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COMPANY REGISTRATION NUMBER: 12678756
Metholdco Ltd
Filleted Unaudited Financial Statements
28 February 2023
Metholdco Ltd
Consolidated Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
178,657
225,569
Tangible assets
6
186,859
508,727
---------
---------
365,516
734,296
Current assets
Stocks
82,503
121,565
Debtors
8
1,008,857
1,773,605
Cash at bank and in hand
355,186
247,059
------------
------------
1,446,546
2,142,229
Creditors: amounts falling due within one year
9
4,217,024
4,008,686
------------
------------
Net current liabilities
2,770,478
1,866,457
------------
------------
Total assets less current liabilities
( 2,404,962)
( 1,132,161)
Creditors: amounts falling due after more than one year
10
275,831
480,102
------------
------------
Net liabilities
( 2,680,793)
( 1,612,263)
------------
------------
Capital and reserves
Called up share capital
274
260
Share premium account
726,766
476,766
Profit and loss account
( 3,407,833)
( 2,089,289)
------------
------------
Shareholders deficit
( 2,680,793)
( 1,612,263)
------------
------------
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 consolidated income statement has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small 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 .
Metholdco Ltd
Consolidated Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
A D Graff
Director
Company registration number: 12678756
Metholdco Ltd
Company Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Investments
7
260
260
Current assets
Debtors
8
250,014
---------
----
Net current assets
250,014
---------
----
Total assets less current liabilities
250,274
260
---------
----
Capital and reserves
Called up share capital
274
260
Share premium account
250,000
---------
----
Shareholders funds
250,274
260
---------
----
The profit for the financial year of the parent company was £Nil (2022: £Nil).
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'.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small 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 12 April 2024 , and are signed on behalf of the board by:
A D Graff
Director
Company registration number: 12678756
Metholdco Ltd
Consolidated Statement of Changes in Equity
Year ended 28 February 2023
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 March 2021
260
476,766
( 1,708,763)
( 1,231,737)
Loss for the year
( 380,526)
( 380,526)
----
---------
------------
------------
Total comprehensive income for the year
( 380,526)
( 380,526)
At 28 February 2022
260
476,766
( 2,089,289)
( 1,612,263)
Loss for the year
( 1,318,544)
( 1,318,544)
----
---------
------------
------------
Total comprehensive income for the year
( 1,318,544)
( 1,318,544)
Issue of shares
14
250,000
250,014
----
---------
----
---------
Total investments by and distributions to owners
14
250,000
250,014
----
---------
------------
------------
At 28 February 2023
274
726,766
( 3,407,833)
( 2,680,793)
----
---------
------------
------------
Metholdco Ltd
Company Statement of Changes in Equity
Year ended 28 February 2023
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 March 2021
260
260
Profit for the year
At 28 February 2022
260
260
Profit for the year
Issue of shares
14
250,000
250,014
----
---------
----
---------
Total investments by and distributions to owners
14
250,000
250,014
----
---------
----
---------
At 28 February 2023
274
250,000
250,274
----
---------
----
---------
Metholdco Ltd
Notes to the Financial Statements
Year ended 28 February 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 49 Marlybone High Street, London, W1U 5HJ.
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.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Metholdco Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software
-
2-4 Years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
Over the life of the lease
Short leasehold property
-
Over the life of the lease
Fixtures and fittings
-
Over 4 Years
Equipment
-
Over 4 Years
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2022: 47 ).
5. Intangible assets
Group
Software
£
Cost
At 1 March 2022
622,151
Additions
46,281
Disposals
( 2,039)
---------
At 28 February 2023
666,393
---------
Amortisation
At 1 March 2022
396,582
Charge for the year
92,514
Disposals
( 1,360)
---------
At 28 February 2023
487,736
---------
Carrying amount
At 28 February 2023
178,657
---------
At 28 February 2022
225,569
---------
The company has no intangible assets.
6. Tangible assets
Group
Long leasehold property
Short leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2022
1,769,675
52,588
931,557
7,339
2,761,159
Disposals
( 52,588)
( 11,007)
( 7,339)
( 70,934)
------------
--------
---------
-------
------------
At 28 February 2023
1,769,675
920,550
2,690,225
------------
--------
---------
-------
------------
Depreciation
At 1 March 2022
1,477,815
8,980
762,748
2,889
2,252,432
Charge for the year
194,183
5,259
74,220
1,835
275,497
Disposals
( 14,239)
( 5,600)
( 4,724)
( 24,563)
------------
--------
---------
-------
------------
At 28 February 2023
1,671,998
831,368
2,503,366
------------
--------
---------
-------
------------
Carrying amount
At 28 February 2023
97,677
89,182
186,859
------------
--------
---------
-------
------------
At 28 February 2022
291,860
43,608
168,809
4,450
508,727
------------
--------
---------
-------
------------
The company has no tangible assets.
7. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 March 2022 and 28 February 2023
260
----
Impairment
At 1 March 2022 and 28 February 2023
----
Carrying amount
At 1 March 2022 and 28 February 2023
260
----
At 28 February 2022
260
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
London Medical Regional Ltd
Ordinary
100
Metabolic Services Limited
Ordinary
100
8. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
605,616
1,408,649
Amounts owed by group undertakings and undertakings in which the company has a participating interest
250,000
Other debtors
403,241
364,956
14
------------
------------
---------
----
1,008,857
1,773,605
250,014
------------
------------
---------
----
9. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
80,000
80,000
Trade creditors
3,215,795
2,735,150
Social security and other taxes
85,119
160,683
Other creditors
836,110
1,032,853
------------
------------
----
----
4,217,024
4,008,686
------------
------------
----
----
10. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
180,000
260,000
Other creditors
95,831
203,293
Other creditors
16,809
---------
---------
----
----
275,831
480,102
---------
---------
----
----
11. Related party transactions
Group
During the year a loan of £196,562 (2022 - nil) between subsidiaries was written off.
Company
A subsidiary received an interest free loan of £250,000 (2022 - nil) from the Holding company.
12. Controlling party
The ultimate controlling party of the Company are the directors C Abraham and R Abraham by virtue of their majority shareholding in the Company.