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REGISTERED NUMBER: 00368091 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

METOOL PRODUCTS LIMITED

METOOL PRODUCTS LIMITED (REGISTERED NUMBER: 00368091)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


METOOL PRODUCTS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTOR: B A Arnz



REGISTERED OFFICE: Osier Drive
Annesley
Nottingham
NG15 0DX



REGISTERED NUMBER: 00368091 (England and Wales)



AUDITORS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ



BANKERS: HSBC Bank plc
3 Pride Place
Pride Park
Derby
DE24 8QR

METOOL PRODUCTS LIMITED (REGISTERED NUMBER: 00368091)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 26,881 36,670

CURRENT ASSETS
Stocks 220,151 212,520
Debtors 5 248,016 373,134
Cash at bank 550,123 419,060
1,018,290 1,004,714
CREDITORS
Amounts falling due within one year 6 (211,186 ) (310,185 )
NET CURRENT ASSETS 807,104 694,529
TOTAL ASSETS LESS CURRENT
LIABILITIES

833,985

731,199

CAPITAL AND RESERVES
Called up share capital 7 203,067 203,067
Retained earnings 630,918 528,132
SHAREHOLDERS' FUNDS 833,985 731,199

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 director and authorised for issue on 29 February 2024 and were signed by:





B A Arnz - Director


METOOL PRODUCTS LIMITED (REGISTERED NUMBER: 00368091)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Metool Products Limited is a limited company limited by shares incorporated in England and Wales, registration number 00368091. The registered office is Osier Drive, Annesley, Nottingham, NG15 0DX.

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.

Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably (usually on customer receipt of the goods).

Tangible fixed assets
Tangible fixed assets are initially measured and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. The carrying value of fixed assets is reviewed for impairment when events or changes in circumstance indicate the carrying value may not be recoverable. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings leaseholdstraight line over the period of the lease
Plant and machinery20% straight line
Fixtures, fittings & tooling25% & 33% straight line
Motor vehicles25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss.

Stocks
Stocks are stated at the lower of cost and 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.

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 non-puttable 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 profit or loss.

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.


METOOL PRODUCTS LIMITED (REGISTERED NUMBER: 00368091)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered
against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have
been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

METOOL PRODUCTS LIMITED (REGISTERED NUMBER: 00368091)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Short
leasehold Fixtures
land & Plant and and Motor
buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023
and 31 December 2023 7,222 1,999 33,547 58,112 100,880
DEPRECIATION
At 1 January 2023 7,222 1,999 31,081 23,908 64,210
Charge for year - - 1,238 8,551 9,789
At 31 December 2023 7,222 1,999 32,319 32,459 73,999
NET BOOK VALUE
At 31 December 2023 - - 1,228 25,653 26,881
At 31 December 2022 - - 2,466 34,204 36,670

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 232,078 357,170
Amounts owed by group undertakings 1,265 -
Prepayments and accrued income 14,673 15,964
248,016 373,134

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 35,612 17,278
Amounts owed to group undertakings 81,668 170,860
Social security and other taxes 9,406 10,309
VAT 24,937 39,637
Other creditors - 470
Accruals and deferred income 59,563 71,631
211,186 310,185

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
203,067 Ordinary shares £1 203,067 203,067

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP

METOOL PRODUCTS LIMITED (REGISTERED NUMBER: 00368091)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


9. GUARANTEES AND SECURITIES

HSBC bank have a debenture including a fixed charge over all present freehold and leasehold property including a first charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and a first floating charge over all assets and undertakings both present and future.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.

11. ULTIMATE CONTROLLING PARTY

The smallest group for which consolidated financial statements are prepared which include the results of this company is that headed by Tsubaki Kabelschlepp GmbH, whose registered office is Daimlerstraße 2, 57482 Wenden-Gerlingen, Germany.

The ultimate controlling party is Tsubakimoto Chain Co., incorporated in Japan (www.tsubakimoto.com)