Merit Frames Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09613892

Unaudited Financial Statements for the Year Ended 31 May 2018

for

Merit Frames Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

V L Phillips

Mrs K A Phillips

REGISTERED OFFICE:

Glascoed

Bryn Derwen Road

Ammanford

Carmarthenshire

SA18 2DE

REGISTERED NUMBER:

09613892

ACCOUNTANTS:

Norton Accountancy Ltd

7 Soundwell Road

Staple Hill

Bristol

BS16 4QG

FIXED ASSETS

Tangible assets

4

8,038

10,609

CURRENT ASSETS

Debtors

5

22,497

27,963

Cash at bank

7,419

4,973

29,916

32,936

CREDITORS

Amounts falling due within one year

6

7,698

8,683

NET CURRENT ASSETS

22,218

24,253

TOTAL ASSETS LESS CURRENT LIABILITIES

30,256

34,862

CREDITORS

Amounts falling due after more than one year

7

15,422

26,931

NET ASSETS

14,834

7,931

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

14,734

7,831

SHAREHOLDERS' FUNDS

14,834

7,931

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 February 2019 and were signed on its behalf by:

V L Phillips - Director

1.	STATUTORY INFORMATION

Merit Frames Ltd is a private company, limited by shares , registered in Not specified/Other. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 June 2017

and 31 May 2018

2,317

11,995

14,312

DEPRECIATION

At 1 June 2017

704

2,999

3,703

Charge for year

322

2,249

2,571

At 31 May 2018

1,026

5,248

6,274

NET BOOK VALUE

At 31 May 2018

1,291

6,747

8,038

At 31 May 2017

1,613

8,996

10,609

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Trade debtors

4,980

2,400

Other debtors

17,517

25,563

22,497

27,963

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Trade creditors

784

1,410

Taxation and social security

6,914

7,273

7,698

8,683

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.18

31.5.17

£

£

Other creditors

15,422

26,931