Meglio Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Meglio Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09971786 . The registered office is Riverside Barns Remenham Church Lane, Remenham, Henley-On-Thames, RG9 3DB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The balance sheet reports a net liability position of £189,095 (2023: £153,386).

The company is reliant on the directors and other lenders to provide ongoing sufficient working capital for the company to keep operating. The directors have indicated that financial support will be provided for the foreseeable future.

The directors are therefore satisfied that the financial statements should be prepared on the going concern basis.

2.3. Turnover

Turnover on the sale of goods is recognised when control has passed to the customer, usually at the point of dispatch.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

Office Equipment 3 years straight line

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

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Meglio Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Financial Instruments

The company enters into transactions involving basic and other financial instruments.

Basic financial instruments:

Trade and other debtors are initially recognised at transaction price and are subsequently remeasured at cost less provision for bad and doubtful debts.

Bank overdrafts are shown within creditors due within one year. Trade and other creditors are recognised at their transaction price within creditors due within one year.

Bank and other loans payable are measured initially at the net proceeds and subsequently measured at amortised cost using the effective interest method.

Amounts received under invoice discounting arrangements where the significant risks and rewards of ownership remain with the company, are included in liabilities until settled.

Other financial instruments:

Forward exchange contracts are initially recognised at cost on the date of entering the contract. They are subsequently revalued to fair value with gains and losses recognised in the profit and loss account. Hedge accounting is not applied.

2.7. Foreign Currencies

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Monetary assets and liabilities in foreign currencies are retranslated at the rates of exchange ruling at the balance sheet date. Non-monetary items are not retranslated unless held at fair value.

Exchange differences are recognised in the profit and loss account.

2.8. Taxation

Corporation tax represents the tax currently payable and deferred tax.

Current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items that are never taxable or deductible and items taxed in future years. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised on taxable timing differences. Deferred tax assets are recognised on deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the balance sheet date.

Current or deferred tax for the year is recognised in profit or loss.

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Meglio Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.9. Pensions

The company pays into a defined contribution pension scheme on behalf of its staff.

Contributions are charged to the profit and loss account as they become payable.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 11 (2023: 12)

4. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 January 2024	30,823
Additions	2,067
Disposals	(26,601 )

As at 31 December 2024	6,289

Depreciation
As at 1 January 2024	30,013
Provided during the period	763
Disposals	(26,601 )

As at 31 December 2024	4,175

Net Book Value
As at 31 December 2024	2,114

As at 1 January 2024	810

5. Stocks

	2024	2023
	£	£
Stocks of finished goods	231,400	152,501

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	120,550	67,416
Prepayments and accrued income	150,577	80,924
Other debtors	9,757	33,524
Directors' loan accounts	9,957	-

	290,841	181,864

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Meglio Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Included within other debtors is £1,549 representing the deposit paid on forward exchange contracts entered into in 2024 (2023: £16,625)

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	281,360	165,282
Bank loans and overdrafts	103,428	59,333
Other loans	152,813	131,223
Other taxes and social security	9,104	5,410
VAT	55,363	84,996
Other creditors	8,899	22,438
Pension creditor	1,357	726
Accruals and deferred income	23,541	8,973

	635,865	478,381

Included within bank loans and overdrafts are loans totalling £83,099 (2023: £35,810) which are secured by fixed and floating charges over the company's assets.

Other creditors includes £1,350 (2023: £16,437) revaluation losses on a US$ forward exchange contract due to mature in 2025. Total value of the contract is $76,961 (2023: $826,263).

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	179,428	16,548

Included in creditors due after more than one year is a loan of £173,255 which is secured by a fixed and floating charge over the company's assets.

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1,610	1,610

The company's share capital consists of ordinary shares of £1 each.

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Meglio Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	4,760	-
Later than one year and not later than five years	793	-

	5,553	-

The company has entered into agreements with the following commitments at the balance sheet date:

Payable within one year: £47,195

Payable between one and two years: £47,195

11. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Jason Luckhurst	-	9,957	-	-	9,957

The above loans were unsecured and repayable on demand. Interest is payable at the Official Rate.

12. Related Party Transactions

Included in the 2024 accounts within other loans due within one year is a loan for £152,813 owed to Mr Jason Luckhurst, a director of the company. The loan is interest-free and repayable on demand.

13. Ultimate Controlling Party

The ultimate controlling parties are Mr P B Wandless, Mr J W Luckhurst and Mr B A Kershaw by virtue of their shareholdings in the company.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		2,114		810

			2,114		810
CURRENT ASSETS
Stocks	5	231,400		152,501
Debtors	6	290,841		181,864
Cash at bank and in hand		101,843		6,368

		624,084		340,733
Creditors: Amounts Falling Due Within One Year	7	(635,865 )		(478,381 )

NET CURRENT ASSETS (LIABILITIES)			(11,781 )		(137,648 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(9,667 )		(136,838 )

Creditors: Amounts Falling Due After More Than One Year	8		(179,428 )		(16,548 )

NET LIABILITIES			(189,095 )		(153,386 )

CAPITAL AND RESERVES
Called up share capital	9		1,610		1,610
Share premium account			609,390		609,390
Profit and Loss Account			(800,095 )		(764,386 )

SHAREHOLDERS' FUNDS			(189,095)		(153,386)