Celtic MEP Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04772983 (England and Wales)

Celtic MEP Limited

Unaudited Financial Statements for the Year Ended 28 May 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

D L Powell

Registered office:

Coed Y Gaer

Hendre

Pencoed

Bridgend

CF35 6RA

Registered number:

04772983 (England and Wales)

Accountants:

Haines Watts Wales LLP

7 Neptune Court

Vanguard Way

Cardiff

CF24 5PJ

Fixed assets

Tangible assets

4

307,656

245,123

Current assets

Stocks

55,366

36,768

Debtors

5

598,522

400,288

Prepayments and accrued income

22,128

10,846

Cash at bank and in hand

190,376

290,050

866,392

737,952

Creditors

Amounts falling due within one year

6

(587,477

)

(453,305

)

Net current assets

278,915

284,647

Total assets less current liabilities

586,571

529,770

Creditors

Amounts falling due after more than one year

7

(429,105

)

(477,452

)

Net assets

157,466

52,318

Capital and reserves

Called up share capital

1

1

Retained earnings

157,465

52,317

157,466

52,318

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 May 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 28 February 2022 and were signed by:

D L Powell - Director

1.	Statutory information

Celtic MEP 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.

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 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 the cost less estimated residual value of each asset over its estimated useful life.

Freehold Land & Buildings - 2% on reducing balance

Motor Vehicles - 25% on reducing balance

Plant & Machinery - 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Transfer of assets and liabilities

The assets and liabilities of a related entity held by common control were transferred into Celtic Celtic MEP Limited on 1st May 2020.

Government grant

Government grants relate to income received from the UK Government to support the business during the COVID-19 pandemic. This includes the COVID-19 Job Retention Scheme and Grant from Bridgend Council.

3.	Employees and directors

The average number of employees during the year was 23 (2020 - 17 ) .

4.	Tangible fixed assets

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Cost

At 29 May 2020

249,820

-

14,507

10,184

274,511

Additions

6,628

8,783

3,999

57,771

77,181

At 28 May 2021

256,448

8,783

18,506

67,955

351,692

Depreciation

At 29 May 2020

9,993

-

12,265

7,130

29,388

Charge for year

5,017

149

560

8,922

14,648

At 28 May 2021

15,010

149

12,825

16,052

44,036

Net book value

At 28 May 2021

241,438

8,634

5,681

51,903

307,656

At 28 May 2020

239,827

-

2,242

3,054

245,123

The net carrying value of tangible fixed assets include the following in respect of assets held under asset purchase agreements:

2021

2020

£

£

Motor vehicles

38,605

0

5.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

316,138

214,227

Amounts owed by group undertakings

30,575

28,431

Amounts recoverable on contract

183,512

98,833

Other debtors

68,297

58,797

598,522

400,288

6.

Creditors: amounts falling due within one year

2021

2020

£

£

Bank loans and overdrafts

134,421

49,644

Hire purchase contracts

13,080

-

Trade creditors

349,987

121,164

Taxation and social security

29,112

105,187

Other creditors

60,877

177,310

587,477

453,305

7.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Bank loans

374,207

431,145

Hire purchase contracts

24,600

-

Other creditors

30,298

46,307

429,105

477,452

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

106,762

161,145

8.	Secured debts

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdraft

86,699

-

Bank loans

421,929

-

Other loans

46,307

-

554,935

-

The company has bank loans and an overdraft with Lloyds Bank PLC, which are secured by a fixed and floating charge over the company's assets dated 29 March 2018 and a mortgage deed dated 19 April 2018.

The company has bank loans and an overdraft with Development Bank of Wales, which are secured by a fixed and floating charge over the company's assets dated 16 July 2019 and 3 March 2020.

The Bounce Back Loan Scheme is one of a number of government-backed lending schemes designed to support businesses affected by COVID-19.