Accounts filed on 31-03-2019

Accounts filed on 31-03-2019

MERIDIAN ELECTRICAL CONTRACTING LIMITED - Company Information

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Registered number: 05390655
Meridian Electrical Contracting Limited
ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2019
Prepared By:
Willow Accounting & Consultancy
Chartered Certified Accountants
3a Springfield Road
Poole
Dorset
BH14 0LG
Meridian Electrical Contracting Limited
ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2019
DIRECTORS
Richard Wayles
Adrian Carl Flude
Joseph Luke Tarrant
Ian Jordan
REGISTERED OFFICE
3a Springfield Road
Ashley Cross
Poole
Dorset
BH14 0LG
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 05390655
ACCOUNTANTS
Willow Accounting & Consultancy
Chartered Certified Accountants
3a Springfield Road
Poole
Dorset
BH14 0LG
Meridian Electrical Contracting Limited
ACCOUNTS
FOR THEYEARENDED31 MARCH 2019
CONTENTS
Page
Directors' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
Meridian Electrical Contracting Limited
BALANCE SHEET AT 31 March 2019
20192018
Notes££
FIXED ASSETS
Intangible assets230,60034,000
Tangible assets3109,529129,833
140,129163,833
CURRENT ASSETS
Stock74,80492,519
Debtors51,075,063358,390
Cash at bank and in hand969,4401,025,504
2,119,3071,476,413
CREDITORS: Amounts falling due within one year61,352,964943,222
NET CURRENT ASSETS766,343533,191
TOTAL ASSETS LESS CURRENT LIABILITIES906,472697,024
PROVISIONS FOR LIABILITIES AND CHARGES88,3255,888
NET ASSETS898,147691,136
CAPITAL AND RESERVES
Called up share capital933
Profit and loss account898,144691,133
SHAREHOLDERS' FUNDS898,147691,136
For the year ending 31 March 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 2 December 2019 and signed on their behalf by
.............................
Richard Wayles
Director
Meridian Electrical Contracting Limited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2019
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Short Leasehold Propertiesreducing balance 20%
Plant and Machineryreducing balance 20%
Fixtures and Fittingsreducing balance 20%
Equipmentreducing balance 33%
Motor Carsreducing balance 25%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
1e. Goodwill
Goodwill arising in connection with the acquisition of the business has been capitalised. The directors believe that goodwill should be amortisted over 10 years. Goodwill is reviewed annually for impairment if events or changes in circumstances indicate that the net carrying value may not be recoverable.
Meridian Electrical Contracting Limited
1f. Leases
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.
2. INTANGIBLE FIXED ASSETS
Purchased
GoodwillTotal
££
Cost
At 1 April 201834,00034,000
At 31 March 201934,00034,000
Depreciation
For the year3,4003,400
At 31 March 20193,4003,400
Net Book Amounts
At 31 March 201930,60030,600
At 31 March 201834,00034,000
3. TANGIBLE FIXED ASSETS
Short LeaseholdPlant andFixtures
PropertiesMachineryand FittingsEquipmentMotor CarsTotal
££££££
Cost
At 1 April 20189,2416,1215,54926,504223,636271,051
Additions---5,60336,02641,629
Disposals----(65,839)(65,839)
At 31 March 20199,2416,1215,54932,107193,823246,841
Depreciation
At 1 April 20186,2135,7965,08120,644103,484141,218
Disposals----(41,385)(41,385)
For the year60665943,78332,93137,479
At 31 March 20196,8195,8615,17524,42795,030137,312
Net Book Amounts
At 31 March 20192,4222603747,68098,793109,529
At 31 March 20183,0283254685,860120,152129,833
Meridian Electrical Contracting Limited
4. STOCK 20192018
££
Stock comprises:
Stock2,0002,000
Work in progress72,80490,519
74,80492,519
5. DEBTORS 20192018
££
Amounts falling due within one year
Trade debtors1,058,810310,766
Salaries and wages control-1,574
Other debtors-125
Amounts due from group companies-27,341
Prepayments13,51013,588
Vehicle lease control2,7434,996
1,075,063358,390
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20192018
££
UK corporation tax122,449146,774
VAT114,357119,631
PAYE control35,46619,927
Directors current account395,660346,459
Directors current account198198
Credit card3,1621,794
Trade creditors541,098178,856
Other creditors131,797125,798
Pension schemes977385
Accruals7,8003,400
1,352,964943,222
7. EMPLOYEES
20192018
No.No.
Average number of employees1210
Meridian Electrical Contracting Limited
8. PROVISIONS FOR LIABILITIES 20192018
££
Deferred taxation8,3255,888
8,3255,888
9. SHARE CAPITAL 20192018
££
Allotted, issued and fully paid:
200 Ordinary shares of £0.01 each22
100 Class B shares of £0.01 each11
33
10. OTHER FINANCIAL COMMITMENTS
At 31 March 2019 the company was committed to making the following payments under non-cancellable operating leases:
20192018
££
Operating Leases which expire:
Within one year4,887-
Within two to five years28,64430,616
11. CONTROLLING PARTY
During the year the company was controlled by two of the directors with no individual director having overall control.