REGISTERED NUMBER: 10488837 (England and Wales)

Unaudited Financial Statements

For The Year Ended 30 November 2025

for

MEP Systems Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

308,912

288,006

CURRENT ASSETS

Debtors

5

1,589,505

1,493,227

Cash at bank

807,088

509,546

2,396,593

2,002,773

CREDITORS

Amounts falling due within one year

6

1,038,689

941,287

NET CURRENT ASSETS

1,357,904

1,061,486

TOTAL ASSETS LESS CURRENT LIABILITIES

1,666,816

1,349,492

CREDITORS

Amounts falling due after more than one year

7

(195,387

)

(182,370

)

PROVISIONS FOR LIABILITIES

(54,916

)

(14,068

)

NET ASSETS

1,416,513

1,153,054

CAPITAL AND RESERVES

Called up share capital

103

103

Retained earnings

1,416,410

1,152,951

1,416,513

1,153,054

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2026 and were signed on its behalf by:

P Congo - Director

J R Martin - Director

R M Ward - Director

1.	STATUTORY INFORMATION

MEP Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

10488837

Registered office:

Harscombe House

1 Darklake View

Plymouth

Devon

PL6 7TL

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Turnover represents the contract value for the stage of completion as at the year end for all projects. Debtors include the retentions which are held by the customers.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Plant and Machinery etc - 25% on reducing balance and 25% on cost

Leasehold improvements - 15 years straight line

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2024

558,624

Additions

186,047

Disposals

(69,667

)

At 30 November 2025

675,004

DEPRECIATION

At 1 December 2024

270,618

Charge for year

145,999

Eliminated on disposal

(50,525

)

At 30 November 2025

366,092

NET BOOK VALUE

At 30 November 2025

308,912

At 30 November 2024

288,006

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 December 2024

400,557

Disposals

(40,080

)

At 30 November 2025

360,477

DEPRECIATION

At 1 December 2024

173,776

Charge for year

128,434

Eliminated on disposal

(22,717

)

At 30 November 2025

279,493

NET BOOK VALUE

At 30 November 2025

80,984

At 30 November 2024

226,781

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

£

£

Trade debtors

1,163,496

1,154,552

Other debtors

426,009

338,675

1,589,505

1,493,227

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

£

£

Bank loans and overdrafts

29,166

50,000

Finance leases (see note 8)

132,343

57,980

Trade creditors

469,602

601,368

Taxation and social security

165,801

160,708

Other creditors

241,777

71,231

1,038,689

941,287

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.25

30.11.24

£

£

Bank loans

-

25,000

Finance leases (see note 8)

195,387

157,370

195,387

182,370

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

30.11.25

30.11.24

£

£

Net obligations repayable:

Within one year

132,343

57,980

Between one and five years

195,387

157,370

327,730

215,350

Non-cancellable

operating leases

30.11.25

30.11.24

£

£

Within one year

41,988

34,000

Between one and five years

6,490

34,000

48,478

68,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.25

30.11.24

£

£

Bank loans

29,166

75,000

Finance leases

327,730

215,350

356,896

290,350

The hire purchase arrangements are secured on the assets they are financing.

The bank loan is secured with a fixed and floating charge over the assets within the company.