Registration number:
Meah Holdings Limited
for the Year Ended 29 February 2024
Meah Holdings Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account and Statement of Retained Earnings |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Meah Holdings Limited
Company Information
Director |
Mr James Meah |
Registered office |
|
Auditors |
|
Meah Holdings Limited
Strategic Report for the Year Ended 29 February 2024
The director presents his strategic report for the year ended 29 February 2024.
Principal activity
The principal activity of the company is is that of a holding company with the principal activity of the groups main subsidiary being the manufacture, supply and installation of UPVC windows and doors.
Fair review of the business
Meah Holdings Ltd is the holding Company for Burbage Custom Windows Limited.
The Company received dividends, management charges and rental income during the period and paid out dividends to shareholders.
The company's key financial and other performance indicators during the year were as follows:
As a holding Company there are no financial or non-financial performance indicators.
Principal risks and uncertainties
Risk is regularly reviewed and monitored by the Directors as they consider effective risk management is key to the future success of the Company.
As a holding Company there has been no negative impact by the current economic climate.
On review of the Company’s budget and forecasts, the Directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial information.
Approved and authorised by the
......................................... |
Meah Holdings Limited
Director's Report for the Year Ended 29 February 2024
The director presents his report and the financial statements for the year ended 29 February 2024.
Director of the company
The directors who held office during the year were as follows:
Dividends
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Approved and authorised by the
......................................... |
Meah Holdings Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Meah Holdings Limited
Independent Auditor's Report to the Members of Meah Holdings Limited
We have audited the financial statements of Meah Holdings Limited (the 'company') for the year ended 29 February 2024 which comprise the profit and loss account and statement of retained earnings, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Meah Holdings Limited
Independent Auditor's Report to the Members of Meah Holdings Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
Meah Holdings Limited
Independent Auditor's Report to the Members of Meah Holdings Limited
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
|
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
St. David's Court
Union Street
WV1 3JE
Meah Holdings Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 29 February 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Other operating income |
|
|
|
Employee benefits expense |
( |
( |
|
Depreciation and amortisation expense |
( |
( |
|
Other expenses |
( |
( |
|
Other (losses)/gains |
( |
|
|
Operating profit |
|
|
|
Income from shares in group undertakings |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
- |
|
1,508,306 |
1,605,031 |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the year |
|
|
|
Retained earnings brought forward |
3,363,041 |
2,984,018 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
3,544,572 |
3,363,041 |
Meah Holdings Limited
(Registration number: 07201736)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
- |
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
3,544,572 |
3,363,041 |
|
Shareholders' funds |
3,544,672 |
3,363,141 |
Approved and authorised by the
......................................... |
Meah Holdings Limited
Statement of Changes in Equity for the Year Ended 29 February 2024
Share capital |
Retained earnings |
Total |
|
At 1 March 2023 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 29 February 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 September 2021 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 28 February 2023 |
100 |
3,363,041 |
3,363,141 |
Meah Holdings Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
This company is a qualifying entity for the purposes of FRS102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit and loss of the group.
The company has therefore taken advantage of exemptions from the following disclosure requirements:
• Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
• Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A:
• Section 33 'Related Party Disclosures': Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of its ultimate parent JM Properties & Investments Ltd. These consolidated financial statements are available from The Registrar of Companies, Cardiff.
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Presentation currency and level of rounding
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Meah Holdings Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Revenue recognition
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 sales/value added tax, returns, rebates and discounts.
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.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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 assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Land & buildings |
50 years straight line |
Investment property
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on 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.
Meah Holdings Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the 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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Meah Holdings Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Rental income from investment property |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Management fees receivable |
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2024 |
2023 |
|
(Loss)/gain from sales of investment properties |
( |
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest expense on other finance liabilities |
|
- |
Meah Holdings Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
- |
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
69,616 |
86,050 |
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Meah Holdings Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
- |
|
Deferred tax expense/(credit) from unrecognised tax loss or credit |
|
( |
Tax increase from effect of capital allowances and depreciation |
|
- |
Tax decrease from effect of dividends from UK companies |
( |
( |
Total tax charge |
|
|
Tangible assets |
Land and buildings |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 March 2023 |
|
|
|
At 29 February 2024 |
|
|
|
Depreciation |
|||
At 1 March 2023 |
|
|
|
Charge for the year |
|
|
|
At 29 February 2024 |
|
|
|
Carrying amount |
|||
At 29 February 2024 |
|
|
|
At 28 February 2023 |
|
|
|
Included within the net book value of land and buildings above is £466,773 (2023 - £478,295) in respect of freehold land and buildings.
Investment properties |
2024 |
|
At 1 March |
|
Disposals |
( |
Fair value adjustments |
( |
At 29 February |
- |
Meah Holdings Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
There has been no valuation of investment property by an independent valuer.
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 March 2023 |
|
Provision |
|
Carrying amount |
|
At 29 February 2024 |
|
At 28 February 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
Unit J
England |
|
|
|
Subsidiary undertakings |
Burbage Custom Windows Limited The principal activity of Burbage Custom Windows Limited is |
Meah Holdings Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
- |
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
- |
|
|
Accruals |
|
|
|
Income tax liability |
17,162 |
77,963 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Meah Holdings Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Dividends |
Final dividends paid
2024 |
2023 |
|||
Final dividend of £ |
|
|
||
Final dividend of £ |
|
|
||
Final dividend of £ |
|
|
||
Final dividend of £ |
|
|
||
Final dividend of £ |
|
|
||
|
|
Related party transactions |
Meah Holdings Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Transactions with the director |
2024 |
At 1 March 2023 |
Advances to director |
Repayments by director |
At 29 February 2024 |
Mr James Meah |
||||
Loan to director 2 |
( |
|
( |
|
Loan to director 1 |
|
|
( |
|
103,574 |
1,060,960 |
(700,000) |
464,534 |
2023 |
At 1 September 2021 |
Advances to director |
Repayments by director |
At 28 February 2023 |
Mr James Meah |
||||
Loan to director 2 |
- |
|
( |
- |
Loan to director 1 |
|
|
( |
|
102,416 |
588,444 |
(584,202) |
106,658 |
|
Meah Holdings Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Summary of transactions with other related parties
(common director and shareholder)
Transfer/payments from JM Properties & Investments Ltd £908,199 (2023 : £874,500).
At the balance sheet date the amount due from JM Properties & Investments Ltd was £4,654,903.71 (2023 : £2,109,103).
These amounts are interest free, unsecured, and repayable on demand.
Ultimate controlling party
The ultimate controlling party is Mr James John Meah by virtue of his controlling shareholding in the ultimate
parent undertaking, JM Properties & Investments Ltd, registered in England & Wales. The smallest and largest
group financial statements which include the results of the company is that headed JM Properties & Investments
Ltd, whose accounts are publicly available and can be obtained from the following address: Unit J, Maple Park, Hinckley, Leicestershire, LE10 3BE.