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REGISTRAR OF COMPANIES

Registration number: 04752009

Meldrum Limited

Unaudited Financial Statements

28 February 2025

image-name

 

Meldrum Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

3

 

Meldrum Limited

(Registration number: 04752009)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

317,243

273,957

Current assets

 

Debtors

5

1,055,226

719,673

Cash at bank and in hand

 

151,732

141,487

 

1,206,958

861,160

Creditors: Amounts falling due within one year

6

(955,041)

(579,314)

Net current assets

 

251,917

281,846

Total assets less current liabilities

 

569,160

555,803

Creditors: Amounts falling due after more than one year

6

(264,940)

(211,748)

Provisions for liabilities

-

(1,070)

Net assets

 

304,220

342,985

Capital and reserves

 

Allotted, called up and fully paid share capital

2,262

2,262

Profit and loss account

301,958

340,723

Total equity

 

304,220

342,985

 

Meldrum Limited

(Registration number: 04752009)
Balance Sheet as at 28 February 2025 (continued)

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 April 2025 and signed on its behalf by:
 

.........................................

S Holliday

Director

.........................................

M L Hand

Company secretary and director

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 14 Currock Trade Centre
Currock Road
CARLISLE
CA2 5AD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pounds sterling (£) because that is that currency of the primary economic environment in which the company operates. The financial statements are presented in sterling (£).

Reclassification of comparative amounts

Productive management salary costs totalling £278,129 have been reclassified from administrative expenses to cost of sales to better reflect the nature of expenditure.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

6 years straight line basis

Plant and equipment

4 - 10 years straight line basis

Motor vehicles

4 years straight line basis

Furniture, fittings and office equipment

1 - 5 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 57 (2024 - 45).

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

4

Tangible assets

Improvements to property
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 March 2024

36,800

6,151

397,091

88,033

528,075

Additions

-

-

181,171

2,503

183,674

Disposals

-

-

(43,529)

-

(43,529)

At 28 February 2025

36,800

6,151

534,733

90,536

668,220

Depreciation

At 1 March 2024

35,962

6,151

127,389

84,616

254,118

Charge for the year

142

-

111,182

2,765

114,089

Eliminated on disposal

-

-

(17,230)

-

(17,230)

At 28 February 2025

36,104

6,151

221,341

87,381

350,977

Carrying amount

At 28 February 2025

696

-

313,392

3,155

317,243

At 29 February 2024

838

-

269,702

3,417

273,957

5

Debtors

2025
£

2024
£

Trade debtors

215,941

660,306

Other debtors

839,285

59,367

1,055,226

719,673

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

6

Creditors

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

7

37,441

30,702

Trade creditors

 

494,032

256,801

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

130,404

86,195

Taxation and social security

 

92,231

67,549

Corporation tax liability

 

49,538

988

Other creditors

 

151,395

137,079

 

955,041

579,314

Due after one year

 

Loans and borrowings

7

264,940

211,748

7

Loans and borrowings

2025
£

2024
£

Current loans and borrowings

Finance lease liabilities

37,441

30,702

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2025
£

2024
£

Finance lease liabilities

37,441

30,702

Finance lease liabilities are secured on the assets to which they relate.

2025
£

2024
£

Non-current loans and borrowings

Finance lease liabilities

264,940

211,748

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2025
£

2024
£

Finance lease liabilities

264,940

211,748

Finance lease liabilities are secured on the assets to which they relate.

 

Meldrum Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £22,166 (2024 - £37,368).

Financial commitments include total future commitments under property and equipment leases expiring in 2026 and 2027.