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REGISTERED NUMBER: 12942201 (England and Wales)















Report of the directors and

Unaudited financial statements for the year ended 31 October 2024

For

Meritel Holding Limited

Meritel Holding Limited (Registered number: 12942201)






Contents of the financial statements
for the year ended 31 October 2024




Page

Company information 1

Report of the directors 2

Income statement 4

Balance sheet 5

Statement of changes in equity 6

Notes to the financial statements 7


Meritel Holding Limited

Company information
for the year ended 31 October 2024







Directors: Ms A E L Dury Ep. Ramirez
A S Mazzotta





Secretary: Vistra Cosec Limited





Registered office: Suite 1, 7th Floor
50 Broadway
London
United Kingdom
SW1H 0BL





Registered number: 12942201 (England and Wales)





Accountants: Equiom (Scotland)
15a Harbour Road
Inverness
INVERNESS-SHIRE
IV1 1SY

Meritel Holding Limited (Registered number: 12942201)

Report of the directors
for the year ended 31 October 2024

The directors present their report and financial statements for the year ended 31 October 2024. The principal activity of Meritel Holding Limited is that of a corporate holding company.

Results and dividends
2024 2023

profit for the financial year 1,211,142 1,241,437
Dividends paid (258,000 ) (1,400,000 )
Amounts carried to reserves 947,061 (158,563 )

The directors propose a final dividend of €258,000 for the year ended 31 October 2024.

Directors
Directors

The directors who served during the year and to date are:

Audrey Ramirez
Antonio Mazzotta

Secretary

The secretary who served during the year and to date are:

Vistra Cosec Limited

Statement of directors' responsibilities
The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.


Meritel Holding Limited (Registered number: 12942201)

Report of the directors
for the year ended 31 October 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:





A S Mazzotta - Director


14 March 2025

Meritel Holding Limited (Registered number: 12942201)

Income statement
for the year ended 31 October 2024

2024 2023
€    €   

Turnover 1,133,815 1,150,285

Operational expenses (24,730 ) (18,908 )
1,109,085 1,131,377

Foreign exchange movement (53,913 ) 23,692
Operating profit 1,055,172 1,155,069

Interest receivable and similar income 173,638 97,243
Profit before taxation 1,228,810 1,252,312

Tax on profit (17,668 ) (10,875 )
Profit for the financial year 1,211,142 1,241,437

Meritel Holding Limited (Registered number: 12942201)

Balance sheet
31 October 2024

2024 2023
Notes €    €   
Fixed assets
Investments 5 1,000,000 1,000,000

Current assets
Debtors 6 762,524 1,215,169
Cash in hand 5,610,062 3,579,798
6,372,586 4,794,967
Creditors
Amounts falling due within one year 7 (4,646,682 ) (4,022,205 )
Net current assets 1,725,904 772,762
Total assets less current liabilities 2,725,904 1,772,762

Capital and reserves
Called up share capital 8 55,241 55,241
Retained earnings 2,670,663 1,717,521
2,725,904 1,772,762

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2025 and were signed on its behalf by:



Ms A E L Dury Ep. Ramirez - Director



A S Mazzotta - Director


Meritel Holding Limited (Registered number: 12942201)

Statement of changes in equity
for the year ended 31 October 2024

Called up
share Retained Total
capital earnings equity
€    €    €   
Balance at 1 November 2022 55,241 1,876,084 1,931,325

Changes in equity
Dividends - (1,400,000 ) (1,400,000 )
Total comprehensive income - 1,241,437 1,241,437
Balance at 31 October 2023 55,241 1,717,521 1,772,762

Changes in equity
Dividends - (258,000 ) (258,000 )
Total comprehensive income - 1,211,142 1,211,142
Balance at 31 October 2024 55,241 2,670,663 2,725,904

Meritel Holding Limited (Registered number: 12942201)

Notes to the financial statements
for the year ended 31 October 2024

1. Statutory information

The principal activity of Meritel Holding Limited is that of a corporate holding company.

The company is a private company limited by shares and incorporated in the UK. Its registered office is Suite 1, 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0BL. The company’s registered number is 12942201.

The financial statements are presented in Euro, which is the functional currency of the company.

The company has no employees.

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. The individual financial statements of Meritel Holding Limited have been prepared in compliance with the UK Accounting Standards, including Financial Reporting Standard 102 Section 1A - Small Entities, "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS Section 1A - Small Entities") and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit and loss.

Interest income

Interest income is accounted for on a receivable basis.

Expenses

Expenses are recognised on an accruals basis.

Foreign currency

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

Taxation

The Company is subject to UK corporation tax at a rate of 25% on any income or gains arising in the UK.

Investments

Meritel Holding Limited (Registered number: 12942201)

Notes to the financial statements - continued
for the year ended 31 October 2024

Unquoted investments

Unquoted investments are stated at cost. Any surplus or deficit arising on the disposal of investments is transferred to the statement of comprehensive income.

4. Employees and directors

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

5. Fixed asset investments

2024 2023

Brought forward and carried forward 1,000,000 1,000,000

Analysed as:
EnvolAfrique LLC 1,000,000 1,000,000

EnvolAfrique LLC
The company owns 10% of the equity share capital of EnvolAfrique LLC.

6. Debtors: amounts falling due within one year

20242023

Funds receivable from EnvolAfrique LLC662,9831,181,393
Accrued interest 99,49633,776
45-
762,5241,215,169

The funds receivable from EnvolAfrique LLC relate to a profit allocation not yet received.

7. Creditors: amounts falling due within one year

20242023

Trade creditors7,667-
Loan payable - S Pirbay (i)2,943,0182,334,408
Loan payable - J Pirbay (i) 1,672,7741,672,774
Taxation Creditor17,66810,874
Other creditors and accruals 5,5554,149
4,646,6824,022,205

(i) The shareholder loans payable are unsecured, interest free and repayable on demand.

Meritel Holding Limited (Registered number: 12942201)

Notes to the financial statements - continued
for the year ended 31 October 2024

8. Called up share capital

2024 2023

50,000 Ordinary shares of £1 each
Allotted, called up and fully paid

At 1 November & 31 October 55,241 55,241

9. Related party transactions and ultimate controlling party

The company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned.