| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Merseygrid Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Merseygrid Limited |
| Merseygrid Limited (Registered number: 04069448) |
| 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 |
| Merseygrid Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Maxwell House |
| Liverpool Innovation Park |
| Liverpool |
| Merseyside |
| L7 9NJ |
| Merseygrid Limited (Registered number: 04069448) |
| Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| Merseygrid Limited (Registered number: 04069448) |
| Balance Sheet - continued |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 |
| Merseygrid Limited (Registered number: 04069448) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Merseygrid Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Preparation of consolidated financial statements |
| Since Merseygrid Limited is subject to the small companies regime, group accounts have not been prepared. The financial statements, therefore, contain information about Merseygrid Limited as an individual company and do not contain consolidated financial information as the parent of a group. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Merseygrid Limited (Registered number: 04069448) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
| (i) Useful economic lives of tangible assets |
| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
| (ii) Impairment of debtors |
| The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
| (iii) Deferred tax provisioning |
| Deferred tax is recognised on all timing differences at the reporting date. The company's timing differences predominantly arise on the differing tax and accounting carrying values of tangible assets. Judgement is exercised by management in determining the useful economic lives and residual values of tangible assets which is relevant in calculating the value of deferred tax liabilities or assets. |
| Turnover |
| Turnover represents net invoiced sales of services and service contracts, excluding value added tax. Services turnover is recognised when the company obtains the right to consideration, which is when the service has been performed. In respect of service contracts, turnover is recognised evenly over the duration of the contract. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Merseygrid Limited (Registered number: 04069448) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| (i) Financial assets |
| Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Such assets are subsequently carried at amortised cost using the effective interest method. |
| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade and other payables and bank loans 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 receipts discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
| Merseygrid Limited (Registered number: 04069448) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Current tax |
| Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. |
| Deferred tax |
| Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 and that are expected to apply to the reversal of the timing difference. |
| Operating leases |
| Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| Hire purchase and other finance leases |
| Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases. Such leases are capitalised at commencement of the lease at fair value or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. |
| Capitalised finance lease assets are depreciated over the shorter of the lease term and the estimated useful life of the asset and are annually assessed for impairment. |
| The capital element of finance leases is recorded as a liability at commencement of the lease. Lease payments are apportioned between capital repayment and finance charge using the effective interest rate method. The liability is subsequently carried at amortised cost, using the effective interest rate method. |
| Pension costs |
| The company makes contributions into the personal pension schemes of its employees. The contributions are recognised in the period to which they relate. |
| Employee benefits |
| Short term benefits, including holiday pay and other non-monetary benefits, are recognised as an expense in the period in which the service is received. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Merseygrid Limited (Registered number: 04069448) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 | ( |
) |
| At 30 September 2023 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakin |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Merseygrid Limited (Registered number: 04069448) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans |
| 10. | OTHER FINANCIAL COMMITMENTS |
| The company is committed to pay £14,662 under non-cancellable operating leases. |
| 11. | RELATED PARTY DISCLOSURES |
| Entities with control over the company |
| Loans due from an entity with control over the company at the balance sheet date amounted to £611,908 (2023 - £1,303,402). The loans are repayable on demand, no interest is being charged and no guarantees have been given. |
| Services received from an entity with control over the company during the year amounted to £170,000 (2023 - £708,667). There are no fixed payment terms and no guarantees have been given. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by CPRG Limited. CPRG Limited is not controlled by any one individual. |
| Merseygrid Limited (Registered number: 04069448) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 13. | SECURED DEBTS |
| The company has given security to a group company by way of debenture in respect of amounts drawn down by the group company under an invoice financing agreement. The amount drawn down as at the balance sheet date amounted to £nil (2023: £235,468). The debenture created a fixed and floating charge over the undertaking and all present and future property and assets. |
| Barclays Bank plc has secured any monies due or to become due by way of a debenture that created a fixed and floating charge over the undertaking and all present and future property and assets. No amounts were due to Barclays Bank plc at the balance sheet date. |
| HSBC plc has secured any monies due or to become due by way of a debenture that created a fixed and floating charge over the undertaking and all present and future property and assets. The amount due to HSBC plc at the balance sheet date amounted to £131,250 (2023: £171,250). |