Accounts filed on 31-03-2017
Accounts filed on 31-03-2017
Registered number: 05390655 | ||||||||
FOR THE YEAR ENDED 31 MARCH 2017 | ||||||||
Prepared By: | ||||||||
Willow Accounting & Consultancy | ||||||||
Chartered Certified Accountants | ||||||||
3a Springfield Road | ||||||||
Ashley Cross | ||||||||
Poole | ||||||||
Dorset | ||||||||
BH14 0LG |
Meridian Electrical Contracting Limited | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31 MARCH 2017 | ||||||||
DIRECTORS | ||||||||
REGISTERED OFFICE | ||||||||
Dorset | ||||||||
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 | ||||||||
Ashley Cross | ||||||||
Poole | ||||||||
Dorset | ||||||||
BH14 0LG |
Meridian Electrical Contracting Limited | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED31 MARCH 2017 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
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 | ||||||||||
2017 | 2016 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Intangible assets | 2 | |||||||||
Tangible assets | 3 | |||||||||
CURRENT ASSETS | ||||||||||
Stock | 85,654 | 58,941 | ||||||||
Debtors | 5 | 811,896 | 764,363 | |||||||
Cash at bank and in hand | ||||||||||
1,565,599 | 1,320,926 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | 1,252,070 | 1,316,624 | |||||||
NET CURRENT ASSETS | 313,529 | 4,302 | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | 411,276 | 128,445 | ||||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 8 | - | 2,392 | |||||||
NET ASSETS | 411,276 | 126,053 | ||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 9 | 4 | 4 | |||||||
Profit and loss account | 411,272 | 126,049 | ||||||||
SHAREHOLDERS' FUNDS | 126,053 | |||||||||
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 | ||||||||||
............................. | ||||||||||
Director | ||||||||||
Meridian Electrical Contracting Limited | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31 MARCH 2017 | ||||||||||
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 | ||||||||
Short Leasehold Properties | reducing balance 20% | |||||||
Plant and Machinery | reducing balance 20% | |||||||
Fixtures and Fittings | reducing balance 20% | |||||||
Equipment | reducing balance 33% | |||||||
Motor Cars | reducing 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. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
1e. Foreign Currency | ||||||||
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of the exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at the historic cost in a foreign currency are not retranslated. |
Meridian Electrical Contracting Limited | ||||||||
1f. Goodwill | ||||||||
1g. 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 | ||||
Goodwill | Total | |||
£ | £ | |||
Cost | ||||
At 1 April 2016 | 34,000 | 34,000 | ||
At 31 March 2017 | 34,000 | 34,000 | ||
Depreciation | ||||
At 31 March 2017 | - | - | ||
Net Book Amounts | ||||
At 31 March 2017 | 34,000 | 34,000 | ||
At 31 March 2016 | ||||
Meridian Electrical Contracting Limited | ||||||||
3. TANGIBLE FIXED ASSETS | |||||||||||||
Short Leasehold | Plant and | Fixtures | |||||||||||
Properties | Machinery | and Fittings | Equipment | Motor Cars | Total | ||||||||
£ | £ | £ | £ | £ | £ | ||||||||
Cost | |||||||||||||
At 1 April 2016 | 9,241 | 6,121 | 5,549 | 19,048 | 144,768 | 184,727 | |||||||
Additions | - | - | - | 4,193 | - | 4,193 | |||||||
Disposals | - | - | - | - | (21,011) | (21,011) | |||||||
At 31 March 2017 | 9,241 | 6,121 | 5,549 | 23,241 | 123,757 | 167,909 | |||||||
Depreciation | |||||||||||||
At 1 April 2016 | 4,510 | 5,613 | 4,818 | 15,057 | 64,586 | 94,584 | |||||||
Disposals | - | - | - | - | (12,147) | (12,147) | |||||||
For the year | 946 | 102 | 146 | 2,701 | 17,830 | 21,725 | |||||||
At 31 March 2017 | 5,456 | 5,715 | 4,964 | 17,758 | 70,269 | 104,162 | |||||||
Net Book Amounts | |||||||||||||
At 31 March 2017 | 3,785 | ||||||||||||
At 31 March 2016 | 4,731 | ||||||||||||
Included in motor vehicles are assets held under finance agreements the net value of which is £31,856. Depreciation for the year on these assets amounted to £10,619. | |||||||||||||
4. STOCK | 2017 | 2016 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock | ||||||
Work in progress | ||||||
5. DEBTORS | 2017 | 2016 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 741,576 | 701,137 | ||||||
Salaries and wages control | 1,541 | 1,541 | ||||||
Other debtors | 150 | 46 | ||||||
Amounts due from group companies | 53,949 | 56,799 | ||||||
Prepayments | 5,618 | 4,839 | ||||||
Vehicle lease control | 7,250 | - | ||||||
Directors current account | 1 | 1 | ||||||
810,085 | 764,363 | |||||||
Meridian Electrical Contracting Limited | ||||||||
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2017 | 2016 | |||||||
£ | £ | |||||||
UK corporation tax | 154,698 | 114,336 | ||||||
VAT | 77,438 | 112,560 | ||||||
PAYE control | 30,298 | 20,774 | ||||||
Directors current account | 336,459 | 499,258 | ||||||
Directors current account | 39,397 | 99,397 | ||||||
Credit card | 4,266 | 1,208 | ||||||
Hire purchase | 26,302 | 30,855 | ||||||
Trade creditors | 451,089 | 308,681 | ||||||
Other creditors | 125,798 | 126,230 | ||||||
Accruals | 6,325 | 3,325 | ||||||
1,252,070 | 1,316,624 | |||||||
7. EMPLOYEES | ||||||
2017 | 2016 | |||||
No. | No. | |||||
Average number of employees | 10 | 10 | ||||
8. PROVISIONS FOR LIABILITIES | 2017 | 2016 | ||||||
£ | £ | |||||||
Deferred taxation | - | 2,392 | ||||||
- | 2,392 | |||||||
9. SHARE CAPITAL | 2017 | 2016 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
2 | 2 | |||||||
2 | 2 | |||||||
4 | 4 | |||||||
Meridian Electrical Contracting Limited | ||||||||
10. OTHER FINANCIAL COMMITMENTS | ||||||||
At 31 March 2017 the company was committed to making the following payments under non-cancellable operating leases: | ||||||||
2017 | 2016 | |||||||
£ | £ | |||||||
Operating Leases which expire: | ||||||||
Within one year | 4,537 | - | ||||||
Within two to five years | 8,183 | - | ||||||
After 5 years | 25,000 | - | ||||||
11. CONTROLLING PARTY | ||||||||
The company is controlled by two of the directors with no individual director having overall control. | ||||||||