Registered number
11407730
Metalink Recycling Limited
Filleted Accounts
For the year ended 31 December 2022
Metalink Recycling Limited
Registered number: 11407730
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 49,549 997
Current assets
Debtors 4 2,302,627 601,005
Cash at bank and in hand 850,782 47,424
3,153,409 648,429
Creditors: amounts falling due within one year 5 (3,111,771) (628,416)
Net current assets 41,638 20,013
Total assets less current liabilities 91,187 21,010
Creditors: amounts falling due after more than one year 6 (53,401) -
Net assets 37,786 21,010
Capital and reserves
Called up share capital 100 100
Profit and loss account 37,686 20,910
Shareholders' funds 37,786 21,010
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr.Rupesh Bansal
Director
Approved by the board on 10 October 2023
Metalink Recycling Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer Equipment 20% Reducing balance
Motor vehicles 20% Reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Computer Equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2022 1,108 - 1,108
Additions - 49,251 49,251
At 31 December 2022 1,108 49,251 50,359
Depreciation
At 1 January 2022 111 - 111
Charge for the year 222 477 699
At 31 December 2022 333 477 810
Net book value
At 31 December 2022 775 48,774 49,549
At 31 December 2021 997 - 997
4 Debtors 2022 2021
£ £
Trade debtors 1,854,953 228,988
Other taxes & social securities refund 111,132 58,832
Other debtors 336,542 313,185
2,302,627 601,005
5 Creditors: amounts falling due within one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 13,348 -
Trade creditors 1,119,194 256,741
Taxation and social security costs 4,866 4,737
Other creditors 1,974,363 366,938
3,111,771 628,416
6 Creditors: amounts falling due after one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 53,401 -
7 Other information
Metalink Recycling Limited is a private company limited by shares and incorporated in England. Its registered office is:
200 Brook Drive,
Green Park,
Reading,
England,
RG2 6UB
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