MERIDIAN LEGAL SYSTEMS LIMITED
MERIDIAN LEGAL SYSTEMS LIMITED
Registered number: 03015637
Unaudited Financial Statements
For The Year Ended
31 December 2020
Brooks & Partners Accountants Ltd
MERIDIAN LEGAL SYSTEMS LIMITED
Unaudited Financial Statements
For The Year Ended
31 December 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—6 |
MERIDIAN LEGAL SYSTEMS LIMITED
Statement of Financial Position
As at
31 December 2020
Statement of Financial Position
Registered number:
03015637
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 473,539 | 379,670 | |||
Page 1
MERIDIAN LEGAL SYSTEMS LIMITED
Statement of Financial Position (continued)
As at
31 December 2020
Directors' responsibilities:
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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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
MERIDIAN LEGAL SYSTEMS LIMITED
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has been invoiced for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Fixtures & Fittings |
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1.4.
Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
1.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
MERIDIAN LEGAL SYSTEMS LIMITED
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
1.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
1.9.
Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 4 (2019: 5)
Page 4
MERIDIAN LEGAL SYSTEMS LIMITED
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
4.
Tangible Assets
| Plant & Machinery | Fixtures & Fittings | Total | |
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| Cost | |||
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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5.
Stocks
| 2020 | 2019 | ||
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| £ | £ | ||
| Stock - materials |
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6.
Debtors
| 2020 | 2019 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other taxes and social security | - |
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| Net wages | 99 | - | |
| Amounts owed by group undertakings |
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| Due after more than one year | |||
| Amounts owed by group undertakings |
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Page 5
MERIDIAN LEGAL SYSTEMS LIMITED
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
7.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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9.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | Other | |||
|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Within 1 year | 2,220 | - | - | - |
| Between 1 and 5 years | - | 12,580 | 7,218 | 11,154 |
| 2,220 | 12,580 | 7,218 | 11,154 | |
10.
Pension Commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £263 (2019: £596) were due to the fund. They are included in Other Creditors.
11.
Related Party Transactions
At the year end there was £477,161 (2019: £393,424) owing from the parent company.
£361,379 (2019: £361,379) is a long term loan which is unsecured, interest free and repayable only as advised by the group board of directors.
£115,782 (2019: £32,045) is owed by the parent company and is unsecured, interest free and repayable on demand.
12.
General Information
MERIDIAN LEGAL SYSTEMS LIMITED
is a private company, limited by shares, incorporated in England & Wales, registered number
03015637
. The registered office is 39 High Street, Stamford, Lincolnshire, PE9 2BB.
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