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REGISTERED NUMBER: 00577030 (England and Wales)






















Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Megswell Limited

Megswell Limited (Registered number: 00577030)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 4


Megswell Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: M L Davison
Mrs G J Davison





REGISTERED OFFICE: 6D Exchange Close
Exchange Road
Lincoln
LN6 3TR





REGISTERED NUMBER: 00577030 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Northgate House
Northgate
Sleaford
Lincolnshire
NG34 7BZ

Megswell Limited (Registered number: 00577030)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M L Davison
Mrs G J Davison

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:





M L Davison - Director


1 July 2025

Megswell Limited (Registered number: 00577030)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 7,565 7,565

CURRENT ASSETS
Stocks 112,964 30,865
Debtors 5 112,056 16,961
Cash at bank and in hand 2 74,400
225,022 122,226
CREDITORS
Amounts falling due within one year 6 187,063 71,404
NET CURRENT ASSETS 37,959 50,822
TOTAL ASSETS LESS CURRENT
LIABILITIES

45,524

58,387

CREDITORS
Amounts falling due after more than one
year

7

4,674

14,939
NET ASSETS 40,850 43,448

CAPITAL AND RESERVES
Called up share capital 9 60 60
Retained earnings 40,790 43,388
SHAREHOLDERS' FUNDS 40,850 43,448

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 approved by the Board of Directors and authorised for issue on 1 July 2025 and were signed on its behalf by:





M L Davison - Director


Megswell Limited (Registered number: 00577030)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Megswell 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 represents net invoiced sales of goods, excluding value added tax.

Investments in associates
Investments in associate undertakings are recognised at cost.

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

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Megswell Limited (Registered number: 00577030)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 2 ) .

4. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 January 2024
and 31 December 2024 7,565
NET BOOK VALUE
At 31 December 2024 7,565
At 31 December 2023 7,565

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 52,476 (9,343 )
Other debtors 59,580 26,304
112,056 16,961

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 94,420 10,012
Trade creditors 19,686 (23,827 )
Taxation and social security 9,535 5,570
Other creditors 63,422 79,649
187,063 71,404

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 4,674 14,939

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 14,812 24,951

Fixed and floating charges over the undertaking of all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures & fittings, plant & machinery

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
60 Ordinary £1 60 60

Megswell Limited (Registered number: 00577030)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. ULTIMATE CONTROLLING PARTY

The company is controlled by Mrs G J Davison as a result of holding the majority of issued shareholdings.