0 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,261,542 848,370 60,464 908,834 352,708 413,172 xbrli:pure xbrli:shares iso4217:EUR 05956891 2021-01-01 2021-12-31 05956891 2021-12-31 05956891 2020-12-31 05956891 2020-01-01 2020-12-31 05956891 2020-12-31 05956891 core:NetGoodwill 2021-01-01 2021-12-31 05956891 bus:Director1 2021-01-01 2021-12-31 05956891 core:NetGoodwill 2020-12-31 05956891 core:NetGoodwill 2021-12-31 05956891 core:WithinOneYear 2021-12-31 05956891 core:WithinOneYear 2020-12-31 05956891 core:AfterOneYear 2021-12-31 05956891 core:AfterOneYear 2020-12-31 05956891 core:ShareCapital 2021-12-31 05956891 core:ShareCapital 2020-12-31 05956891 core:SharePremium 2021-12-31 05956891 core:SharePremium 2020-12-31 05956891 core:RetainedEarningsAccumulatedLosses 2021-12-31 05956891 core:RetainedEarningsAccumulatedLosses 2020-12-31 05956891 core:NetGoodwill 2020-12-31 05956891 core:TaxLossesCarry-forwardsDeferredTax 2021-12-31 05956891 core:TaxLossesCarry-forwardsDeferredTax 2020-12-31 05956891 bus:SmallEntities 2021-01-01 2021-12-31 05956891 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 05956891 bus:FullAccounts 2021-01-01 2021-12-31 05956891 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 05956891 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31
COMPANY REGISTRATION NUMBER: 05956891
Metalvalue Limited
Filleted Unaudited Financial Statements
31 December 2021
Metalvalue Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
Fixed assets
Intangible assets
4
352,708
413,172
Current assets
Debtors
5
2,011
1,373
Cash at bank and in hand
3,979
4,517
-------
-------
5,990
5,890
Creditors: amounts falling due within one year
6
21,668
55,877
--------
--------
Net current liabilities
15,678
49,987
---------
---------
Total assets less current liabilities
337,030
363,185
Creditors: amounts falling due after more than one year
7
1,185,980
1,255,781
Provisions
Taxation including deferred tax
( 99,071)
( 100,273)
------------
------------
Net liabilities
( 749,879)
( 792,323)
------------
------------
Metalvalue Limited
Statement of Financial Position (continued)
31 December 2021
2021
2020
Note
Capital and reserves
Called up share capital
31,405
31,405
Share premium account
6,058,220
6,058,220
Profit and loss account
( 6,839,504)
( 6,881,948)
------------
------------
Shareholders deficit
( 749,879)
( 792,323)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 July 2022 , and are signed on behalf of the board by:
Mr A Honnart
Director
Company registration number: 05956891
Metalvalue Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Devonshire House, 582 Honeypot Lane, Stanmore, Middlesex, HA7 1JS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared in Euro, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis as the directors consider that there are no material uncertainties that may cast significant doubt about the company’s ability to continue as a going concern in the foreseeable future. The directors will continue to support the Company in the foreseeable future.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies which will have a significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment
4. Intangible assets
Goodwill
Cost
At 1 January 2021 and 31 December 2021
1,261,542
------------
Amortisation
At 1 January 2021
848,370
Charge for the year
60,464
------------
At 31 December 2021
908,834
------------
Carrying amount
At 31 December 2021
352,708
------------
At 31 December 2020
413,172
------------
Goodwill represents the cost of the trademark licence for use of the Compacting and Agglomeration Technology and the Know-How Patent.
5. Debtors
2021
2020
Other debtors
2,011
1,373
-------
-------
6. Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
10
Trade creditors
12,703
48,151
Other creditors
8,965
7,716
--------
--------
21,668
55,877
--------
--------
7. Creditors: amounts falling due after more than one year
2021
2020
Shareholders loans
1,185,980
1,255,781
------------
------------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021
2020
Included in provisions
( 99,071)
( 100,273)
--------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2021
2020
Unused tax losses
( 99,023)
( 100,273)
--------
---------
9. Related party transactions
The following transactions took place during the period between the company and the following related parties: 1) At the balance sheet date an amount of €338,107 (2020: €350,552) is owed to MVL Services SAS, a shareholder of the company. 2) At the balance sheet date an amount of €800 (2020: €19,649) is owed to Munch Partners, a shareholder of the company. 3) At the balance sheet date an amount of €849,980 (2020: €849,980) is owed to AB Solut. 4) At the balance sheet date an amount of €400 (2020: €400) is owed to Mr J Cheylan, a shareholder of the company. 5) At the balance sheet date an amount of €Nil (2020: €25,250) is owed to Baloo People Projects, a shareholder of the company. 6) At the balance sheet date an amount of €Nil (2020: €5,860) is owed to Mr F Serres, a shareholder of the company. 7) During the year the following loans payable to shareholders have been written off: Munch Partners €18,849 Mr F Serres € 5,860 Baloo People Projects €25,250