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REGISTERED NUMBER: 03224622 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Meritec Limited

Meritec Limited (Registered number: 03224622)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 5

Chartered Accountants' Report 9

Meritec Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: S P Wilkinson
Mrs S Wilkinson
D A Gardner
A Wilkinson





SECRETARY: S P Wilkinson





REGISTERED OFFICE: Suite 223
Northlight House
Pendle Road, Brierfield
Nelson
Lancashire
BB9 5FL





REGISTERED NUMBER: 03224622 (England and Wales)





ACCOUNTANTS: Stirk Lambert & Co
Chartered Accountants
Russell Chambers
61a North Street
Keighley
BD21 3DS

Meritec Limited (Registered number: 03224622)

Statement of Financial Position
31 May 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Intangible assets 5 125,000 -
Tangible assets 6 18,257 24,113
Investments 7 600 600
143,857 24,713

CURRENT ASSETS
Stocks 117,986 105,473
Debtors 8 1,020,386 788,216
Cash at bank and in hand 441,002 560,678
1,579,374 1,454,367
CREDITORS
Amounts falling due within one year 9 (1,458,399 ) (1,218,839 )
NET CURRENT ASSETS 120,975 235,528
TOTAL ASSETS LESS CURRENT
LIABILITIES

264,832

260,241

CREDITORS
Amounts falling due after more than one
year

10

(50,000

)

(50,000

)

PROVISIONS FOR LIABILITIES - (1,039 )
NET ASSETS 214,832 209,202

CAPITAL AND RESERVES
Called up share capital 100,001 100,001
Share premium 59,394 59,394
Retained earnings 55,437 49,807
SHAREHOLDERS' FUNDS 214,832 209,202

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Meritec Limited (Registered number: 03224622)

Statement of Financial Position - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

Meritec Limited (Registered number: 03224622)

Statement of Financial Position - continued
31 May 2024



The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





S P Wilkinson - Director


Meritec Limited (Registered number: 03224622)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Meritec Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amounts received or receivable for goods and services provided to customers, excluding VAT.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on reducing balance
Plant and machinery - 33% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Meritec Limited (Registered number: 03224622)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Development costs that are incurred in the design and testing of software products controlled by the company are recognised as intangible assets providing the following criteria are met:
-It is technically feasible to complete development of the software product so that it is available for use
-The company intends to use or sell the software product
-The company is able to use or sell the software product
-The software is expected to generate probable future economic benefits
-Adequate technical, financial and other resources are available to complete development and use or sell the software product
-The development costs directly attributable to the software product can be reliably measured

Development costs that do not meet this criteria are recognised as an expense in the period incurred.

Research costs are recognised as an expense in the period incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Consolidated accounts
Consolidated accounts incorporating the accounts of Meritec Limited, its parent and its subsidiary have not been prepared as the company is subject to the small companies regime under the Companies Act 2006 and there is not therefore a requirement to prepare group accounts. Consequently these accounts are about the company as an individual company and not about its group.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 (2023 - 57 ) .

Meritec Limited (Registered number: 03224622)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 125,000
At 31 May 2024 125,000
NET BOOK VALUE
At 31 May 2024 125,000

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 8,149 3,368 37,862 63,969 113,348
Additions - 2,299 265 3,184 5,748
Disposals - (583 ) - - (583 )
At 31 May 2024 8,149 5,084 38,127 67,153 118,513
DEPRECIATION
At 1 June 2023 5,553 3,336 36,966 43,380 89,235
Charge for year 389 370 643 9,747 11,149
Eliminated on disposal - (128 ) - - (128 )
At 31 May 2024 5,942 3,578 37,609 53,127 100,256
NET BOOK VALUE
At 31 May 2024 2,207 1,506 518 14,026 18,257
At 31 May 2023 2,596 32 896 20,589 24,113

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 600
NET BOOK VALUE
At 31 May 2024 600
At 31 May 2023 600

Meritec Limited (Registered number: 03224622)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 444,616 331,150
Amounts owed by group undertakings 438,896 309,262
Other debtors 11,893 11,858
Tax - 11,911
Accrued income 69,746 69,746
Prepayments 55,235 54,289
1,020,386 788,216

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 34,063 76,180
Social security and other taxes 207,786 172,952
Other creditors 14,252 11,072
Deferred income 1,094,240 862,835
Accrued expenses 108,058 95,800
1,458,399 1,218,839

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Directors' loan accounts 50,000 50,000

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.24 31.5.23
£    £   
Within one year 31,050 25,875

12. CONTROLLING PARTY

The immediate parent company is Meritec Holdings Limited, whose registered address is Meritec House, Acorn Business Park, Skipton, North Yorkshire, BD23 2UE.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Meritec Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Meritec Limited for the year ended 31 May 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Meritec Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Meritec Limited and state those matters that we have agreed to state to the Board of Directors of Meritec Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Meritec Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Meritec Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Meritec Limited. You consider that Meritec Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Meritec Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Stirk Lambert & Co
Chartered Accountants
Russell Chambers
61a North Street
Keighley
BD21 3DS


27 January 2025