METARTEC_LIMITED - Accounts


METARTEC LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
Company Registration No. 06166068 (England and Wales)
PAGES FOR FILING WITH REGISTRAR
METARTEC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
METARTEC LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
82,916
98,745
Current assets
Stocks
265,053
335,327
Debtors
3
917,391
769,294
Cash at bank and in hand
432,014
261,559
1,614,458
1,366,180
Creditors: amounts falling due within one year
4
(1,200,218)
(1,028,629)
Net current assets
414,240
337,551
Total assets less current liabilities
497,156
436,296
Provisions for liabilities
(11,955)
(14,142)
Net assets
485,201
422,154
Capital and reserves
Called up share capital
5
101
101
Profit and loss reserves
485,100
422,053
Total equity
485,201
422,154

The directors 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 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

METARTEC LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2019
30 September 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 June 2020 and are signed on its behalf by:
R. Hall
Director
Company Registration No. 06166068
METARTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 3 -
1
Accounting policies
Company information

Metartec Limited is a private company limited by shares incorporated in England and Wales. The registered office is Elm Park House, Elm Park Court, Pinner, Middlesex, HA5 3NN.

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 amounts 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 goods and services net of VAT and trade discounts.

 

Turnover is recognised when the goods and services are physically provided to the customer.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
20% on a straight line basis
Plant and machinery
25% on a straight line basis
Fixtures, fittings & equipment
25% on a straight line basis
Motor vehicles
33% on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

METARTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash at bank and in hand 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.

1.7
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.

METARTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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 payments 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. Amounts 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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

METARTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

METARTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 7 -
2
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2018
35,708
730,186
765,894
Additions
-
29,776
29,776
At 30 September 2019
35,708
759,962
795,670
Depreciation and impairment
At 1 October 2018
34,915
632,234
667,149
Depreciation charged in the year
516
45,089
45,605
At 30 September 2019
35,431
677,323
712,754
Carrying amount
At 30 September 2019
277
82,639
82,916
At 30 September 2018
792
97,953
98,745
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
649,742
711,928
Other debtors
267,649
57,366
917,391
769,294
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
709,008
543,431
Corporation tax
73,574
88,015
Other taxation and social security
109,494
102,334
Other creditors
308,142
294,849
1,200,218
1,028,629
METARTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 8 -
5
Called up share capital
2019
2018
£
£
Issued and fully paid
101Ordinary shares of £1 each
101
101
101
101
2019-09-302018-10-01false24 June 2020CCH SoftwareCCH Accounts Production 2019.301No description of principal activityR. HallS. McCallumS. MyersE. RyanS M RobinsonA. Hall061660682018-10-012019-09-30061660682019-09-30061660682018-09-3006166068core:LandBuildings2019-09-3006166068core:OtherPropertyPlantEquipment2019-09-3006166068core:LandBuildings2018-09-3006166068core:OtherPropertyPlantEquipment2018-09-3006166068core:CurrentFinancialInstruments2019-09-3006166068core:CurrentFinancialInstruments2018-09-3006166068core:ShareCapital2019-09-3006166068core:ShareCapital2018-09-3006166068core:RetainedEarningsAccumulatedLosses2019-09-3006166068core:RetainedEarningsAccumulatedLosses2018-09-3006166068core:ShareCapitalOrdinaryShares2019-09-3006166068core:ShareCapitalOrdinaryShares2018-09-3006166068bus:Director12018-10-012019-09-3006166068core:LandBuildingscore:LeasedAssetsHeldAsLessee2018-10-012019-09-3006166068core:PlantMachinery2018-10-012019-09-3006166068core:FurnitureFittings2018-10-012019-09-3006166068core:MotorVehicles2018-10-012019-09-3006166068core:LandBuildings2018-09-3006166068core:OtherPropertyPlantEquipment2018-09-30061660682018-09-3006166068core:OtherPropertyPlantEquipment2018-10-012019-09-3006166068core:LandBuildings2018-10-012019-09-3006166068bus:OrdinaryShareClass12018-10-012019-09-3006166068bus:OrdinaryShareClass12019-09-3006166068bus:PrivateLimitedCompanyLtd2018-10-012019-09-3006166068bus:SmallCompaniesRegimeForAccounts2018-10-012019-09-3006166068bus:FRS1022018-10-012019-09-3006166068bus:AuditExemptWithAccountantsReport2018-10-012019-09-3006166068bus:Director22018-10-012019-09-3006166068bus:Director32018-10-012019-09-3006166068bus:Director42018-10-012019-09-3006166068bus:Director52018-10-012019-09-3006166068bus:CompanySecretary12018-10-012019-09-3006166068bus:FullAccounts2018-10-012019-09-30xbrli:purexbrli:sharesiso4217:GBP