Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Kelly Parker 27/11/2018 Paul Parker 16/01/2019 29 November 2024 The principal activity of the company is the provision of storage space. 11697868 2024-02-29 11697868 bus:Director1 2024-02-29 11697868 bus:Director2 2024-02-29 11697868 2023-02-28 11697868 core:CurrentFinancialInstruments 2024-02-29 11697868 core:CurrentFinancialInstruments 2023-02-28 11697868 core:ShareCapital 2024-02-29 11697868 core:ShareCapital 2023-02-28 11697868 core:RetainedEarningsAccumulatedLosses 2024-02-29 11697868 core:RetainedEarningsAccumulatedLosses 2023-02-28 11697868 core:PlantMachinery 2023-02-28 11697868 core:FurnitureFittings 2023-02-28 11697868 core:PlantMachinery 2024-02-29 11697868 core:FurnitureFittings 2024-02-29 11697868 bus:OrdinaryShareClass1 2024-02-29 11697868 2023-03-01 2024-02-29 11697868 bus:FilletedAccounts 2023-03-01 2024-02-29 11697868 bus:SmallEntities 2023-03-01 2024-02-29 11697868 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 11697868 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11697868 bus:Director1 2023-03-01 2024-02-29 11697868 bus:Director2 2023-03-01 2024-02-29 11697868 core:PlantMachinery core:TopRangeValue 2023-03-01 2024-02-29 11697868 core:FurnitureFittings core:TopRangeValue 2023-03-01 2024-02-29 11697868 2022-03-01 2023-02-28 11697868 core:PlantMachinery 2023-03-01 2024-02-29 11697868 core:FurnitureFittings 2023-03-01 2024-02-29 11697868 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 11697868 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11697868 (England and Wales)

MEAD UNITS LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

MEAD UNITS LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

MEAD UNITS LIMITED

BALANCE SHEET

As at 29 February 2024
MEAD UNITS LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 29.02.2024 28.02.2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 55,559 53,220
55,559 53,220
Current assets
Debtors 5 243,344 220,697
243,344 220,697
Creditors: amounts falling due within one year 6 ( 17,773) ( 51,298)
Net current assets 225,571 169,399
Total assets less current liabilities 281,130 222,619
Provision for liabilities ( 10,600) ( 9,337)
Net assets 270,530 213,282
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 270,430 213,182
Total shareholder's funds 270,530 213,282

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Mead Units Limited (registered number: 11697868) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

Paul Parker
Director
MEAD UNITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
MEAD UNITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mead Units Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom. The principal place of business is Mead, Alston Cross, Ashburton, Devon, TQ13 7LJ.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

[Disclose the nature of the prior period adjustment, and (if practicable);
(i) for each prior period presented, the amount of the correction for each financial statement line item affected; and
(ii) the amount of the correction at the beginning of the earliest prior period presented; or an explanation if it is not practicable to disclose these amounts for (i) and (ii).]

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 10 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

The company holds the following financial instruments:
• Short term trade and other debtors and creditors;and
• Cash and bank balances.
All financial instruments are classified as basic.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 28 February 2023 £ £ £
Debtors 3,737 216,960 220,697
Cash at bank 256,210 (256,210) 0
Creditors (90,548) 39,250 (51,298)

3. Employees

29.02.2024 28.02.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 March 2023 65,609 2,699 68,308
Additions 5,964 0 5,964
At 29 February 2024 71,573 2,699 74,272
Accumulated depreciation
At 01 March 2023 13,941 1,147 15,088
Charge for the financial year 3,355 270 3,625
At 29 February 2024 17,296 1,417 18,713
Net book value
At 29 February 2024 54,277 1,282 55,559
At 28 February 2023 51,668 1,552 53,220

5. Debtors

29.02.2024 28.02.2023
£ £
Trade debtors 0 1,070
Amounts owed by directors 2,701 1,993
Other debtors 240,643 217,634
243,344 220,697

6. Creditors: amounts falling due within one year

29.02.2024 28.02.2023
£ £
Accruals and deferred income 3,430 1,330
Taxation and social security 14,343 49,968
17,773 51,298

7. Called-up share capital

29.02.2024 28.02.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's directors

29.02.2024 28.02.2023
£ £
Interest free loan repayable on demand 2,701 1,993

During the year advances totalling £2,701 (2023: £1,993) were paid to a director.

Other related party transactions

29.02.2024 28.02.2023
£ £
Mead Storage Limited 240,643 217,634

Mead Units Limited has lent funds to Mead Storage Limited as shown above and in note 5. These companies have a mutual director and the shareholders are relatives