MERIT INSULATION SUPPLIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
Company registration number 11601831 (England and Wales)
MERIT INSULATION SUPPLIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
MERIT INSULATION SUPPLIES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
272,033
232,987
Current assets
Stocks
7
1,333,959
1,464,740
Debtors
8
3,710,480
4,481,230
Cash at bank and in hand
61,286
36,701
5,105,725
5,982,671
Creditors: amounts falling due within one year
9
(4,735,454)
(5,155,361)
Net current assets
370,271
827,310
Total assets less current liabilities
642,304
1,060,297
Creditors: amounts falling due after more than one year
10
(169,378)
(263,670)
Provisions for liabilities
(61,358)
(52,387)
Net assets
411,568
744,240
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
411,468
744,140
Total equity
411,568
744,240

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 17 October 2025 and are signed on its behalf by:
Mr R J Ashford
Director
Company registration number 11601831 (England and Wales)
MERIT INSULATION SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

Merit Insulation Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1-4 Merit House, Whitewall Road, Medway City Estate, Rochester, Kent, ME2 4WS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have spent a significant amount of time during the year analysing, streamlining and stress testing the company’s budgets, financial position, cashflows and working capital cycle, resulting in a complete refinance of the entire group which includes this entity, as detailed in note 15. For this reason the directors have concluded that there is sufficient working capital to continue to adopt the going concern basis in preparing its financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

MERIT INSULATION SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
5% Reducing balance
Plant and equipment
10 to 20% Reducing balance or straight line
Fixtures and fittings
20% Reducing balance
Motor vehicles
33% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

MERIT INSULATION SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, utilising the average cost method of valuation. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

MERIT INSULATION SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MERIT INSULATION SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.15

Dividends

Dividends to the company's shareholders are recognised when they are approved for payment.

1.16

Borrowing costs

All costs are recognised in the profit and loss in the year in which they are incurred

1.17

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

MERIT INSULATION SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Taxation

A provision has been made in the financial statements for deferred tax amounting to £61,358 (2023 - £52,387) at the reporting date. The provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the asset is based and the tax rates that will be in force at that time together with an assessment of the impact of the future tax planning strategies.

Tangible fixed assets

The company has recognised tangible fixed assets with a carrying value of £272,033 at the reporting date (202 3 - £232,987) which is detailed in note 5. Tangible assets are stated at their costs less provision for depreciation and impairment. Any tangible assets carried at revalued amounts are recorded at fair value at the date of revaluation less any subsequent accumulated deprecation and subsequent accumulated impairment losses.

In order to determine the fair value of tangible assets the company has used a valuation technique based on comparable market data. Valuations are obtained with sufficient regularity to ensure that the carrying value of revalued assets reflects current market conditions.

The company's accounting policy sets out the approach to calculating depreciation for tangible assets acquired. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as changes in market conditions that indicate a need to reconsider the estimated used.

Where there are indications that the carrying value of tangible assets may be impaired the company undertakes tests to determine the recoverable amounts of assets. These tests require estimates for the fair value of asses less costs to sell and their value in us e. Wherever possible the estimate of the fair value of assets is based upon observable market prices less the incremental costs of disposing the asset.

3
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging:
£
£
Exchange (gains)/losses
-
0
621
Depreciation of owned tangible fixed assets
59,552
63,214
Loss on disposal of tangible fixed assets
4,912
2,846
Amortisation of intangible assets
-
4,161
Impairment of intangible assets
-
0
10,751
MERIT INSULATION SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
21
25
5
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
20,807
Amortisation and impairment
At 1 September 2023 and 31 August 2024
20,807
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
-
0
6
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
90,259
37,203
2,533
182,980
312,975
Additions
3,980
29,170
-
0
75,860
109,010
Disposals
-
0
-
0
(1,908)
(18,910)
(20,818)
At 31 August 2024
94,239
66,373
625
239,930
401,167
Depreciation and impairment
At 1 September 2023
5,819
11,017
760
62,392
79,988
Depreciation charged in the year
4,421
6,356
126
48,649
59,552
Eliminated in respect of disposals
-
0
-
0
(458)
(9,948)
(10,406)
At 31 August 2024
10,240
17,373
428
101,093
129,134
Carrying amount
At 31 August 2024
83,999
49,000
197
138,837
272,033
At 31 August 2023
84,440
26,186
1,773
120,588
232,987
MERIT INSULATION SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Tangible fixed assets
(Continued)
- 9 -

Included within the carrying value of tangible assets is £1 30,500 (202 3 - £107,673) of plant and motor vehicles held under finance leases or hire purchase agreements.

7
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,333,959
1,464,740
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,624,840
3,303,123
Amounts owed by connected companies
833,950
839,612
Other debtors
186,937
286,569
Prepayments and accrued income
64,753
51,926
3,710,480
4,481,230
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
100,000
183,991
Invoice discounting finance
1,640,666
2,209,346
Obligations under finance leases
11
47,534
34,179
Trade creditors
1,510,378
1,348,077
Amounts owed to group undertakings
914,506
467,467
Corporation tax
64,138
122,275
Other taxation and social security
164,688
200,967
Other creditors
30,913
13,994
Accruals and deferred income
262,631
575,065
4,735,454
5,155,361

Bank loans above include a Coronavirus Business Interruption Loan (CBIL) of £100,000 (2023 - £100,000)

The CBIL and invoice discounting finance were secured via fixed and floating charges, held by the lenders over the company's assets. These charges have been satisfied following the year end, as detailed in note 15.

The hire purchase and finance lease creditors are secured against the assets to whom they relate.

MERIT INSULATION SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
10
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
83,334
183,333
Obligations under finance leases
11
86,044
80,337
169,378
263,670

The bank loan is secured via a fixed and floating charge held by the Bank over the company's assets. The charge was satisfied following the year end, as detailed in note 15.

This Coronavirus Business interruption loan's final repayment is due June 2026. Interest is payable at 3.25% p.a. above base rate, commencing from June 2021. The first 12 months of the loan was interest free.

11
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
47,534
34,179
In two to five years
86,044
80,337
133,578
114,516
12
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
0
36,504
MERIT INSULATION SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
13
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Loans due from/(to)
2024
2023
£
£
Loans owed to group companies
(723,411)
(407,126)
Loans owed from connected companies
827,004
827,004
Other information

The loans detailed above are interest free, unsecured and have no fixed repayment schedules.

There were no other transactions carried out outside of the normal course of business.

14
Parent company

During the period under review, the company was under the ultimate control of its parent company, Merit Group Holdings Limited. Their registered office is Merit House, Units 1-4 Whitewall Road, Medway City Estate, Rochester, Kent, ME2 4WS.

15
Post Balance Sheet Events

Subsequent to the year end, the company undertook a refinancing of its borrowings. As part of this process:

- Two existing charges registered at Companies House were satisfied in full and released on 17 July 2025 and 28 July 2025.

- On 31 July 2025, a new charge was created in favour of Cynergy Bank PLC, which was registered at Companies House on 13 August 2025. This new charge comprises both fixed and floating charges and contains a negative pledge.

These events occurred after the balance sheet date and do not affect the financial position as at 31 August 202 4. No adjustment has been made to the financial statements in respect of these events.

16
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Mark Attwood FCCA
Statutory Auditor:
Kreston Reeves Audit LLP
Date of audit report:
17 October 2025
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