The Portugal midfielder joined the Reds expecting to compete for the title.
Meireles feels Liverpool should have done a lot better and hopes they will show a considerable improvement next season.
Meireles said: "My debut in England could have been better. We finished sixth in the table, but this is disappointing for a club of the stature of Liverpool.
"We failed to compete for the title and we are frustrated by this. I am sure that we are going to improve a great deal next season."