REGISTERED NUMBER: |
Report of the directors and |
Unaudited financial statements for the year ended 31 October 2024 |
For |
Meritel Holding Limited |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
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: |
Meritel Holding Limited (Registered number: 12942201) |
Income statement |
for the year ended 31 October 2024 |
2024 | 2023 |
€ | € |
Turnover |
Operational expenses | ( |
) | ( |
) |
1,109,085 | 1,131,377 |
Foreign exchange movement | ( |
) |
Operating profit |
Interest receivable and similar income |
Profit before taxation |
Tax on profit | ( |
) | ( |
) |
Profit for the financial year |
Meritel Holding Limited (Registered number: 12942201) |
Balance sheet |
31 October 2024 |
2024 | 2023 |
Notes | € | € |
Fixed assets |
Investments | 5 |
Current assets |
Debtors | 6 |
Cash in hand |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 |
Retained earnings |
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 were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2024 |
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 |
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 |
2024 | 2023 |
€ | € |
Funds receivable from EnvolAfrique LLC | 662,983 | 1,181,393 |
Accrued interest | 99,496 | 33,776 |
45 | - |
762,524 | 1,215,169 |
The funds receivable from EnvolAfrique LLC relate to a profit allocation not yet received. |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
€ | € |
Trade creditors | 7,667 | - |
Loan payable - S Pirbay (i) | 2,943,018 | 2,334,408 |
Loan payable - J Pirbay (i) | 1,672,774 | 1,672,774 |
Taxation Creditor | 17,668 | 10,874 |
Other creditors and accruals | 5,555 | 4,149 |
4,646,682 | 4,022,205 |
(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. |