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REGISTERED NUMBER: 03306938 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

R.M. MYERS & CO LIMITED

R.M. MYERS & CO LIMITED (REGISTERED NUMBER: 03306938)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R.M. MYERS & CO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: K G Myers
P Myers
S Myers





SECRETARY: K G Myers





REGISTERED OFFICE: Unit A
Rennys Lane
Durham
DH1 2RB





REGISTERED NUMBER: 03306938 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

R.M. MYERS & CO LIMITED (REGISTERED NUMBER: 03306938)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 239,965 118,670

CURRENT ASSETS
Stocks 46,250 34,350
Debtors 5 328,895 356,882
Cash at bank and in hand 483,718 618,545
858,863 1,009,777
CREDITORS
Amounts falling due within one year 6 486,815 685,253
NET CURRENT ASSETS 372,048 324,524
TOTAL ASSETS LESS CURRENT
LIABILITIES

612,013

443,194

CREDITORS
Amounts falling due after more than one
year

7

(40,343

)

(42,383

)

PROVISIONS FOR LIABILITIES (34,097 ) (29,418 )
NET ASSETS 537,573 371,393

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 50 50
Retained earnings 537,473 371,293
SHAREHOLDERS' FUNDS 537,573 371,393

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

R.M. MYERS & CO LIMITED (REGISTERED NUMBER: 03306938)

BALANCE SHEET - continued
30 SEPTEMBER 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 Income Statement has not been delivered.

The financial statements were authorised for issue and approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:




P Myers - Director



S Myers - Director


R.M. MYERS & CO LIMITED (REGISTERED NUMBER: 03306938)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

R.M. Myers & Co 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is generated from the principal activity of the company which is that of the installation and maintenance of process pipework. Income from this activity is recognised in the income statement as contracts progress towards completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost and 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

R.M. MYERS & CO LIMITED (REGISTERED NUMBER: 03306938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, other loans, and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

R.M. MYERS & CO LIMITED (REGISTERED NUMBER: 03306938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern
The directors have considered the expected future financial performance of the company and assessed its ability to meet its ongoing commitments for a period in excess of 12 months from the expected date of approval of this report. They consider that the company will have sufficient resources to enable it to continue and for that reason have adopted the going concern principle of accounting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 245,361
Additions 163,808
At 30 September 2024 409,169
DEPRECIATION
At 1 October 2023 126,691
Charge for year 42,513
At 30 September 2024 169,204
NET BOOK VALUE
At 30 September 2024 239,965
At 30 September 2023 118,670

R.M. MYERS & CO LIMITED (REGISTERED NUMBER: 03306938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 October 2023 114,037
Additions 125,313
Transfer to ownership (36,941 )
At 30 September 2024 202,409
DEPRECIATION
At 1 October 2023 20,213
Charge for year 29,051
Transfer to ownership (15,269 )
At 30 September 2024 33,995
NET BOOK VALUE
At 30 September 2024 168,414
At 30 September 2023 93,824

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 311,619 305,566
Other debtors 17,276 51,316
328,895 356,882

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 61,337 22,255
Trade creditors 200,438 436,775
Taxation and social security 125,788 121,129
Other creditors 89,252 95,094
486,815 685,253

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 6,667 16,667
Hire purchase contracts (see note 8) 33,676 25,716
40,343 42,383

R.M. MYERS & CO LIMITED (REGISTERED NUMBER: 03306938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 61,337 22,255
Between one and five years 33,676 25,716
95,013 47,971

Non-cancellable operating leases
2024 2023
£    £   
Within one year 4,623 6,708
Between one and five years - 4,623
4,623 11,331

9. RELATED PARTY DISCLOSURES

During the year the directors maintained interest free loans to the company. The balances at the year end date totalled £15,489 (2023:- £21,917).

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number

Class


Nominal value:

2023


2022
£ £
48 Ordinary A shares £1.00 48 48
2 Ordinary B shares £1.00 2 2
50 50