Mead Units Limited - Period Ending 2022-02-28

Mead Units Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Mead Units Limited

Company Information

Directors

Miss Kelly Parker Mr Paul Roger Parker

Registered office

Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Mead Units Limited

Balance Sheet

28 February 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	56,770	60,320
Current assets
Debtors	5	6,145	7,499
Cash at bank and in hand		179,422	110,446
		185,567	117,945
Creditors: Amounts falling due within one year	6	(79,012)	(62,542)
Net current assets		106,555	55,403
Total assets less current liabilities		163,325	115,723
Provisions for liabilities		(9,354)	(6,974)
Net assets		153,971	108,749
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		153,871	108,649
Shareholders' funds		153,971	108,749

Mead Units Limited

Balance Sheet

28 February 2022

For the financial year ending 28 February 2022 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 prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 November 2022 and signed on its behalf by:
 

......................................... Miss Kelly Parker Director

......................................... Mr Paul Roger Parker Director

Company Registration Number: 11697868

Mead Units Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

These financial statements were authorised for issue by the Board on 30 November 2022.

2	Accounting policies

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.

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.

Revenue recognition

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

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.

Government grants

Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged

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.

Mead Units Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2022

The current corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Other property, plant and equipment	5% straight line
Furniture, fittings and equipment	10% straight line

Mead Units Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2022

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

The amount of grants recognised in the financial statements was £nil (2021 - £10,000).
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

Mead Units Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2022

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment £	Total £
Cost or valuation
At 1 March 2021	2,699	65,609	68,308
At 28 February 2022	2,699	65,609	68,308
Depreciation
At 1 March 2021	607	7,381	7,988
Charge for the year	270	3,280	3,550
At 28 February 2022	877	10,661	11,538
Carrying amount
At 28 February 2022	1,822	54,948	56,770
At 28 February 2021	2,092	58,228	60,320

5

Debtors

Current	2022 £	2021 £
Trade debtors	5,470	1,000
Other debtors	675	6,499
	6,145	7,499

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Corporation tax	35,109	21,327
Accruals	2,303	2,640
Other creditors	41,600	38,575
	79,012	62,542

Mead Units Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2022

7	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100