Company Registration No. 01585431 (England and Wales)
Meritplan Limited
Unaudited accounts
for the year ended 30 November 2022
Meritplan Limited
Unaudited accounts
Contents
Meritplan Limited
Statement of financial position
as at 30 November 2022
Tangible assets
134,253
137,017
Cash at bank and in hand
94,845
116,299
Creditors: amounts falling due within one year
(389,593)
(411,340)
Net current liabilities
(95,127)
(44,012)
Total assets less current liabilities
134,126
188,005
Provisions for liabilities
Deferred tax
(2,924)
(3,089)
Net assets
131,202
184,916
Called up share capital
100
100
Profit and loss account
131,102
184,816
Shareholders' funds
131,202
184,916
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2023 and were signed on its behalf by
Mahesh Vallabhbhai PATEL
Director
Company Registration No. 01585431
Meritplan Limited
Notes to the Accounts
for the year ended 30 November 2022
Meritplan Limited is a private company, limited by shares, registered in England and Wales, registration number 01585431. The registered office is 122 Charles Street, Leicester, LE1 1LB, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% reducing balance
Fixtures & fittings
10% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Meritplan Limited
Notes to the Accounts
for the year ended 30 November 2022
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 December 2021
118,861
107,645
28,215
254,721
Disposals
-
-
(28,215)
(28,215)
At 30 November 2022
118,861
107,645
-
226,506
At 1 December 2021
-
90,543
27,161
117,704
Charge for the year
-
1,710
-
1,710
On disposals
-
-
(27,161)
(27,161)
At 30 November 2022
-
92,253
-
92,253
At 30 November 2022
118,861
15,392
-
134,253
At 30 November 2021
118,861
17,102
1,054
137,017
5
Investments
Other investments
Valuation at 1 December 2021
95,000
Valuation at 30 November 2022
95,000
Amounts falling due within one year
Trade debtors
96,064
148,239
Other debtors
31,660
24,681
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Creditors: amounts falling due within one year
2022
2021
Trade creditors
134,102
134,064
Taxes and social security
18,583
32,829
Other creditors
236,831
244,447
Meritplan Limited
Notes to the Accounts
for the year ended 30 November 2022
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Operating lease commitments
2022
2021
At 30 November 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
8,800
8,800
10
Average number of employees
During the year the average number of employees was 17 (2021: 17).
