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Registered number: 08723201
Meridian Upholstery Limited
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08723201
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 2,200
Tangible Assets 5 222,864 272,928
222,864 275,128
CURRENT ASSETS
Stocks 6 130,000 130,000
Debtors 7 566,632 401,430
Cash at bank and in hand 28,661 32,781
725,293 564,211
Creditors: Amounts Falling Due Within One Year 8 (474,208 ) (345,877 )
NET CURRENT ASSETS (LIABILITIES) 251,085 218,334
TOTAL ASSETS LESS CURRENT LIABILITIES 473,949 493,462
Creditors: Amounts Falling Due After More Than One Year 9 (187,471 ) (258,638 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,069 ) (29,026 )
NET ASSETS 266,409 205,798
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 266,309 205,698
SHAREHOLDERS' FUNDS 266,409 205,798
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jonathan Eager
Director
02/12/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Meridian Upholstery Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08723201 . The registered office is 35a Northfield Way, Aycliffe Business Park, Newton Aycliffe, County Durham, DL5 6UF.
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. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
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 15% reducing balance
Motor Vehicles 25% RB
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% Straight Line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 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 generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all 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 (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 25 (2023: 25)
25 25
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 22,000
As at 31 December 2024 22,000
Amortisation
As at 1 January 2024 19,800
Provided during the period 2,200
As at 31 December 2024 22,000
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 2,200
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 172,148 192,902 81,677 2,215 448,942
Additions 2,171 - - 2,114 4,285
As at 31 December 2024 174,319 192,902 81,677 4,329 453,227
...CONTINUED
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Page 5
Depreciation
As at 1 January 2024 77,490 58,849 38,991 684 176,014
Provided during the period 14,200 33,514 6,406 229 54,349
As at 31 December 2024 91,690 92,363 45,397 913 230,363
Net Book Value
As at 31 December 2024 82,629 100,539 36,280 3,416 222,864
As at 1 January 2024 94,658 134,053 42,686 1,531 272,928
6. Stocks
2024 2023
£ £
Finished goods 130,000 130,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 247,919 187,455
Prepayments and accrued income 275,212 207,275
523,131 394,730
Due after more than one year
Inter-company loan - Meridian Upholstery Group Ltd 43,501 6,700
566,632 401,430
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 189,254 230,308
Corporation tax 39,272 12,555
VAT 186,941 58,867
Net wages 811 -
Captial on Tap 42,213 48,931
Deposits Held (25,025 ) (50,307 )
Accruals and deferred income 6,080 5,523
Director's loan account 34,662 40,000
474,208 345,877
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 106,250 131,799
Bank loans 409 36,044
Other taxes and social security 80,812 90,795
187,471 258,638
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 106,250 131,799
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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