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REGISTERED NUMBER: 05474341 (England and Wales)















TEAM METALOGIC LIMITED

Unaudited Financial Statements for the Year Ended 30 June 2023






TEAM METALOGIC LIMITED (Registered number: 05474341)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


TEAM METALOGIC LIMITED

Company Information
for the Year Ended 30 June 2023







Director: M A Parfitt





Registered office: Bridge House
Caerphilly Business Park
Caerphilly
Mid Glamorgan
CF83 3GW





Registered number: 05474341 (England and Wales)





Accountants: Haines Watts Wales LLP
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

TEAM METALOGIC LIMITED (Registered number: 05474341)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £   
Fixed assets
Property, plant and equipment 4 31,540 31,959

Current assets
Inventories 38,780 19,305
Debtors 5 206,864 157,418
Cash at bank and in hand 116,115 13,896
361,759 190,619
Creditors
Amounts falling due within one year 6 (310,092 ) (216,674 )
Net current assets/(liabilities) 51,667 (26,055 )
Total assets less current liabilities 83,207 5,904

Creditors
Amounts falling due after more than one
year

7

(54,453

)

(96,743

)

Provisions for liabilities 10 (7,885 ) (6,072 )
Net assets/(liabilities) 20,869 (96,911 )

Capital and reserves
Called up share capital 101 101
Retained earnings 20,768 (97,012 )
Shareholders' funds 20,869 (96,911 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 March 2024 and were signed by:





M A Parfitt - Director


TEAM METALOGIC LIMITED (Registered number: 05474341)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. Statutory information

TEAM METALOGIC 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Revenue
Revenue represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant, Furniture and Fittings - 25% Reducing Balance
Computer Equipment - 25% Reducing Balance
Improvements to property - 2% Straight Line

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

TEAM METALOGIC LIMITED (Registered number: 05474341)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. Accounting policies - continued

Hire purchase and leasing commitments
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 the estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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 11 (2022 - 11 ) .

4. Property, plant and equipment
Improvements Plant,
to Fixtures Computer
property & Fittings equipment Totals
£    £    £    £   
Cost
At 1 July 2022 7,881 35,521 73,349 116,751
Additions - 1,159 6,645 7,804
At 30 June 2023 7,881 36,680 79,994 124,555
Depreciation
At 1 July 2022 379 30,640 53,773 84,792
Charge for year 158 1,510 6,555 8,223
At 30 June 2023 537 32,150 60,328 93,015
Net book value
At 30 June 2023 7,344 4,530 19,666 31,540
At 30 June 2022 7,502 4,881 19,576 31,959

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 187,242 133,111
Tax 11,856 11,856
Prepayments 7,766 12,451
206,864 157,418

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 19,639 19,639
Other loans 22,651 22,651
Trade creditors 116,545 96,920
Other Creditors 54,977 36,918
Tax 31,554 -
Social security and other taxes 8,869 11,977
Pension 1,192 1,159
VAT 53,065 25,810
Accrued expenses 1,600 1,600
310,092 216,674

TEAM METALOGIC LIMITED (Registered number: 05474341)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 20,194 20,194
Bank loans - 2-5 years 20,611 40,250
Other loans - 1-2 years 13,648 22,651
Other loans - 2-5 years - 13,648
54,453 96,743

8. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 1,818 4,223
Between one and five years - 1,818
1,818 6,041

9. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 60,444 80,083

A personal guarantee has been provided by the director, Mr M Parfitt, for a maximum of £20,000 of the outstanding loan balance.

10. Provisions for liabilities
2023 2022
£    £   
Deferred tax
Accelerated Capital Allowances 7,885 6,072

Deferred
tax
£   
Balance at 1 July 2022 6,072
Provided during year 1,813
Balance at 30 June 2023 7,885