity Limited |
Meridian Productivity Limited (Registered number: 03515265) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Meridian Productivity Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
25 Castle Terrace |
Edinburgh |
EH1 2ER |
Meridian Productivity Limited (Registered number: 03515265) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Meridian Productivity Limited (Registered number: 03515265) |
Balance Sheet - continued |
29 February 2024 |
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 |
Meridian Productivity Limited (Registered number: 03515265) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Meridian Productivity Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company made a loss of £91,783 for the year (2023: profit of £7,333) and had year end net current liabilities of £58,751 (2023:net current assets of £41,261). Net liabilities at the balance sheet date were £71,117 [2023: Net assets £20,666]. In January 2024 the company was acquired by a new parent undertaking and under new management. |
The company is dependent upon the future financial support of the directors and parent undertaking. The directors believe that there are adequate resources available and the company therefore continues to adopt the going concern basis in preparing its financial statements. |
The financial statements do not include any adjustments that would be required if the company was unable to continue as a going concern. |
Significant judgements and estimates |
Preparing the financial statements may require the director to make significant judgements and estimates. There were no items in the financial statements where these judgements and estimates were required. |
Turnover |
Turnover consists of the sales value, excluding VAT, of work in the period falling within the company's ordinary activities to supply services to third parties. |
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable |
that future economic benefits will flow to the entity. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, directors loan and bank loan. |
Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Meridian Productivity Limited (Registered number: 03515265) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Meridian Productivity Limited (Registered number: 03515265) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |