Merseygrid Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 04069448 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 30 September 2015

for

Merseygrid Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

8

DIRECTORS:

C Gilbertson

P H Ramsey

A P Procter

SECRETARY:

C Gilbertson

REGISTERED OFFICE:

Unit 1

Fairfield House

Binns Road

Liverpool

L7 9NG

REGISTERED NUMBER:

04069448 (England and Wales)

ACCOUNTANTS:

Jonathan Ford & Co Limited

Chartered Accountants

Maxwell House

Liverpool Innovation Park

Liverpool

Merseyside

L7 9NJ

FIXED ASSETS

Tangible assets

2

6,859

8,551

Investments

3

1

6,860

8,552

CURRENT ASSETS

Debtors

4

1,259,018

1,081,259

Cash at bank and in hand

622,346

619,713

1,881,364

1,700,972

CREDITORS

Amounts falling due within one year

691,311

583,020

NET CURRENT ASSETS

1,190,053

1,117,952

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,196,913

1,126,504

CREDITORS

Amounts falling due after more than
one year

(776,684

)

(653,046

)

PROVISIONS FOR LIABILITIES

(8,616

)

(2,420

)

NET ASSETS

411,613

471,038

CAPITAL AND RESERVES

Called up share capital

5

10,000

Share premium

8,030

Capital redemption reserve

26

Profit and loss account

393,557

452,982

SHAREHOLDERS' FUNDS

411,613

471,038

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 24 June 2016 and were signed
on its behalf by:

C Gilbertson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in

accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Preparation of consolidated financial statements

The financial statements contain information about Merseygrid Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The

company has taken the option under Section 398 of the Companies Act 2006 not to prepare

consolidated financial statements since it is a member of a small group.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting

Standard 8 Related Party Disclosures, not to disclose related party transactions with wholly

owned subsidiaries within the group.

Turnover

Turnover represents net invoiced sales of services and service contracts, excluding value

added tax. Services turnover is recognised when the company obtains the right to

consideration, which is when the service has been performed. In respect of service contracts,

turnover is recognised evenly over the duration of the contract.

Turnover also includes the element of work completed but not yet invoiced on service

contracts.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but

not reversed at the balance sheet date.

Operating leases

Operating lease rentals are charged to the profit and loss account in the period to which they

relate.

Pension costs

The company makes contributions into the personal pension schemes of its employees. The

contributions are recognised in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2014

and 30 September 2015

390,499

DEPRECIATION

At 1 October 2014

381,948

Charge for year

1,692

At 30 September 2015

383,640

NET BOOK VALUE

At 30 September 2015

6,859

At 30 September 2014

8,551

3.	FIXED ASSET INVESTMENTS

Investment

other

than

loans

£

COST

At 1 October 2014

and 30 September 2015

1

NET BOOK VALUE

At 30 September 2015

1

At 30 September 2014

1

The company's investments at the Balance Sheet date in the share capital of companies include

the following:

MGL Hardware Limited

Nature of business: Sale and installation of IT hardware

%

Class of shares:

holding

Ordinary A

100.00

30.9.15

30.9.14

£

Aggregate capital and reserves

(32,465

)

(125,130

)

Profit/(loss) for the year

92,665

(153,660

)

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 1,122,646 (30.9.14 - £

1,015,496 )

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.15

30.9.14

value:

£

991,000

Ordinary 'A'

£0.01

9,910

9,000

Ordinary 'B'

£0.01

90

10,000

The Ordinary 'B' shares carry no voting rights or rights to the equity of the company on

winding up.

6.	ULTIMATE CONTROLLING PARTY

The company is controlled by CPRG Limited. CPRG Limited is not controlled by any one

individual.

7.	SECURED DEBTS

The company has given security in respect of its subsidiary company, MGL Hardware Limited,

by way of debenture in respect of amounts drawn down by MGL Hardware Limited under an

invoice discounting agreement.

The amount drawn down as at the balance sheet date amounted to £253,016. The debenture

created a fixed and floating charge over the undertaking and all present and future property

and assets.

Barclays Bank plc have secured any monies due or to become due by way of a debenture that

created a fixed and floating charge over the undertaking and all present and future property

and assets. No amounts were due to Barclays Bank plc at the balance sheet date.

HSBC plc have secured any monies due or to become due by way of a debenture that created

a fixed and floating charge over the undertaking and all present and future property and assets.

No amounts were due to HSBC plc at the balance sheet date.

The following reproduces the text of the report prepared for the directors in respect of the

company's annual unaudited financial statements, from which the unaudited abbreviated

accounts (set out on pages two to seven) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Merseygrid Limited for the year ended 30 September 2015

which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the

company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Merseygrid Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Merseygrid Limited and state those matters that we have agreed to state to the Board of Directors of Merseygrid Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Merseygrid Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Merseygrid Limited. You consider that Merseygrid Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Merseygrid Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Jonathan Ford & Co Limited

Chartered Accountants

Maxwell House

Liverpool Innovation Park

Liverpool

Merseyside

L7 9NJ

Date: .............................................