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Registration number: NI612170

David Meade Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

David Meade Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

David Meade Limited

(Registration number: NI612170)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

8,709

10,968

Tangible assets

5

125,610

64,075

 

134,319

75,043

Current assets

 

Debtors

6

108,271

110,184

Cash at bank and in hand

 

41,361

441,237

 

149,632

551,421

Creditors: Amounts falling due within one year

7

(252,448)

(626,364)

Net current liabilities

 

(102,816)

(74,943)

Total assets less current liabilities

 

31,503

100

Provisions for liabilities

(31,403)

-

Net assets

 

100

100

Capital and reserves

 

Called up share capital

8

100

100

Shareholders' funds

 

100

100

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 January 2025
 

 

David Meade Limited

(Registration number: NI612170)
Balance Sheet as at 30 April 2024

.........................................
David Meade
Director

 

David Meade Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Units 2 & 3
18 High Street
Holywood
Down
BT18 9AD
Northern Ireland

These financial statements were authorised for issue by the director on 13 January 2025.

The presentation currency is £ Sterling.
The level of rounding is to the nearest £.

The company number is NI612170.

2

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.

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.

Foreign currency transactions and balances

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

 

David Meade Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

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

Computer equipment

25% reducing balance

Office equipment

20% straight line

Motor vehicles

20% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

David Meade Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Asset class

Amortisation method and rate

Website

20% Straight Line

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.

 

David Meade Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Debtors

Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 7).

 

David Meade Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

231,294

231,294

At 30 April 2024

231,294

231,294

Amortisation

At 1 May 2023

220,326

220,326

Amortisation charge

2,259

2,259

At 30 April 2024

222,585

222,585

Carrying amount

At 30 April 2024

8,709

8,709

At 30 April 2023

10,968

10,968

5

Tangible assets

Computer equipment
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

91,661

17,959

-

109,620

Additions

983

15,476

73,996

90,455

At 30 April 2024

92,644

33,435

73,996

200,075

Depreciation

At 1 May 2023

42,586

2,958

-

45,544

Charge for the year

12,114

4,474

12,333

28,921

At 30 April 2024

54,700

7,432

12,333

74,465

Carrying amount

At 30 April 2024

37,944

26,003

61,663

125,610

At 30 April 2023

49,074

15,001

-

64,075

 

David Meade Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

90,804

110,184

Prepayments

17,467

-

 

108,271

110,184

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

4,428

5,722

Amounts owed to group undertakings and undertakings in which the company has a participating interest

169,950

502,749

Taxation and social security

 

73,661

9,617

Other creditors

 

4,409

108,276

 

252,448

626,364

 

David Meade Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

51

51

51

51

Ordinary B shares of £1 each

49

49

49

49

 

100

100

100

100

9

Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is Brilliance Group Limited. Brilliance Group Limited was incorporated in Northern Ireland. The ultimate controlling party is David Meade, being the majority shareholder of Brilliance Group Limited.
 

Summary of transactions with all subsidiaries

The company has availed of the exemptions under FRS102 in relation to the disclosures of transactions with group companies.