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REGISTERED NUMBER: 03617385 (England and Wales)









MERITEX INTERNATIONAL FREIGHT SERVICES
LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






MERITEX INTERNATIONAL FREIGHT SERVICES
LIMITED (REGISTERED NUMBER: 03617385)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


MERITEX INTERNATIONAL FREIGHT SERVICES
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: H Osborne
P Saunders
R Margyte
D J Sweet





SECRETARY: H Osborne





REGISTERED OFFICE: The Coach House
20 Northernhay Street
EXETER
Devon
EX4 3ER





REGISTERED NUMBER: 03617385 (England and Wales)





ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX

MERITEX INTERNATIONAL FREIGHT SERVICES
LIMITED (REGISTERED NUMBER: 03617385)

ABRIDGED BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,806 909
Investments 6 161,257 161,257
165,063 162,166

CURRENT ASSETS
Debtors 980,243 856,457
Cash at bank and in hand 161,425 174,903
1,141,668 1,031,360
CREDITORS
Amounts falling due within one year 684,947 526,499
NET CURRENT ASSETS 456,721 504,861
TOTAL ASSETS LESS CURRENT LIABILITIES 621,784 667,027

CREDITORS
Amounts falling due after more than one year 100,000 150,000
NET ASSETS 521,784 517,027

CAPITAL AND RESERVES
Called up share capital 540 540
Retained earnings 521,244 516,487
SHAREHOLDERS' FUNDS 521,784 517,027

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

MERITEX INTERNATIONAL FREIGHT SERVICES
LIMITED (REGISTERED NUMBER: 03617385)

ABRIDGED BALANCE SHEET - continued
29 FEBRUARY 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 6 August 2024 and were signed on its behalf by:





R Margyte - Director


MERITEX INTERNATIONAL FREIGHT SERVICES
LIMITED (REGISTERED NUMBER: 03617385)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Meritex International Freight Services 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.

Turnover
Turnover represents net invoiced sales of transportation services, excluding value added tax. The revenue is recognised once the delivery of the transport services has been completed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


MERITEX INTERNATIONAL FREIGHT SERVICES
LIMITED (REGISTERED NUMBER: 03617385)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

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.

Employee benefits
Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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 the transaction. Exchange differences are taken into account in arriving at the operating profit.

Investments
The group investment and listed investments have been recorded at cost, less any provision for impairment or diminution in value. In accordance with the FRS 102, the investments are included in the financial statements at fair value.

An impairment review of investments is carried out when there is a factor indicating that an investment might be impaired. Losses on impairment for all classifications of investments are charged to the profit and loss account.

4. EMPLOYEES AND DIRECTORS

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

MERITEX INTERNATIONAL FREIGHT SERVICES
LIMITED (REGISTERED NUMBER: 03617385)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023 101,746
Additions 4,267
At 29 February 2024 106,013
DEPRECIATION
At 1 March 2023 100,837
Charge for year 1,370
At 29 February 2024 102,207
NET BOOK VALUE
At 29 February 2024 3,806
At 28 February 2023 909

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 March 2023
and 29 February 2024 161,257
NET BOOK VALUE
At 29 February 2024 161,257
At 28 February 2023 161,257

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 17,508 17,580
Between one and five years 25,688 43,195
43,196 60,775

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 150,000 200,000