Company Registration No. 04086231 (England and Wales)
MERIDIEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
MERIDIEN LIMITED
COMPANY INFORMATION
Director
R D Cardash
Secretary
Mrs J S Cardash
Company number
04086231
Registered office
1 Angel Court
Pall Mall
London
SW1Y 6QF
Accountants
KLSA LLP
28-30 St. John's Square
London
EC1M 4DN
MERIDIEN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
MERIDIEN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investment properties
2
9,047,741
8,500,000
Current assets
Debtors
3
10,159
8,613
Cash at bank and in hand
76,458
72,048
86,617
80,661
Creditors: amounts falling due within one year
4
(18,029,893)
(5,861,937)
Net current liabilities
(17,943,276)
(5,781,276)
Total assets less current liabilities
(8,895,535)
2,718,724
Creditors: amounts falling due after more than one year
5
-
(11,973,732)
Net liabilities
(8,895,535)
(9,255,008)
Capital and reserves
Called up share capital
6
200
200
Share premium account
7,729,900
7,729,900
Profit and loss reserves
(16,625,635)
(16,985,108)
Total equity
(8,895,535)
(9,255,008)
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
MERIDIEN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 August 2017
R D Cardash
Director
Company Registration No. 04086231
MERIDIEN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2015
200
7,729,900
72,849
(17,355,592)
(9,552,643)
Effect of transition to FRS 102
-
-
(72,849)
72,849
-
As restated
200
7,729,900
-
(17,282,743)
(9,552,643)
Year ended 31 December 2015:
Profit and total comprehensive income for the year
-
-
-
297,635
297,635
Balance at 31 December 2015
200
7,729,900
-
(16,985,108)
(9,255,008)
Year ended 31 December 2016:
Profit and total comprehensive income for the year
-
-
-
359,473
359,473
Balance at 31 December 2016
200
7,729,900
-
(16,625,635)
(8,895,535)
MERIDIEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
1
Accounting policies
Company information
Meridien Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 Angel Court, Pall Mall, London, SW1Y 6QF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rent net of VAT.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
MERIDIEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
At the reporting date, current liabilities exceeded current assets by £ 5,781,276 (2015: £ 559,134) and had a shareholder's deficit of £ 9,255,008 (2015: £ 9,552,643). The company meets its day to day working capital requirements through borrowings from its bankers and directors.
The directors have prepared the financial statements on a going concern basis which assumes that the company will be in operational existence for the foreseeable future. The validity of this assumption depends on the bankers and directors continuing their support by providing adequate funding.
2
Investment property
2016
£
Fair value
At 1 January 2016
8,500,000
Additions
547,741
At 31 December 2016
9,047,741
MERIDIEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
2
Investment property
(Continued)
- 6 -
In the opinion of the director, the fair value of the property is not materially different to the value stated above.
3
Debtors
2016
2015
Amounts falling due within one year:
£
£
Amounts due from group undertakings
10,159
8,613
4
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
5,217,000
5,409,000
Trade creditors
122,195
122,195
Amounts due to group undertakings and undertakings in which the company has a participating interest
3,789,074
-
Other taxation and social security
23,570
26,342
Other creditors
8,878,054
304,400
18,029,893
5,861,937
The bank loan is secured by a first legal charge over the freehold property and by a floating charge over all of the company's other assets.
5
Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
-
11,973,732
6
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary shares of £1 each
200
200
7
Profit and loss reserves
Profit and loss reserves include non-distributable reserves of £67,289.
MERIDIEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 7 -
8
Financial commitments, guarantees and contingent liabilities
There exists a contingent liability of approximately £1.5 million in respect of taxation liabilities for prior years relating to tax planning arrangements entered into by the company. The company has been advised, at the time of entering into the arrangement, that no such liability should arise and, based on Counsel's Opinion the director believes that the advice is correct.
9
Related party transactions
During the year, the company accrued management charge of £10,000 (2015: £10,000) to Intercounty Properties Limited, a company in which R D Cardash is a director and the balance owed to Intercounty Properties Limited at the balance sheet date was £3,789,074 (2015: £3,382,928).
10
Directors' transactions
The balance due to the director at the balance sheet date was £8,860,804 (2015: £8,860,804).
11
Parent company
The immediate parent company is
Intercounty Properties (Investment 12)Limited
Registered office address: 1 Angel Court, Pall Mall, London, SW1Y 6QF.
Principal place of business is the same as the registered office.
12
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 January
31 December
2015
2015
£
£
Equity as reported under previous UK GAAP and under FRS 102
(9,552,643)
(9,255,008)
Reconciliation of profit for the financial period
2015
Notes
£
Profit as reported under previous UK GAAP
303,195
Adjustments arising from transition to FRS 102:
Amount written off investment property
(5,560)
Profit reported under FRS 102
297,635
MERIDIEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
12
Reconciliations on adoption of FRS 102
(Continued)
- 8 -
Reconciliation of equity
At 1 January 2015
At 31 December 2015
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
Fixed assets
Investment properties
8,500,000
-
8,500,000
8,500,000
-
8,500,000
Current assets
Debtors
23,954
-
23,954
8,613
-
8,613
Bank and cash
59,959
-
59,959
72,048
-
72,048
83,913
-
83,913
80,661
-
80,661
Creditors due within one year
Loans and overdrafts
(462,000)
-
(462,000)
(5,679,000)
-
(5,679,000)
Taxation
(24,352)
-
(24,352)
(26,342)
-
(26,342)
Other creditors
(156,695)
-
(156,695)
(156,595)
-
(156,595)
(643,047)
-
(643,047)
(5,861,937)
-
(5,861,937)
Net current liabilities
(559,134)
-
(559,134)
(5,781,276)
-
(5,781,276)
Total assets less current liabilities
7,940,866
-
7,940,866
2,718,724
-
2,718,724
Creditors due after one year
Loans and overdrafts
(17,493,509)
-
(17,493,509)
(11,973,732)
-
(11,973,732)
Net assets
(9,552,643)
-
(9,552,643)
(9,255,008)
-
(9,255,008)
Capital and reserves
Share capital
200
-
200
200
-
200
Share premium
7,729,900
-
7,729,900
7,729,900
-
7,729,900
Revaluation reserve
1
72,849
(72,849)
-
67,289
(67,289)
-
Profit and loss
1
(17,355,592)
72,849
(17,282,743)
(17,052,397)
67,289
(16,985,108)
Total equity
(9,552,643)
-
(9,552,643)
(9,255,008)
-
(9,255,008)
MERIDIEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
12
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Reconciliation of profit for the financial period
Year ended 31 December 2015
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
Turnover
530,001
-
530,001
Cost of sales
3,066
-
3,066
Gross profit
533,067
-
533,067
Administrative expenses
(37,588)
-
(37,588)
Interest payable and similar expenses
(192,284)
-
(192,284)
Amounts written off investments
1
-
(5,560)
(5,560)
Profit before taxation
303,195
(5,560)
297,635
Taxation
-
-
-
Profit for the financial period
303,195
(5,560)
297,635
Notes to reconciliations on adoption of FRS 102
1 Investment Property
On transition to FRS 102 the Company has elected to use the previous revaluation of
investment property
at
December
201
5
as the deemed cost for that asset.
On transition, the revaluation reserve of £67,289 was transferred to profit and loss account.
An adverse movement of £5,560 in revaluation reserve was transferred to profit and loss account for the year ended 31 December 2015.
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