Registered number: 05390655 | ||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | ||||||||
Prepared By: | ||||||||
Willow Accounting & Consultancy | ||||||||
Chartered Certified Accountants | ||||||||
47a Commercial Road | ||||||||
Poole | ||||||||
Dorset | ||||||||
BH14 0HU |
Meridian Electrical Contracting Limited | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | ||||||||
DIRECTORS | ||||||||
REGISTERED OFFICE | ||||||||
Dorset | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 05390655 | ||||||||
ACCOUNTANTS | ||||||||
Willow Accounting & Consultancy | ||||||||
Chartered Certified Accountants | ||||||||
47a Commercial Road | ||||||||
Poole | ||||||||
Dorset | ||||||||
BH14 0HU |
Meridian Electrical Contracting Limited | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED31 MARCH 2024 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
Meridian Electrical Contracting Limited | ||||||||
BALANCE SHEET AT | ||||||||||
2024 | 2023 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Intangible assets | 2 | |||||||||
Tangible assets | 3 | |||||||||
CURRENT ASSETS | ||||||||||
Stock | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
2,011,864 | 1,995,424 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | |||||||||
NET CURRENT ASSETS | 1,089,672 | |||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 8 | |||||||||
NET ASSETS | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 9 | |||||||||
Profit and loss account | 1,241,360 | 1,188,026 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
Meridian Electrical Contracting Limited | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Depreciation | ||||||||
Short Leasehold Properties | reducing balance 20% | |||||||
Plant and Machinery | reducing balance 20% | |||||||
Fixtures and Fittings | reducing balance 20% | |||||||
Equipment | reducing balance 33% | |||||||
Motor Cars | reducing balance 25% |
1c. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
1d. Pension Costs | ||||||||
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year. |
1e. Goodwill | ||||||||
Meridian Electrical Contracting Limited | ||||||||
1f. Leasing Commitments | ||||||||
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis. |
2. INTANGIBLE FIXED ASSETS | ||||
Purchased | ||||
Goodwill | Total | |||
£ | £ | |||
Cost | ||||
At 1 April 2023 | 34,000 | 34,000 | ||
At 31 March 2024 | 34,000 | 34,000 | ||
Depreciation | ||||
At 1 April 2023 | 17,000 | 17,000 | ||
For the year | 3,400 | 3,400 | ||
At 31 March 2024 | 20,400 | 20,400 | ||
Net Book Amounts | ||||
At 31 March 2024 | ||||
At 31 March 2023 | ||||
Meridian Electrical Contracting Limited | ||||||||
3. TANGIBLE FIXED ASSETS | ||||||||||||
Short Leasehold | Plant and | Fixtures | ||||||||||
Properties | Machinery | and Fittings | Equipment | Motor Cars | Total | |||||||
£ | £ | £ | £ | £ | £ | |||||||
Cost | ||||||||||||
At 1 April 2023 | 9,241 | 6,120 | 5,549 | 36,144 | 241,234 | 298,288 | ||||||
Additions | - | - | - | 4,735 | - | 4,735 | ||||||
Disposals | - | - | - | - | (33,268) | (33,268) | ||||||
At 31 March 2024 | 9,241 | 6,120 | 5,549 | 40,879 | 207,966 | 269,755 | ||||||
Depreciation | ||||||||||||
At 1 April 2023 | 8,249 | 6,014 | 5,396 | 33,503 | 156,126 | 209,288 | ||||||
Disposals | - | - | - | - | (28,416) | (28,416) | ||||||
For the year | 198 | 21 | 31 | 2,434 | 20,064 | 22,748 | ||||||
At 31 March 2024 | 8,447 | 6,035 | 5,427 | 35,937 | 147,774 | 203,620 | ||||||
Net Book Amounts | ||||||||||||
At 31 March 2024 | 794 | 66,135 | ||||||||||
At 31 March 2023 | 992 | 89,000 | ||||||||||
4. STOCK | 2024 | 2023 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock | ||||||
Work in progress | ||||||
5. DEBTORS | 2024 | 2023 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 330,742 | 139,601 | ||||||
VAT | - | 7,357 | ||||||
Amounts due from group companies | 1,274,384 | 1,346,384 | ||||||
Prepayments | 6,073 | 12,867 | ||||||
1,611,199 | 1,506,209 | |||||||
Meridian Electrical Contracting Limited | ||||||||
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
UK corporation tax | 154,272 | 122,711 | ||||||
VAT | 50,216 | - | ||||||
PAYE control | 21,119 | 23,144 | ||||||
Directors current account | 998 | 498 | ||||||
Bank loan (unsecured) | - | 450,000 | ||||||
Credit card | 166,838 | 24,737 | ||||||
Work in progress - accrued revenue | 135,270 | 15,961 | ||||||
Trade creditors | 182,018 | 135,539 | ||||||
Other creditors | 125,798 | 125,798 | ||||||
Pension schemes | 1,420 | 1,464 | ||||||
Accruals | 7,174 | 5,900 | ||||||
845,123 | 905,752 | |||||||
7. EMPLOYEES | ||||||
2024 | 2023 | |||||
No. | No. | |||||
Average number of employees | 11 | |||||
8. PROVISIONS FOR LIABILITIES | 2024 | 2023 | ||||||
£ | £ | |||||||
Deferred taxation | 5,113 | 7,643 | ||||||
5,113 | 7,643 | |||||||
9. SHARE CAPITAL | 2024 | 2023 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
2 | 2 | |||||||
1 | 1 | |||||||
3 | 3 | |||||||
Meridian Electrical Contracting Limited | ||||||||
10. OTHER FINANCIAL COMMITMENTS | ||||||||
At 31 March 2024 the company was committed to making the following payments under non-cancellable operating leases: | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
Operating Leases which expire: | ||||||||
Within one year | 2,164 | 2,164 | ||||||
Within two to five years | 1,623 | 3,787 | ||||||
11. CONTROLLING PARTY | ||||||||
The ultimate controlling party is Meridian Electrical Holdings Limited, a company whose registered office is 47a Commercial Road, Ashley Cross, Poole, Dorset. | ||||||||