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Registered number: 04886995














MEREDITH BROWN ASSOCIATES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
MEREDITH BROWN ASSOCIATES LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
MEREDITH BROWN ASSOCIATES LIMITED
REGISTERED NUMBER:04886995

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
7,987
7,910

Current assets
  

Debtors: amounts falling due within one year
 6 
86,502
106,424

Current asset investments
 7 
248,137
248,136

Bank & cash balances
  
433,983
657,433

  
768,622
1,011,993

Current Liabilities
  

Creditors: amounts falling due within one year
 8 
(199,647)
(205,005)

Net current assets
  
 
 
568,975
 
 
806,988

Total assets less current liabilities
  
576,962
814,898

Provisions for liabilities
  

Deferred tax
 9 
(1,518)
(1,569)

Net assets
  
575,444
813,329


Capital and reserves
  

Called up share capital 
 10 
150
150

Other reserves
 11 
51,136
51,136

Profit and loss account
 11 
524,158
762,043

  
575,444
813,329


Page 1

 
MEREDITH BROWN ASSOCIATES LIMITED
REGISTERED NUMBER:04886995
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 October 2024.




A Brown
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MEREDITH BROWN ASSOCIATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Meredith Brown Associates Limited is a private limited company limited by shares and incorporated in England. Its registered address is Salisbury House, London Wall, London, EC2M 5QQ.
The Company's functional and presentational currency is £ sterling.
The principal activity of the Company was that of an employment agent.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.
Turnover is recognised when all terms of the engagement and contracts are satisfied with no recourse.

 
2.3

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Fixtures & fittings
-
25%
reducing balance

Page 3

 
MEREDITH BROWN ASSOCIATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

Basic financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and
other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.9

Pensions

Defined contribution pension plan
The company contributes to a defined contribution pension scheme and the pension charge
represents the amounts payable by the company to the fund in respect of the year.

Page 4

 
MEREDITH BROWN ASSOCIATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).

Page 5

 
MEREDITH BROWN ASSOCIATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
18,861



At 31 March 2024

18,861



Amortisation


At 1 April 2023
18,861



At 31 March 2024

18,861



Net book value



At 31 March 2024
-



At 31 March 2023
-




5.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 April 2023
27,822


Additions
2,530



At 31 March 2024

30,352



Depreciation


At 1 April 2023
19,913


Charge for the year on owned assets
2,452



At 31 March 2024

22,365



Net book value



At 31 March 2024
7,987



At 31 March 2023
7,909

Page 6

 
MEREDITH BROWN ASSOCIATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
56,405
73,570

Other debtors
9,675
15,630

Prepayments and accrued income
20,422
17,224

86,502
106,424



7.


Current asset investments

2024
2023
£
£

Unlisted investments
248,137
248,136



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
33,867
50,875

Other taxation and social security
108,831
108,593

Other creditors
1,616
1,554

Accruals and deferred income
55,333
43,983

199,647
205,005



9.


Deferred taxation




2024


£






At beginning of year
(1,569)


Charged to profit or loss
51



At end of year
(1,518)

2024
2023
£
£


Accelerated capital allowances
(1,518)
(1,569)

Page 7

 
MEREDITH BROWN ASSOCIATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



150 (2023 - 150) Ordinary shares of £1.00 each
150
150



11.


Reserves

Other reserves

Other reserves represent the fair value movement on current investments.

Profit & loss account

The profit and loss account reserve represents cumulative profits or losses net of dividends paid. 

 
Page 8