Accounts filed on 31-03-2018

Accounts filed on 31-03-2018

MERIDIAN ELECTRICAL CONTRACTING LIMITED - Company Information

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Registered number: 05390655
Meridian Electrical Contracting Limited
ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2018
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 2018
DIRECTORS
Richard Wayles
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 2018
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 2018
20182017
Notes££
FIXED ASSETS
Intangible assets234,00034,000
Tangible assets3129,83463,747
163,83497,747
CURRENT ASSETS
Stock92,51985,654
Debtors5358,388811,896
Cash at bank and in hand1,025,504668,049
1,476,4111,565,599
CREDITORS: Amounts falling due within one year6943,2211,252,070
NET CURRENT ASSETS533,190313,529
TOTAL ASSETS LESS CURRENT LIABILITIES697,024411,276
PROVISIONS FOR LIABILITIES AND CHARGES85,888-
NET ASSETS691,136411,276
CAPITAL AND RESERVES
Called up share capital944
Profit and loss account691,132411,272
SHAREHOLDERS' FUNDS691,136411,276
For the year ending 31 March 2018 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 22 October 2018 and signed on their behalf by
.............................
Ian Jordan
Director
Meridian Electrical Contracting Limited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2018
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 it inappropriate to amortise goodwill in light of recent results. Goodwill is reviewed annually for impairment if events or changes in circumstances indicate that the 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 201734,00034,000
At 31 March 201834,00034,000
Depreciation
At 31 March 2018--
Net Book Amounts
At 31 March 201834,00034,000
At 31 March 201734,00034,000
3. TANGIBLE FIXED ASSETS
Short LeaseholdPlant andFixtures
PropertiesMachineryand FittingsEquipmentMotor CarsTotal
££££££
Cost
At 1 April 20179,2416,1215,54923,241123,758167,910
Additions---3,263109,879113,142
Disposals----(10,000)(10,000)
At 31 March 20189,2416,1215,54926,504223,637271,052
Depreciation
At 1 April 20175,4565,7154,96417,75870,269104,162
Disposals----(6,836)(6,836)
For the year757811172,88640,05143,892
At 31 March 20186,2135,7965,08120,644103,484141,218
Net Book Amounts
At 31 March 20183,0283254685,860120,153129,834
At 31 March 20173,7854065855,48353,48963,748
Meridian Electrical Contracting Limited
4. STOCK 20182017
££
Stock comprises:
Stock2,0002,000
Work in progress90,51983,654
92,51985,654
5. DEBTORS 20182017
££
Amounts falling due within one year
Trade debtors310,764741,576
Salaries and wages control1,5741,541
Other debtors125150
Amounts due from group companies27,34153,949
Prepayments13,5885,618
Vehicle lease control4,9967,250
Directors current account-1
358,388810,085
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20182017
££
UK corporation tax146,774154,698
VAT119,63177,438
PAYE control19,92730,298
Directors current account346,459336,459
Directors current account19739,397
Credit card1,7944,266
Hire purchase-26,302
Trade creditors178,856451,089
Other creditors125,798125,798
Pension schemes385-
Accruals3,4006,325
943,2211,252,070
Meridian Electrical Contracting Limited
7. EMPLOYEES
20182017
No.No.
Average number of employees1010
8. PROVISIONS FOR LIABILITIES 20182017
££
Deferred taxation5,888-
5,888-
9. SHARE CAPITAL 20182017
££
Allotted, issued and fully paid:
2 Ordinary shares of £1 each22
2 Class B shares of £1 each22
44
10. OTHER FINANCIAL COMMITMENTS
At 31 March 2018 the company was committed to making the following payments under non-cancellable operating leases:
20182017
££
Operating Leases which expire:
Within one year-4,537
Within two to five years30,6168,183
After 5 years-25,000
11. CONTROLLING PARTY
The company is controlled by two of the directors with no individual director having overall control.
Meridian Electrical Contracting Limited
12. RELATED PARTY TRANSACTIONS
Included in debtors are amounts due from two entities under the control of two of the directors of the company. Balances at 31 March 2018 represent loans from the company to the other entities and are as follows:
Meridian Mechanical Services (UK) Limited £8,384
Meridian Shopfitting Limited £18,998