Caseware UK (AP4) 2022.0.179 2022.0.179 2022-11-302022-11-30false2021-12-01No description of principal activity1312truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI634613 2021-12-01 2022-11-30 NI634613 2020-12-01 2021-11-30 NI634613 2022-11-30 NI634613 2021-11-30 NI634613 c:Director1 2021-12-01 2022-11-30 NI634613 d:Buildings d:ShortLeaseholdAssets 2021-12-01 2022-11-30 NI634613 d:Buildings d:ShortLeaseholdAssets 2022-11-30 NI634613 d:Buildings d:ShortLeaseholdAssets 2021-11-30 NI634613 d:PlantMachinery 2021-12-01 2022-11-30 NI634613 d:PlantMachinery 2022-11-30 NI634613 d:PlantMachinery 2021-11-30 NI634613 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 NI634613 d:MotorVehicles 2021-12-01 2022-11-30 NI634613 d:MotorVehicles 2022-11-30 NI634613 d:MotorVehicles 2021-11-30 NI634613 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 NI634613 d:FurnitureFittings 2021-12-01 2022-11-30 NI634613 d:FurnitureFittings 2022-11-30 NI634613 d:FurnitureFittings 2021-11-30 NI634613 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 NI634613 d:ComputerEquipment 2021-12-01 2022-11-30 NI634613 d:ComputerEquipment 2022-11-30 NI634613 d:ComputerEquipment 2021-11-30 NI634613 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 NI634613 d:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 NI634613 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-11-30 NI634613 d:CopyrightsPatentsTrademarksServiceOperatingRights 2021-11-30 NI634613 d:ComputerSoftware 2022-11-30 NI634613 d:ComputerSoftware 2021-11-30 NI634613 d:CurrentFinancialInstruments 2022-11-30 NI634613 d:CurrentFinancialInstruments 2021-11-30 NI634613 d:Non-currentFinancialInstruments 2022-11-30 NI634613 d:Non-currentFinancialInstruments 2021-11-30 NI634613 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 NI634613 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 NI634613 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 NI634613 d:Non-currentFinancialInstruments d:AfterOneYear 2021-11-30 NI634613 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 NI634613 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-11-30 NI634613 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 NI634613 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-11-30 NI634613 d:ShareCapital 2022-11-30 NI634613 d:ShareCapital 2021-11-30 NI634613 d:SharePremium 2022-11-30 NI634613 d:SharePremium 2021-11-30 NI634613 d:RetainedEarningsAccumulatedLosses 2022-11-30 NI634613 d:RetainedEarningsAccumulatedLosses 2021-11-30 NI634613 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-11-30 NI634613 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-11-30 NI634613 c:FRS102 2021-12-01 2022-11-30 NI634613 c:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 NI634613 c:FullAccounts 2021-12-01 2022-11-30 NI634613 c:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 NI634613 d:HirePurchaseContracts d:WithinOneYear 2022-11-30 NI634613 d:HirePurchaseContracts d:WithinOneYear 2021-11-30 NI634613 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-11-30 NI634613 d:HirePurchaseContracts d:BetweenOneFiveYears 2021-11-30 NI634613 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2021-12-01 2022-11-30 NI634613 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2021-12-01 2022-11-30 NI634613 d:ExternallyAcquiredIntangibleAssets 2021-12-01 2022-11-30 NI634613 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2021-12-01 2022-11-30 NI634613 d:ComputerSoftware d:OwnedIntangibleAssets 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure

Registered number: NI634613










METCOLLECT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2022

 
METCOLLECT LIMITED
REGISTERED NUMBER: NI634613

BALANCE SHEET
AS AT 30 NOVEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
61,709
44,488

Tangible assets
 5 
710,149
629,284

  
771,858
673,772

Current assets
  

Stocks
 6 
63,615
162,428

Debtors
 7 
229,987
256,081

Cash at bank and in hand
 8 
183,853
44,199

  
477,455
462,708

Creditors: amounts falling due within one year
 9 
(669,576)
(852,089)

Net current liabilities
  
 
 
(192,121)
 
 
(389,381)

Total assets less current liabilities
  
579,737
284,391

Creditors: amounts falling due after more than one year
 10 
(363,468)
(137,998)

  

Net assets
  
216,269
146,393


Capital and reserves
  

Called up share capital 
  
1,520
1,750

Share premium account
  
79,627
119,400

Profit and loss account
  
135,122
25,243

  
216,269
146,393


Page 1

 
METCOLLECT LIMITED
REGISTERED NUMBER: NI634613

BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

G Angus
Director

Date: 10 November 2023

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
METCOLLECT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

1.


General information

Metcollect Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI634613. The registered office is Unit T, 280 Comber Road, Lisburn, BT27 6TA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
METCOLLECT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
METCOLLECT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Plant and machinery
-
10%
straight line
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
10%
straight line
Computer equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
METCOLLECT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Company only enters into basic financial instrument 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 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 the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.

Page 6

 
METCOLLECT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2021 - 12).


4.


Intangible assets




Licences
Dev costs
Total

£
£
£



Cost


At 1 December 2021
23,272
36,187
59,459


Additions
-
20,000
20,000



At 30 November 2022

23,272
56,187
79,459



Amortisation


At 1 December 2021
3,873
11,098
14,971


Charge for the year on owned assets
2,779
-
2,779



At 30 November 2022

6,652
11,098
17,750



Net book value



At 30 November 2022
16,620
45,089
61,709



At 30 November 2021
19,399
25,089
44,488



Page 7

 
METCOLLECT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 December 2021
-
527,997
184,852
7,283
8,812


Additions
27,118
105,907
21,756
1,959
2,369


Disposals
-
(9,741)
1,430
-
-



At 30 November 2022

27,118
624,163
208,038
9,242
11,181



Depreciation


At 1 December 2021
-
56,497
38,237
332
4,595


Charge for the year on owned assets
-
38,056
31,153
554
1,969


Disposals
-
(1,800)
-
-
-



At 30 November 2022

-
92,753
69,390
886
6,564



Net book value



At 30 November 2022
27,118
531,410
138,648
8,356
4,617



At 30 November 2021
-
471,500
146,615
6,951
4,218
Page 8

 
METCOLLECT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 December 2021
728,944


Additions
159,109


Disposals
(8,311)



At 30 November 2022

879,742



Depreciation


At 1 December 2021
99,661


Charge for the year on owned assets
71,732


Disposals
(1,800)



At 30 November 2022

169,593



Net book value



At 30 November 2022
710,149



At 30 November 2021
629,284


6.


Stocks

2022
2021
£
£

Raw materials and consumables
63,615
162,428

63,615
162,428


Page 9

 
METCOLLECT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

7.


Debtors


2022
2021
£
£



Trade debtors
60,780
135,688

Other debtors
97,527
60,447

Prepayments and accrued income
66,950
55,216

Tax recoverable
4,730
4,730

229,987
256,081



8.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
183,853
44,199

183,853
44,199



9.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
10,000
10,000

Other loans
54,002
141,621

Trade creditors
237,309
432,851

Other taxation and social security
263,228
174,079

Obligations under finance lease and hire purchase contracts
99,250
62,718

Other creditors
421
20,126

Accruals and deferred income
5,366
10,694

669,576
852,089



10.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
25,000
35,000

Other loans
208,380
-

Net obligations under finance leases and hire purchase contracts
130,088
102,998

363,468
137,998


Page 10

 
METCOLLECT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

11.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Other loans
54,002
141,621


64,002
151,621

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Other loans
58,437
-


68,437
10,000

Amounts falling due 2-5 years

Bank loans
15,000
25,000

Other loans
149,942
-


164,942
25,000


297,381
186,621



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2022
2021
£
£


Within one year
99,250
62,718

Between 1-5 years
130,088
102,998

229,338
165,716

Page 11

 
METCOLLECT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

13.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
183,853
44,199




Financial assets measured at fair value through profit or loss comprise of cash and cash equivalents.


14.


Contingent assets

In July 2017 Metcollect entered into a contract with a third party for them to provide Metcollect with a public website, online apps for customers, drivers, and admin staff and mobile apps for customers and drivers. In early 2020 it was determined that the system was not fit for purpose.  Metcollect entered a legal claim for the loss of £28,000 plus VAT as a result of this failed product.  In December 2022 Metcollect recovered £37,429 as a result of their successful claim.


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £3,785 (2020 - £5,996). Contributions totalling £2,344 (2020 - £1,684) were payable to the fund at the balance sheet date and are included in creditors.


16.


Controlling party

The ultimate controlling party is Mr G Angus by virtue of his ordinary shareholding in the company.


Page 12