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REGISTERED NUMBER: 07992172 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Metsi Technologies Limited

Metsi Technologies Limited (Registered number: 07992172)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Metsi Technologies Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr G Shah
Mr S G James
Mr P E Thompson
Mr M J P Hillewaert





SECRETARY:





REGISTERED OFFICE: 71-79 Aldwych
London
WC2B 4HN





REGISTERED NUMBER: 07992172 (England and Wales)





ACCOUNTANTS: M Ahmed & Co
Chartered Accountants
83 Park Road
Chilwell
Nottingham
NG9 4DE

Metsi Technologies Limited (Registered number: 07992172)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,998 20,375

CURRENT ASSETS
Stocks 5 - 71,823
Debtors 6 1,757,647 1,710,166
Cash at bank 123,896 259,347
1,881,543 2,041,336
CREDITORS
Amounts falling due within one year 7 1,428,430 1,805,775
NET CURRENT ASSETS 453,113 235,561
TOTAL ASSETS LESS CURRENT
LIABILITIES

472,111

255,936

CREDITORS
Amounts falling due after more than one
year

8

413,333

451,372
NET ASSETS/(LIABILITIES) 58,778 (195,436 )

CAPITAL AND RESERVES
Called up share capital 9 85 85
Retained earnings 58,693 (195,521 )
SHAREHOLDERS' FUNDS 58,778 (195,436 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Metsi Technologies Limited (Registered number: 07992172)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by:





Mr M J P Hillewaert - Director


Metsi Technologies Limited (Registered number: 07992172)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Metsi Technologies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies are summarised below. They have all been applied consistently throughout the period.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Metsi Technologies Limited (Registered number: 07992172)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2022 60,265
Additions 5,414
At 31 March 2023 65,679
DEPRECIATION
At 1 April 2022 39,890
Charge for year 6,791
At 31 March 2023 46,681
NET BOOK VALUE
At 31 March 2023 18,998
At 31 March 2022 20,375

5. STOCKS
31.3.23 31.3.22
£    £   
Work-in-progress - 71,823

Metsi Technologies Limited (Registered number: 07992172)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,394,508 1,470,223
Amounts owed by group undertakings 299,046 162,029
Amounts owed by associates - 58,244
Other debtors 12,508 9,824
Prepayments 51,585 9,846
1,757,647 1,710,166

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 788,818 1,261,220
Amounts owed to associates 36,380 -
Corporation tax (20,000 ) -
Social security and other taxes 48,644 56,229
VAT 151,034 207,264
Other creditors 20,956 20,554
Deferred income 128,346 26,950
Accrued expenses 264,252 223,558
1,428,430 1,805,775

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 11,824 22,772
Directors' loan accounts 391,509 418,600
413,333 451,372

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
8,500 Ordinary 1p 85 85

Metsi Technologies Limited (Registered number: 07992172)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


10. RELATED PARTY DISCLOSURES

The company received services from TeamSwift Solutions Limited (TSS) which shares a director with Metsi Technologies Limited. Total services received in the year amounted to £21,000 (2022 - £115,020). This is included within subcontractors costs in the profit and loss account. £93,600 (2022 - £244,400) was payable to TSS at the year end. This is included in trade creditors. TSS has also provided a loan of £48,933 (2022- £48,933) to Metsi. This is included in creditors falling due after more than one year.

The company received services from MoveIT Forward BV which shares a director with Metsi Technologies Limited. Total services received in the year amounted to £25,415 (2022 - £128,018). This is included within subcontractors costs in the profit and loss account. £137,172 (2022 - £212,529) was payable to Move IT at the year end. This is included in trade creditors. MoveIT has also provided a loan of £90,078 (2022 - £90,078) to Metsi. This is shown in creditors falling due in more than one year.

The company owes amounts to directors as follows:
Included in creditors falling due after more than one year:
£130,794 (2022 - £139,794) to Mr P Thompson
£121,767 (2022 - £139,794) to Mr S James
Included in accruals:
£37,100 (£2022 - £37,100) to TeamSwift Solutions Ltd.
£37,100 (£2022 - £37,100) to Move IT Forward BV

The company also made sales of £51,043 (2022 - £27,846) to AO Virtual in which the company holds shares. £nil (2022 - £375) was payable by AO Virtual at the year end. This is included in trade debtors. The company also provided loans of £nil (2022 - £50,910) to AO Virtual. These are included in loans due from associates in debtors.

11. ULTIMATE CONTROLLING PARTY

The controlling party is the parent company, Metsi Group Limited.

The ultimate controlling party are the 4 directors who between them hold 100% of the share capital of Metsi Group Limited.

12. GOING CONCERN

The directors have indicated that they will not recall their loans and intend to support the company for the foreseeable future. Consequently, the accounts have been prepared on a going concern basis.