Merefield's Electronics Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01423768

Merefield's Electronics Limited

Filleted Unaudited Financial Statements

31 December 2024

Merefield's Electronics Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Merefield's Electronics Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Intangible assets	5	67,500	95,000
Tangible assets	6	298,316	405,982
		---------	---------
		365,816	500,982

Current assets

Stocks		719,045	556,993
Debtors	7	744,840	4,914,003
Cash at bank and in hand		1,335,805	2,334,671
		------------	------------
		2,799,690	7,805,667

Creditors: amounts falling due within one year	8	2,917,439		363,111
		------------		------------
Net current (liabilities)/assets			( 117,749)	7,442,556
			---------	------------
Total assets less current liabilities			248,067	7,943,538

Provisions

Taxation including deferred tax	29,566	56,994
	---------	------------
Net assets	218,501	7,886,544
	---------	------------

Capital and reserves

Called up share capital	167,804	167,804
Share premium account	12,400	12,400
Capital redemption reserve	17,265	17,265
Profit and loss account	21,032	7,689,075
	---------	------------
Shareholders funds	218,501	7,886,544
	---------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 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 financial statements for the year in question in accordance with section 476 ;

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

Merefield's Electronics Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 24 September 2025 , and are signed on behalf of the board by:

Mr M Boutorabi

Director

Company registration number: 01423768

Merefield's Electronics Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 New Dover Road, Canterbury, Kent, CT1 3DN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Stock provision The company has a policy of writing off 100% of the value of stock that is older than 6 months due to the fast moving nature of the electronics industry. Landed costs The company includes landed costs in its stock valuation and these are provided for as a proportion of the stock value.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	6% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	2% straight line
Leasehold improvements	-	5% straight line
Fixtures and Fittings	-	25% straight line
Motor vehicles	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2023: 12 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	248,208
	---------
Amortisation
At 1 January 2024	153,208
Charge for the year	27,500
	---------
At 31 December 2024	180,708
	---------
Carrying amount
At 31 December 2024	67,500
	---------
At 31 December 2023	95,000
	---------

6. Tangible assets

	Freehold property	Leasehold improvements	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	254,300	48,650	504,090	293,700	1,100,740
Additions	–	–	7,130	–	7,130
	---------	--------	---------	---------	------------
At 31 December 2024	254,300	48,650	511,220	293,700	1,107,870
	---------	--------	---------	---------	------------
Depreciation
At 1 January 2024	76,290	9,908	409,389	199,171	694,758
Charge for the year	5,086	2,433	42,691	64,586	114,796
	---------	--------	---------	---------	------------
At 31 December 2024	81,376	12,341	452,080	263,757	809,554
	---------	--------	---------	---------	------------
Carrying amount
At 31 December 2024	172,924	36,309	59,140	29,943	298,316
	---------	--------	---------	---------	------------
At 31 December 2023	178,010	38,742	94,701	94,529	405,982
	---------	--------	---------	---------	------------

7. Debtors

	2024	2023
	£	£
Trade debtors	427,104	400,730
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	4,366,363
Other debtors	317,736	146,910
	---------	------------
	744,840	4,914,003
	---------	------------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	113,613	159,062
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,587,099	–
Corporation tax	146,679	117,864
Social security and other taxes	17,088	16,169
Other creditors	52,960	70,016
	------------	---------
	2,917,439	363,111
	------------	---------

9. Directors' advances, credits and guarantees

During the year the company made advances of £259,078 (2023: £527) to directors and repayments of £7,000 (2023: £nil) were made to the company.

10. Related party transactions

The directors and participants owed £252,605 (2023: £527) to the company. At the year end the company owed the parent company £2,587,099 (2023: the parent company owed the company £4,366,363)

11. Controlling party

At the year end the immediate parent company was Merefield's Holdings Limited, a company registered in the United Kingdom. The company's registered office address is 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN.