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Registered number: 01157832
David Paradine (MEP) Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01157832
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 595,325 501,851
595,325 501,851
CURRENT ASSETS
Stocks 546,010 231,195
Debtors 5 3,447,111 2,887,370
Cash at bank and in hand 2,689,685 1,891,747
6,682,806 5,010,312
Creditors: Amounts Falling Due Within One Year 6 (1,943,238 ) (1,185,813 )
NET CURRENT ASSETS (LIABILITIES) 4,739,568 3,824,499
TOTAL ASSETS LESS CURRENT LIABILITIES 5,334,893 4,326,350
PROVISIONS FOR LIABILITIES
Deferred Taxation (53,099 ) (55,201 )
NET ASSETS 5,281,794 4,271,149
CAPITAL AND RESERVES
Called up share capital 7 6,100 6,100
Revaluation reserve 9 190,734 190,734
Profit and Loss Account 5,084,960 4,074,315
SHAREHOLDERS' FUNDS 5,281,794 4,271,149
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For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J F Paradine
Director
6 March 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
David Paradine (MEP) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01157832 . The registered office is 55 High Street, Cheslyn Hay, Walsall, WS6 7AD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Freehold land & buildings with an original cost of £61,016 were revalued by the directors, this valuation was confirmed by Boot & Son, am independant firm of chartered surveyors on 26th March, 2024 using an open market, exisiting use basis, and this revalued amount has been incorporated in the accounts.
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation has been charged
Plant & Machinery 25% per annum, reducing balance basis
Motor Vehicles 25% per annum, reducing balance basis
Fixtures & Fittings 3 years straight line basis
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 
2.6. Taxation
Taxation represents the sum of tax currently payable and deferred tax.  The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all 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.  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 of £59,746 has not been provided on the revaluation of land and buildings, as there is no intention to sell the preoperty in the foreseeable future.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.8. Research and Development
The company has undertaken research and development on projects during the year. These projects have been assessed as involving activities which seek to achieve an advance in a field of science or technology, and the projects require the company to resolve technological uncertainties in their undertaking. The assessment requires a review of the company's projects undertaken in a year by the company's key technological personnel to identify qualifying projects, and assessments are then made regarding the costs associated with these projects. Relevant qualifying costs are extracted from the company's internal costing systems and from relevant financial statements.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 41 (2023: 38)
41 38
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost or Valuation
As at 1 October 2023 250,000 25,144 344,214 83,014 702,372
Additions - 1,358 136,174 17,262 154,794
Disposals - - (9,725 ) (6,263 ) (15,988 )
Revaluation 50,000 - - - 50,000
As at 30 September 2024 300,000 26,502 470,663 94,013 891,178
Depreciation
As at 1 October 2023 - 19,481 114,350 66,690 200,521
Provided during the period - 1,763 86,479 14,892 103,134
Disposals - - (1,539 ) (6,263 ) (7,802 )
As at 30 September 2024 - 21,244 199,290 75,319 295,853
Net Book Value
As at 30 September 2024 300,000 5,258 271,373 18,694 595,325
As at 1 October 2023 250,000 5,663 229,864 16,324 501,851
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,733,838 2,098,038
Other debtors 713,273 789,332
3,447,111 2,887,370
Included in other debtors is an amount of £333,082 due in respect of a claim for research and development. It is not a guaranteed income as HMRC have the right to enquire into the claim.
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,681,781 896,563
Other creditors 190,267 246,677
Taxation and social security 71,190 42,573
1,943,238 1,185,813
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 6,100 6,100
8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 1,153 4,820
Later than one year and not later than five years 7,813 17,345
8,966 22,165
9. Reserves
Revaluation Reserve
£
As at 1 October 2023 190,734
As at 30 September 2024 190,734
10. Change of Company Name
On 10th February, 2022 the company changed it's name from David Paradine (Electrical) Limited to David Paradine (MEP) Limited as this was considered to be more reflective of the company's activities.
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