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COMPANY REGISTRATION NUMBER: 07013017
Metool Holdings Ltd
Filleted Unaudited Financial Statements
31 March 2023
Metool Holdings Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Current assets
Debtors
4
9,495
9,495
Investments
5
800,000
800,000
---------
---------
809,495
809,495
Creditors: amounts falling due within one year
6
609,495
609,495
---------
---------
Net current assets
200,000
200,000
---------
---------
Total assets less current liabilities
200,000
200,000
---------
---------
Capital and reserves
Called up share capital
100
100
Share premium account
199,900
199,900
---------
---------
Shareholders funds
200,000
200,000
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The company did not trade during the current year or prior year and has not made either a profit or loss.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Mr W Rogers
Director
Company registration number: 07013017
Metool Holdings Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is unit 6 Salmon Fields, Royton, Oldham, OL2 6JG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income statement
The company is dormant as defined by section 1169 of the Companies Act 2006. The company received no income and incurred no expenditure during the current year or prior year and therefore no income statement is presented within these financial statements. There have been no movements in shareholders funds during the current year or prior year.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2023
2022
£
£
Other debtors
9,495
9,495
-------
-------
The directors loan account was £9,495 overdrawn at the year end (2022: £9,495). The maximum overdrawn balance during the year was £9,495 (2022: £9,495).
5. Investments
2023
2022
£
£
Investments in group undertakings
800,000
800,000
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
352,934
352,934
Other creditors
256,561
256,561
---------
---------
609,495
609,495
---------
---------
7. Directors' advances, credits and guarantees
None.
8. Related party transactions
At the year end the following balances existed with group companies: Metool Co Ltd Included within creditors £352,934 (2022: £352,934). The company has taken advantage of the exemption from disclosing intra-group transactions on the basis that the company is a wholly owned subsidiary within the group.