Meridian Mortgages Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05955825 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

MERIDIAN MORTGAGES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr GE Bell

Mr DG Walton

SECRETARY:

Mr GE Bell

REGISTERED OFFICE:

68 Pullman Road

Wigston

Leicester

Leicestershire

LE18 2DB

REGISTERED NUMBER:

05955825 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

45,471

3,985

45,471

3,985

CURRENT ASSETS

Debtors

6

176,056

393,029

Cash at bank

343,800

183,882

519,856

576,911

CREDITORS

Amounts falling due within one year

7

60,332

219,319

NET CURRENT ASSETS

459,524

357,592

TOTAL ASSETS LESS CURRENT LIABILITIES

504,995

361,577

PROVISIONS FOR LIABILITIES

287

321

NET ASSETS

504,708

361,256

CAPITAL AND RESERVES

Called up share capital

131,000

131,000

Retained earnings

373,708

230,256

SHAREHOLDERS' FUNDS

504,708

361,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

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 17 December 2019 and were signed on its behalf by:

Mr GE Bell - Director

Mr DG Walton - Director

1.	STATUTORY INFORMATION

Meridian Mortgages Limited is a private company, limited by shares , registered in England and Wales. The

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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

TURNOVER

Turnover represents net invoiced sales of services, excluding value added tax.

Insurance income taken at the outset of the policy is charged directly to the profit and loss account, however in the

event of cancellation there is potential for claw back of the fees.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS

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

Short leasehold

-

Straight line over the period of lease

Plant and machinery

-

25% on cost

Fixtures and fittings

-

15% 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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

70,000

AMORTISATION

At 1 April 2018

and 31 March 2019

70,000

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2018

-

89,061

16,795

105,856

Additions

50,500

-

-

50,500

At 31 March 2019

50,500

89,061

16,795

156,356

DEPRECIATION

At 1 April 2018

-

89,061

12,810

101,871

Charge for year

8,417

-

597

9,014

At 31 March 2019

8,417

89,061

13,407

110,885

NET BOOK VALUE

At 31 March 2019

42,083

-

3,388

45,471

At 31 March 2018

-

-

3,985

3,985

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

176,056

393,029

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

982

3,000

Taxation and social security

35,756

45,542

Other creditors

23,594

170,777

60,332

219,319

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

39,200

39,200

Between one and five years

130,667

169,867

169,867

209,067

9.	RELATED PARTY DISCLOSURES

As at 31 March 2019, the company owed £2,353 (2018: 117,069) to Meridian New Homes Mortgages Limited, of

which Mr GE Bell and Mr DG Walton are directors and shareholders.

During the year the company incurred expenses on behalf of Meridian (Leicester) Limited totalling £4,858 (2018:

£4,850), of which Mr GE Bell and Mr DG Walton are directors and shareholders. As at the year end, the company

were owed £131,056 (2018: £331,114) from Meridian (Leicester) Limited.

10.	ULTIMATE CONTROLLING PARTY

The company is under the control of Mr GE Bell and Mr DG Walton, by virtue of their directorships and

shareholdings.