Registration number: 02060184

MEPS International Limited

(Registration number: 02060184)

Balance Sheet as at 31 January 2026

	Note	2026 £	2025 £
Fixed assets
Intangible assets	3	165,890	130,101
Tangible assets	4	1,081,840	1,064,774
Investment property	5	90,000	90,000
		1,337,730	1,284,875
Current assets
Debtors	6	782,788	532,212
Other financial assets	7	845,151	786,871
Cash at bank and in hand		2,898,974	3,259,906
		4,526,913	4,578,989
Creditors: Amounts falling due within one year	8	(2,862,617)	(2,966,516)
Net current assets		1,664,296	1,612,473
Total assets less current liabilities		3,002,026	2,897,348
Provisions for liabilities		(72,000)	(53,000)
Net assets		2,930,026	2,844,348
Capital and reserves
Called up share capital		3,100	3,100
Retained earnings		2,926,926	2,841,248
Shareholders' funds		2,930,026	2,844,348

For the financial year ending 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

MEPS International Limited

(Registration number: 02060184)

Balance Sheet as at 31 January 2026 (continued)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 21 July 2026 and signed on its behalf by:
 

.........................................

J K Craven

Director

MEPS International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

1	Accounting policies

Statutory information

MEPS International Limited is a private company, limited by shares, domiciled in England and Wales, company number 02060184. The registered office is at 263 Glossop Road, Sheffield, S10 2GZ.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There has been no material departure from this standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

MEPS International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

1	Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and Buildings	2% straight line
Office Equipment	20% straight line
Motor Vehicles	25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website	20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

MEPS International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

1	Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2025 - 29).

MEPS International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

3	Intangible assets

	Total £
Cost
At 1 February 2025	287,980
Additions	82,616
At 31 January 2026	370,596
Amortisation
At 1 February 2025	157,879
Amortisation charge	46,827
At 31 January 2026	204,706
Carrying amount
At 31 January 2026	165,890
At 31 January 2025	130,101

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Motor vehicles  £	Total £
Cost
At 1 February 2025	1,224,418	199,184	51,755	1,475,357
Additions	3,750	12,840	78,599	95,189
Disposals	-	-	(50,089)	(50,089)
At 31 January 2026	1,228,168	212,024	80,265	1,520,457
Depreciation
At 1 February 2025	230,648	154,891	25,044	410,583
Charge for the year	24,551	15,428	17,274	57,253
Eliminated on disposal	-	-	(29,219)	(29,219)
At 31 January 2026	255,199	170,319	13,099	438,617
Carrying amount
At 31 January 2026	972,969	41,705	67,166	1,081,840
At 31 January 2025	993,770	44,293	26,711	1,064,774

Included within the net book value of land and buildings above is £774,955 (2025 - £790,246) in respect of freehold land and buildings and £198,014 (2025- £203,524) in respect of long leashold land and buildings.

MEPS International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

5	Investment properties

	2026 £
At 1 February 2025 and 31 January 2026	90,000