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Company Registration Number: 12550148 MERIT DESIGN AND BUILD LIMITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2026
MERIT DESIGN AND BUILD LIMITED REGISTERED NUMBER: 12550148 BALANCE SHEET AS AT 31 MAY 2026
|  | 31 May |  | Unaudited 30 April
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets |  |  | 333,077 |  | -
|  |  | 333,077 |  | -
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 6 | 9,000,000 |  | - |
Debtors: amounts falling due within one year | 6 | 164,058 |  | 1 |
Cash at bank and in hand |  | 163,124 |  | - |
|  | 9,327,182 |  | 1 |
Creditors: amounts falling due within one year | 8 | (390,279) |  | - |
Total assets less current liabilities |  |  | 9,269,980 |  | 1
Creditors: amounts falling due after more than one year | 9 |  | (149,927) |  | -
Net assets |  |  | 9,120,053 |  | 1
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 500,000 |  | 1
Profit and loss account |  |  | 8,620,053 |  | -
|  |  | 9,120,053 |  | 1
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2026.
Tony Wells
Director
The notes on pages 2 to 7 form part of these financial statements. Page 1
MERIT DESIGN AND BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2026
1. | General information
Merit Design and Build Limited ("the company") is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of its registered office is given in the company information page of the financial statements. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006'. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The directors have undertaken detailed financial forecasts and scenario modelling, applying sensitivities to key variables. These scenarios have been considered in the determination of accounting estimates, including expected costs to complete an assessment of contract profitability for a period of more than 12 months following the approval of these financial statements. The directors have also considered the significant pipeline of opportunity at the time of signing the financial statements and risk of downside scenarios. After making enquiries, the directors have a reasonable expectation that the company has adequate financial and other resources to continue in the operational existence for the foreseeable future. Accordingly, they have prepared the financial statements on a going concern basis.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Revenue from the licensing of intellectual property (“IP”) to group undertakings is recognised in accordance with FRS 102 Section 23. Revenue is measured at the fair value of the consideration receivable, taking into account the Group’s transfer pricing policies to ensure the transaction is at arm’s length. Revenue is recognised at the point in time when the licence is made available to the licencee, where the licence conveys to the licensee a right to use IP as it exists at the date the licence is granted and where the company has no ongoing obligations to maintain, update or enhance the IP. Page 2
MERIT DESIGN AND BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2026 2.Accounting policies (continued)
| 2.4 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 10% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Intercompany receivables are recognised initially at transaction price and subsequenty measured at amortised cost less impairment. At each reporting date, the company assesses the recoverability of intercompany balances by considering the financial position of the counterpart, including its net asset position. profitability and cash flow forecasts, alongside the nature of the balance and historical repayment patterns. Consideration is also given to the Group's intention and ability to provide ongoing financial support, particularly where the counterparty is a strategically important subsidiary. Impairment is recognised where there is objective evidence that the intercompany balance will not be recovered in full. The impairment loss is measured as the difference between the carrying value and the present value of estimated future cash flows, discounted at the original effective interest rate where applicable. For balances that are, in substance, long-term funding or part of the net investment in a subsidiary, recoverability is assessed with the reference to the underlying value and cash-generating ability of the entity. Where there is no reasonable expectation of recovery, balances are written off in the profit and loss account. Page 3
MERIT DESIGN AND BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2026 2.Accounting policies (continued)
| 2.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The average monthly number of employees, including directors, during the Period was 5 (2025 - 6).
4. | Intangible assets
|  | Licences - IP
|  | £
| Additions | 500,000
| Disposals | (500,000)
| At 31 May 2026 | -
| Net book value |
| At 31 May 2026 | -
| At 30 April 2025 | -
Page 4
MERIT DESIGN AND BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2026
5. | Tangible fixed assets
|  | Plant and machinery
|  | £
| Cost or valuation |
| Additions | 333,077
| At 31 May 2026 | 333,077
| Net book value |
| At 31 May 2026 | 333,077
| At 30 April 2025 | -
Page 5
MERIT DESIGN AND BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2026
6. | Debtors
|  |  |  |  | 31 May | 30 April
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts owed by group undertakings | 9,000,000 | -
|  | 9,000,000 | -
|  |  |  |  | 31 May | Unaudited 30 April
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Due within one year |  |
| Other debtors | 2,777 | -
| Called up share capital not paid | - | 1
| Prepayments and accrued income | 161,281 | -
|  | 164,058 | 1
7. | Cash and cash equivalents
|  |  |  |  | 31 May | Unaudited 30 April
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 163,124 | -
|  | 163,124 | -
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 31 May | Unaudited 30 April
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 101,119 | -
| Amounts owed to group undertakings | 137,044 | -
| Other taxation and social security | 45,400 | -
| Obligations under finance lease and hire purchase contracts | 106,716 | -
|  | 390,279 | -
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MERIT DESIGN AND BUILD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2026
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 31 May | Unaudited 30 April
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 149,927 | -
|  | 149,927 | -
10. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 31 May | 30 April
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Within one year | 106,716 | -
| Between 1-5 years | 149,927 | -
|  | 256,643 | -
11. | Controlling party
Merit Industrial Construction Limited owns 100% of the issued share capital of Merit Design and Build Limited.
12. | Ultimate controlling party
The directors regard Modulex Modular Buildings PLC, a company incorporated in the United Kingdom and registered in England and Wales, as being the ultimate controlling party. The registered office for Modulex Modular Buildings PLC is 16 Berkeley Street, London, England, W1J 8DZ.
13. | Auditors' information
The auditors' report on the financial statements for the Period ended 31 May 2026 was unqualified. The audit report was signed on 29 June 2026 by Michael Morris (Senior statutory auditor) on behalf of Armstrong Watson Audit Limited.
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