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Registration number: 11772932

MET Concrete Supplies Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

MET Concrete Supplies Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

MET Concrete Supplies Ltd

Company Information

Directors

E J Miller

M Adams

Registered office

1299-1301 London Road
Leigh-On-Sea
Essex
SS9 2AD

Accountants

Kingswood Chase Consulting Ltd
DeVine House
1299-1301 London Road
Leigh On Sea
Essex
SS9 2AD

 

MET Concrete Supplies Ltd

(Registration number: 11772932)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

182,843

188,605

Current assets

 

Stocks

5

198,700

148,000

Debtors

6

147,855

133,044

Cash at bank and in hand

 

14,000

8,264

 

360,555

289,308

Creditors: Amounts falling due within one year

7

(923,785)

(675,257)

Net current liabilities

 

(563,230)

(385,949)

Total assets less current liabilities

 

(380,387)

(197,344)

Creditors: Amounts falling due after more than one year

7

(72,333)

(88,823)

Net liabilities

 

(452,720)

(286,167)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(452,722)

(286,169)

Shareholders' deficit

 

(452,720)

(286,167)

 

MET Concrete Supplies Ltd

(Registration number: 11772932)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
E J Miller
Director

.........................................
M Adams
Director

 

MET Concrete Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1299-1301 London Road
Leigh-On-Sea
Essex
SS9 2AD
United Kingdom

These financial statements were authorised for issue by the Board on 15 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

MET Concrete Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% on reducing balance

Office equipment

25% on reducing balance

Motor Vehicles

25% on reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

MET Concrete Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 18).

 

MET Concrete Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

4,464

28,429

255,083

287,976

Additions

211

-

49,407

49,618

At 28 February 2023

4,675

28,429

304,490

337,594

Depreciation

At 1 March 2022

1,572

11,994

85,805

99,371

Charge for the year

725

4,109

50,546

55,380

At 28 February 2023

2,297

16,103

136,351

154,751

Carrying amount

At 28 February 2023

2,378

12,326

168,139

182,843

At 28 February 2022

2,892

16,435

169,278

188,605

5

Stocks

2023
£

2022
£

Raw materials and consumables

198,700

148,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

26,210

55,715

Prepayments

5,640

4,170

Other debtors

116,005

73,159

 

147,855

133,044

 

MET Concrete Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

37,858

32,963

Trade creditors

 

29,266

58,271

Taxation and social security

 

2,595

2,613

Accruals and deferred income

 

1,963

2,971

Other creditors

 

852,103

578,439

 

923,785

675,257

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £27,858 (2022 - £22,963).

Creditors include a bank loan of of £10,000 (2022 - £10,000).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

72,333

88,823

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £48,166 (2022 - £55,221).

Creditors also include a bank loan of £24,167 (2022 - £33,601).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

MET Concrete Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,166

33,602

Hire purchase contracts

48,167

55,221

72,333

88,823

 

MET Concrete Supplies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

27,858

22,963

37,858

32,963

10

Related party transactions

Summary of transactions with entities with joint control or significant interest

MET Developments Ltd, a company under control of the directors,
 acquired plant on behalf of the company.
 The purchase was funded by hire purchase obtained by MET Developments Ltd and the amount owing under the agreement is £37,817. (2022: £21,552).
 

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

393,839

393,839

Advanced

63,169

63,169

At end of period

457,008

457,008

2022

Entities with joint control or significant influence
£

Total
£

At start of period

250,290

250,290

Advanced

143,549

143,549

At end of period

393,839

393,839

Terms of loans from related parties

Loans from MET Developments Ltd are unsecured, interest free and repayable on demand