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REGISTERED NUMBER: 09469374 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MEICO LIMITED

MEICO LIMITED (REGISTERED NUMBER: 09469374)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MEICO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: D G Perrotton
J A Barry





REGISTERED OFFICE: 1st Floor
Commerce House
1 Raven Road
London
E18 1HB





REGISTERED NUMBER: 09469374 (England and Wales)

MEICO LIMITED (REGISTERED NUMBER: 09469374)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment property 4 1,847,000 1,627,000

CURRENT ASSETS
Debtors 5 1,562 2,452
Cash at bank and in hand 5,811 20,886
7,373 23,338
CREDITORS
Amounts falling due within one year 6 508,861 518,348
NET CURRENT LIABILITIES (501,488 ) (495,010 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,345,512

1,131,990

CREDITORS
Amounts falling due after more than one year 7 (840,923 ) (840,923 )

PROVISIONS FOR LIABILITIES (153,927 ) (98,927 )
NET ASSETS 350,662 192,140

CAPITAL AND RESERVES
Called up share capital 4 4
Fair value reserve 9 461,782 296,782
Retained earnings (111,124 ) (104,646 )
350,662 192,140

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

MEICO LIMITED (REGISTERED NUMBER: 09469374)

BALANCE SHEET - continued
31 MARCH 2024


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 29 October 2024 and were signed on its behalf by:





J A Barry - Director


MEICO LIMITED (REGISTERED NUMBER: 09469374)

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

1. STATUTORY INFORMATION

Meico Limited is a private company, limited by shares, registered in England & Wales. The company's registered number is 09469374 and the registered office address is 1st Floor Commerce House, 1 Raven Road, South Woodford, London, E18 1HB.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in the fair value is recognised in profit or loss.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which includes trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after an initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

MEICO LIMITED (REGISTERED NUMBER: 09469374)

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

2. ACCOUNTING POLICIES - continued

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and preference shares classed as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire

Equity Instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Going concern
At the balance sheet date the company had net current liabilities of £495,010 (2022: £502,337). The directors believe that the company with continued support from them, has adequate resources to confine to operate. The directors consider it is appropriate to continue using the going concern basis in the preparation of the financial statements. The financial statements do not include any adjustments that would result if support from the directors was not continued.

MEICO LIMITED (REGISTERED NUMBER: 09469374)

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

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023 1,627,000
Revaluations 220,000
At 31 March 2024 1,847,000
NET BOOK VALUE
At 31 March 2024 1,847,000
At 31 March 2023 1,627,000

Fair value at 31 March 2024 is represented by:
£
Valuation in 2023 395,710
Valuation in 2024 220,000
Cost 1,231,290
1,847,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£ £
Cost 1,231,290 1,231,290

The investment properties were valued on an open market basis on 31 March 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 1,562 2,452

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other creditors 508,861 518,348

MEICO LIMITED (REGISTERED NUMBER: 09469374)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 840,923 840,923

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 840,923 840,923

8. SECURED DEBTS

The bank loans are secured against the investment properties owned by the company.

9. RESERVES
Fair value
reserve
£
At 1 April 2023 296,782
Investment property revaluation net of
deferred taxation

165,000


At 31 March 2024 461,782

10. RELATED PARTY DISCLOSURES

Emico Limited

The directors of Emico Limited, D Perrotton and J Barry, own 100% of the issued share capital of Meico Limited. During the year the company repaid £22,000, being part repayments against the loan from Emico Limited. The balance outstanding at the year-end date is £506,639 (2023: £516,127). Interest is charged at a market rate and totalled £12,512 for the year (2023: £11,170).