Company Registration No. 08881330 (England and Wales)
MEE Glazed Products Limited
Unaudited accounts
for the period from 1 March 2023 to 28 February 2024
MEE Glazed Products Limited
Unaudited accounts
Contents
MEE Glazed Products Limited
Company Information
for the period from 1 March 2023 to 28 February 2024
Directors
Philip Anthony Ellis
Keith Leslie Mcintyre
Company Number
08881330 (England and Wales)
Registered Office
Unit 17 Lamby Way Workshops
Lamby Way, Rumney
Cardiff
CF3 2EQ
Accountants
Insight Accountancy
Unit 16, Lamby Way Workshops
Lamby Way
Cardiff
CF3 2EQ
MEE Glazed Products Limited
Statement of financial position
as at 28 February 2024
Tangible assets
8,712
11,856
Cash at bank and in hand
4,436
(8,440)
Creditors: amounts falling due within one year
(59,617)
(54,742)
Net current liabilities
(51,659)
(59,587)
Total assets less current liabilities
(42,947)
(47,731)
Creditors: amounts falling due after more than one year
(12,879)
(24,721)
Net liabilities
(55,826)
(72,452)
Called up share capital
2
2
Profit and loss account
(55,828)
(72,454)
Shareholders' funds
(55,826)
(72,452)
For the period ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by
Philip Anthony Ellis
Director
Company Registration No. 08881330
MEE Glazed Products Limited
Notes to the Accounts
for the period from 1 March 2023 to 28 February 2024
MEE Glazed Products Limited is a private company, limited by shares, registered in England and Wales, registration number 08881330. The registered office is Unit 17 Lamby Way Workshops, Lamby Way, Rumney, Cardiff, CF3 2EQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The tax expense for the period comprised current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight Line
Motor vehicles
25% Reducing Balance
Computer equipment
25% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
MEE Glazed Products Limited
Notes to the Accounts
for the period from 1 March 2023 to 28 February 2024
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Ordinary shares are classified as equity. Equity instruments are measured at fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2023
2,221
28,045
957
31,223
At 28 February 2024
2,221
28,045
957
31,223
At 1 March 2023
2,221
16,429
717
19,367
Charge for the period
-
2,904
240
3,144
At 28 February 2024
2,221
19,333
957
22,511
At 28 February 2024
-
8,712
-
8,712
At 28 February 2023
-
11,616
240
11,856
Amounts falling due within one year
MEE Glazed Products Limited
Notes to the Accounts
for the period from 1 March 2023 to 28 February 2024
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
1,842
1,842
Trade creditors
30,972
27,818
Taxes and social security
14,708
16,828
Loans from directors
1,679
(3,226)
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
379
2,221
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Keith McIntyre
(6,804)
(50,107)
(38,779)
(18,132)
(6,804)
(50,107)
(38,779)
(18,132)
An interest-free loan had been provided by the company to the directors, repayable within 9 months.
9
Transactions with related parties
The directors have provided the company with an interest-free loan, which is repayable on demand. At the balance sheet date the amount due to the directors was £1679 (2023 - £3,226).
10
Average number of employees
During the period the average number of employees was 4 (2023: 5).