Meggan_Grubb_Limited_31_Mar_2025_companies_house_set_of

Meggan Grubb Limited

Notes to the Financial Statements

Year ended

31 March 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

Fielding House

43 Thornbury Close

Rhiwbina

Cardiff

CF14 1UT

, United Kingdom.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.

The

financial statements

are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.

Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

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

Goodwill	10% straight line
Other intangible assets	20% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Office equipment	20% straight line
Plant and machinery	25% straight line
Fixtures and fittings	25% straight line
Motor vehicles	20% straight line

Impairment

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 stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was

(2024:

2.00

5 Intangible assets

	Goodwill	Other intangible assets	Total
	£	£	£
Cost
At 1 April 2024	25,000	205,793	230,793
Additions	-	18,250	18,250
At 31 March 2025	25,000	224,043	249,043
Amortisation
At 1 April 2024	9,375	105,424	114,799
Charge	2,500	44,809	47,309
At 31 March 2025	11,875	150,233	162,108
Carrying amount
At 31 March 2025	13,125	73,810	86,935
At 31 March 2024	15,625	100,369	115,994

6 Tangible assets

	Plant and machinery etc.
	£
Cost
At 1 April 2024	95,229
Additions	24,195
At 31 March 2025	119,424
Depreciation
At 1 April 2024	48,158
Charge	21,786
At 31 March 2025	69,944
Carrying amount
At 31 March 2025	49,480
At 31 March 2024	47,071

7 Debtors

	2025	2024
	£	£
Trade debtors	25,836	-
Other debtors	72,730	67,111
	98,566	67,111

8 Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	945		25,253
Taxation and social security	78,070		146,402
Other creditors	(45,148	)	(14,207	)
	33,867		157,448

9 Directors' advances, credit and guarantees

The following advances and credits to directors subsisted during the year ended 31 March 2025 and for the year ended 31 March 2024:

Mrs M Kirkland

For 2025 the balance outstanding at start of year was £18,336, amounts advanced was £50,941, amounts repaid was £20,000 and the balance outstanding at end of year was £49,277. £49,277 is disclosed in current assets and was owed from Ms M Grubb to the company.

For 2024 the balance outstanding at start of year was £21,604, amounts advanced was £51,431, amounts repaid was £54,699 and the balance outstanding at end of year was £18,336. £18,336 is disclosed in current assets and was owed from Ms M Grubb to the company.

Mr N Kirkland

For 2024 the balance outstanding at start of year was £21,604, amounts advanced was £51,432, amounts repaid was £54,700 and the balance outstanding at end of year was £18,336. £18,336 is disclosed in current assets and was owed from Mr N Kirkland to the company.

		2025		2024
	Note	£		£
Fixed assets
Intangible assets	5	86,935		115,994
Tangible assets	6	49,480		47,071
		136,415		163,065
Current assets
Stocks		4,000		107,842
Debtors	7	98,566		67,111
Cash at bank and in hand		893,547		886,332
		996,113		1,061,285
Creditors: amounts falling due within one year	8	(33,867	)	(157,448	)
Net current assets		962,246		903,837
Total assets less current liabilities		1,098,661		1,066,902
Capital and reserves
Called up share capital		100		100
Profit and loss account		1,098,561		1,066,802
Shareholders funds		1,098,661		1,066,902