2022-03-012023-02-282023-02-28false05923839MET-EXCEL 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MET-EXCEL LIMITED

Registered Number
05923839
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

MET-EXCEL LIMITED
Company Information
for the year from 1 March 2022 to 28 February 2023

Director

HILL, Simon Bernard

Company Secretary

MCGUINNESS, Kieran

Registered Address

Balmoral House
Warwick Court, Park Road
Middleton
M24 1AE

Registered Number

05923839 (England and Wales)
MET-EXCEL LIMITED
Balance Sheet as at
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets521,72427,724
21,72427,724
Current assets
Stocks805,0871,004,902
Debtors61,93859,805
867,0251,064,707
Creditors amounts falling due within one year7(428,273)(665,372)
Net current assets (liabilities)438,752399,335
Total assets less current liabilities460,476427,059
Creditors amounts falling due after one year8(43,375)(49,174)
Provisions for liabilities(13,845)-
Net assets403,256377,885
Capital and reserves
Profit and loss account403,256377,885
Shareholders' funds403,256377,885
The financial statements were approved and authorised for issue by the Director on 21 November 2023, and are signed on its behalf by:
HILL, Simon Bernard
Director
Registered Company No. 05923839
MET-EXCEL LIMITED
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
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.
Leases policy
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Employee benefits policy
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.
4.Employee information

20232022
Average number of employees during the year77
5.Property, plant and equipment

Total

£
Cost or valuation
At 01 March 22169,907
At 28 February 23169,907
Depreciation and impairment
At 01 March 22142,183
Charge for year6,000
At 28 February 23148,183
Net book value
At 28 February 2321,724
At 28 February 2227,724
6.Debtors within one year

2023

2022

££
Trade debtors / trade receivables38,0559,441
Other debtors14,06647,309
Prepayments and accrued income9,8173,055
Total61,93859,805
7.Creditors within one year

2023

2022

££
Trade creditors / trade payables79,643190,013
Bank borrowings and overdrafts10,00010,000
Taxation and social security9,814103,160
Finance lease and HP contracts10,7636,723
Other creditors318,053349,676
Accrued liabilities and deferred income-5,800
Total428,273665,372
8.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts40,00035,000
Other creditors3,37514,174
Total43,37549,174
9.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts3,37514,174