ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
For the year ended
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Meyer Group Limited
Company Information
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Meyer Group Limited
Contents
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Meyer Group Limited
Group Strategic Report
For the year ended 31 December 2021
The directors present their Group Strategic Report for the year ended 31 December 2021.
The financial year 2021 saw an increase in turnover of £2.45m over the trading period. This resulted in a gross profit improvement of £1.48m year on year. In spite of the uncertainty and fluctuating restrictions imposed by the government our core kitchenware categories were in demand from consumers as home cooking grew while restaurants were closed in first half of 2021 and working from home guidance was issued. The long running Brexit and Covid impact uncertainty continued throughout the year which negatively impacted currency to a certain degree but overall the business saw an improvement in its loss before tax of £388k.
We will continue to accelerate our investments in our digital sales channels to maximise our returns from the new consumer shopping behaviour, while maintaining our focus on continued product innovation, developing new business opportunities and an efficient supply chain. The business has all so invested in a new ERP solution to offer greater flexibility in our supply chain and customer experience, The Covid-19 economy has changed consumers behaviour moving towards more of a hybrid working model. Our business has experienced more consumers cooking from home leading to a consistent stable market demand for home products, Brexit impact has started to stabilise within the UK Economy and our customer and supply base has continued to adapt accordingly to a new normality of trade, the business is exploring new operational structures to develop and grow its EU client base in 2022. Towards the end of 2020 and through 2021 we saw significant increases in raw material costs and freight rate increases from Asia. Whilst freight rates have stabilised in 2022, the raw material impact of the Ukraine crisis will continue to impact commodity and material prices. We shall be endeavouring to maintain our gross margin % by passing on these cost price increases and looking at new ways to reduce cost from our supply chain. The investments made in recent years along with operational efficiency gains will enable the group to grow its revenues and meet the unique challenges of the post Covid-19 business environment. Business is showing a strong stable order book in 2022 and expect a positive trading performance in the trading year.
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Meyer Group Limited
Group Strategic Report (continued)
For the year ended 31 December 2021
The group's predominant objective is to achieve a sustainable rate of growth consistent with providing the best in customer service.
The four key elements to the group's strategy for growth are: • Building upon the company’s unique ability to deliver industry leading product innovation • Enabling consumers to shop at their convenience via an omni channel approach • Investing in and leveraging our brand assets for profit margin growth • Operational efficiency for best in category customer service Building upon the company’s unique ability to deliver industry leading product innovation In 2020 we successfully launched the first Eco friendly plant based non-stick cookware range under our Prestige brand. Enabling consumers to shop at their convenience via an omni channel approach Our digital sales channels almost doubled in revenue due to the pre and post pandemic investments made. Investing in and leveraging our brand assets for profit margin growth Our Circulon brand leads the UK market in the premium non-stick cookware sector. Operational efficiency for best in category customer service Bulk trade shipments and direct to consumer order volume grew significantly underpinned by a Covid safe UK warehouse operation.
Management recognises that the implementation of the group's strategies are subject to a number of risks. These include:
Government policy: How it will affect exchange rates, inflation, VAT and interest rates and consequent impact on the cost of goods and the buying power of the consumer. Competition: The group operates in a highly competitive market. In order to mitigate risk, the group recognises that consistency of quality, a priority to service our customers effectively and building long term relationships will enable us to be differentiated from our competitors. Employees: The group recognises the importance of retaining good staff with the right experience and there is always a risk that key staff decide to resign. To mitigate this risk the company places strong emphasis on good employee relations. The group also offers its employees excellent benefits and endeavours to maintain a positive and rewarding workplace environment.
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Meyer Group Limited
Group Strategic Report (continued)
For the year ended 31 December 2021
The group has a number of KPIs which are measured at different levels within the organisation. The Board measures:
Gross margin (%)
Department managers have a range of KPIs which include:
Debtor days outstanding Order fulfilment (%) Stock levels Lost sales levels Open to buy targets Project completions Budgetary control Quality issues Computer support levels Stock cycle count accuracy Deadlines achieved Increase in the number of website visits Creation of new product database with global website links Improvement in the efficiency of dealing with returned products
This report was approved by the board and signed on its behalf.
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Meyer Group Limited
Directors' Report
For the year ended 31 December 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation and minority interests, amounted to £1,448,000 (2020 - loss £1,544,000).
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
Details of the Group's future developments are included in the Group Strategic Report.
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Meyer Group Limited
Directors' Report (continued)
For the year ended 31 December 2021
The group uses various financial instruments including loans and cash, as well as various items such as trade debtors and trade creditors arising from its operations. The main purpose of these financial instruments is to raise finance for the group's operations.
The main risks arising from the group's financial instruments are market risk, cash flow risk, interest rate risk, credit risk, liquidity risk and exchange rate risk. The directors review and agree policies for managing each of these risks and these policies have remained unchanged from previous years. Qualifying third party indemnity provisions During the financial year, a qualifying third party indemnity provision for the benefit of the directors was in force.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Meyer Group Limited
Independent Auditors' Report to the Members of Meyer Group Limited
We have audited the financial statements of Meyer Group Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2021, which comprise the Group statement of comprehensive income, the Group and company balance sheets, the Group statement of cash flows, the Group and company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Meyer Group Limited
Independent Auditors' Report to the Members of Meyer Group Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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Meyer Group Limited
Independent Auditors' Report to the Members of Meyer Group Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙Enquiring of local management and parent company management, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to:
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected of alleged fraud; - The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
∙Obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or those that had a fundamental effect on the operations of the Company, including General Data Protection requirements, anti-bribery and corruption policies and the Coronavirus job retention scheme.
Our procedures to respond to risk identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
∙Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities;
∙Enquiring of management concerning actual and potential litigation and claims;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
∙Reading minutes of meetings of those charged with governance, reviewing internal audit reports and correspondence with regulators.
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Meyer Group Limited
Independent Auditors' Report to the Members of Meyer Group Limited (continued)
We have also considered the risks noted above in addressing the risk of fraud through management override of controls:
∙Testing the appropriateness of journal entries and other adjustments;
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Lancashire Gate
21 Tiviot Dale
SK1 1TD
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Meyer Group Limited
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2021
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Meyer Group Limited
Registered number: 01443669
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 42 form part of these financial statements.
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Meyer Group Limited
Registered number: 01443669
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 42 form part of these financial statements.
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Meyer Group Limited
Consolidated Statement of Changes in Equity
For the year ended 31 December 2021
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Meyer Group Limited
Consolidated Statement of Changes in Equity
For the year ended 31 December 2020
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Meyer Group Limited
Company Statement of Changes in Equity
For the year ended 31 December 2021
Company Statement of Changes in Equity
For the year ended 31 December 2020
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Meyer Group Limited
Consolidated Statement of Cash Flows
For the year ended 31 December 2021
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Meyer Group Limited
Consolidated Analysis of Net Debt
For the year ended 31 December 2021
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Meyer Group Limited is a private company limited by shares and incorporated in England. The address of the registered office and principal place of business is Wirral International Business Park, Riverview Road, Bromborough, Wirral, CH62 3RH. The company's registered number is 01443669.
The nature of the group's and company's operation and its principal activity consists of the importation of cookware, bakeware, pressure cookers, kitchen gadgets, knives and kitchen appliances for sale in the UK and Europe. During the year, the trade and assets of JWP Limited, a wholly owned subsidiary were hived up into Meyer Group Limited.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.
The financial statements are presented in Sterling (£).
Amounts presented in the financial statements are rounded to the nearest thousand, unless otherwise stated.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
2.Accounting policies (continued)
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- The requirement of Section 7 Statement of Cash Flows; - The requirement of Section 3 Financial Statement Presentation paragraph 3.17 (d). The company's information is included in the consolidated financial statements.
The consolidated financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the directors have reached their conclusion.
At 31 December 2021, the Group had net current assets of £6,064,000 (2020: net current liabilities £2,462,000) and a deficit on the profit and loss account of £16,215,000 (2020: £14,670,000). The Company had net current assets of £4,395,000 (2020: net current liabilities £4,160,000) and a deficit on the profit and loss account of £17,052,000 (2020: £14,637,000). The Group and Company rely on support from the parent company and the wider group to trade. The directors have received formal confirmation that the parent company, Meyer International Holdings, will continue to provide financial support. Creditors falling due within one year include Amounts owed to Group undertakings by the Company totalling £12,611,000 (2020: £6,838,000). The directors of the parent company have agreed to guarantee the amounts payable by the Company to the Group for the period to June 2023. Included within creditors are bank loans totalling £9,803,000. The directors of the parent company have agreed to guarantee repayment of the bank loans. The Group currently meets its working capital requirements through its cash balances, bank funding and support from the parent company. Based on management's revised forecasts and projections, the directors believe the Company and Group have sufficient facilities to trade through the next 12 month period. Accordingly, the directors believe it is appropriate to prepare the consolidated financial statements to 31 December 2021 on a going concern basis and there will be no adverse impact on solvency for more than 12 months after the date of approval of the financial statements.
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is provided on the following basis:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of comprehensive income. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
2.Accounting policies (continued)
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
2.Accounting policies (continued)
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Functional and presentation currency
Transactions and balances
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
2.Accounting policies (continued)
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Provision for obsolete and slow moving stocks The company reviews its stocks to assess loss on account of obsolescence on a regular basis. In determining whether provision for obsolescence should be recorded in the profit or loss, the company makes judgements as to whether there is any observable data indicating that there is any future saleability of the product and the estimated net realisable value for such product. Accordingly, provision for impairment is made where the net realisable value is less than the cost based on estimates by the management. The provision for slow-moving stock is based on the ageing and historical sales pattern. At the year end, stock held by the group totalled £11,899,000 (2020: £9,316,000). Investments in subsidiaries Management assess at each reporting date whether there is an indication that investments in each subsidiary are impaired. If any such indication exists, management shall estimate the recoverable amount of the asset and any impairment loss shall be recognised immediately in the Statement of Comprehensive Income. At the year end, investments in subsidiaries held by the company totalled £2,250,000 (2020: £4,143,000). Goodwill During the year, the trade and assets of JWP Limited, a wholly owned subsidiary, were hived up into Meyer Group Limited. As a result, goodwill totalling £1,275,000 was recognised as an intangible asset. As JWP Limited had been acquired a number of years ago, an amortisation charge has been recognised totalling £647,000 to take into account the useful economic life that has already elapsed from the date of acquisition to the balance sheet date. Management assess at each reporting date whether there is an indication that goodwill is impaired. If any such indication exists, management shall estimate the amount of the impairment and any impairment loss shall be recognised immediately in the Statement of Comprehensive Income. At the year end, goodwill held by the Company totalled £628,000 (2020: £nil). At the year end, goodwill held by the Group totalled £1,148,000 (2020: £1,262,000). Other estimates and judgements Management of the company also exercises significant judgement in estimating the useful life of tangible fixed assets. Should these estimates vary, the profit or loss and balance sheet of the following years could be significantly impacted.
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Analysis of turnover by country of destination:
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 29
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
11.Taxation (continued)
The main rate of corporation tax is due to increase to 25% in the tax year commencing 1 April 2023 for companies where profits exceed £250,000. A tapered rate will be introduced for profits above £50,000 up to £250,000 limit.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. The loss after tax of the parent company for the year was £
The loss after tax for the year for the parent company was after the recognition of amortisation as a result of the hive up of JWP limited, a wholly owned subsidiary, during the year (see note 13 for full details).
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
13.Intangible assets (continued)
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
One freehold property held in the Company was valued on 9 November 2020 on a market value with vacant possession basis by Nick Ogden, MRICS, a RICS Registered Valuer, Knight Frank. The property was valued at £11,000,000. The directors believe that there has not been a material change in the value of these assets between the year end and the valuation date.
Another freehold property in the Group was valued on 30 April 2021 by the Directors of the Company. The property was valued at €1,955,000. The directors believe that there has not been a material change in the value of these assets between the year end and the valuation date.
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
14.Tangible fixed assets (continued)
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
14.Tangible fixed assets (continued)
The freehold property held in the Company was valued on 9 November 2020 on a market value with vacant possession basis by Nick Ogden, MRICS, a RICS Registered Valuer, Knight Frank. The property was revalued at £11,000,000. The directors believe that there has not been a material change in the value of these assets between the year end and the valuation date.
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 37
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Bank loans and bank overdrafts are secured by a full parental guarantee.
Bank loans and bank overdrafts are also secured by debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future.
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Revaluation reserve
Profit and loss account
The group has a composite facility and on 16 July 2018, the company entered into a debenture . As a result, the company may be held responsible for the liabilities of other group companies which at 31 December 2021 totalled £nil (2020: £1,000,000).
There is also a company guarantee dated 25 June 2018 in favour of HMRC, Central Deferment Office for £200,000.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £169,000 (2020: £210,000). Contributions totalling £nil (2020: £2,000) were payable to the fund at the balance sheet date.
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Meyer Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Advances subsisted to two directors during the year:
A director had advances totalling £1,249 (2020: £2,916) at the beginning of the year. Amounts advanced during the period totalled £nil (2020: £nil) and amounts repaid totalled £1,249 (2020: £1,667). The maximum amount outstanding during the period was £1,249 (2020: £2,916) and the balance outstanding at the year end was £nil (2020: £1,249). The balance is repayable on demand. A second director had advances, totalling £4,086 (2020: £4,391) at the beginning of the year. Amounts advanced during the period totalled £nil (2020: £2,500) and amounts repaid totalled £4,086 (2020: £2,805). The maximum amount outstanding during the period was £4,086 (2020: £5,020) and the balance outstanding at the year end was £nil (2020: £4,086). The balance is repayable on demand. No interest is charged on the amounts outstanding.
The company's ultimate parent undertaking is Meyer International Holdings Limited, a company incorporated in the British Virgin Islands.
Meyer International Holdings Limited is the parent undertaking of both the largest and smallest group for which group accounts are drawn up and of which the company is a member.
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