Company Registration No. 08828934 (England and Wales)
Metrix Contractors Limited
Unaudited accounts
for the year ended 31 December 2023
Metrix Contractors Limited
Unaudited accounts
Contents
Metrix Contractors Limited
Statement of financial position
as at 31 December 2023
Tangible assets
145,903
159,102
Cash at bank and in hand
142,052
184,024
Creditors: amounts falling due within one year
(183,207)
(289,281)
Net current assets
321,043
392,584
Total assets less current liabilities
466,946
551,686
Creditors: amounts falling due after more than one year
(126,594)
(198,771)
Provisions for liabilities
Deferred tax
(33,218)
(34,131)
Net assets
307,134
318,784
Called up share capital
2
2
Profit and loss account
307,132
318,782
Shareholders' funds
307,134
318,784
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by
Hannah Dartnell
Director
Company Registration No. 08828934
Metrix Contractors Limited
Notes to the Accounts
for the year ended 31 December 2023
Metrix Contractors Limited is a private company, limited by shares, registered in England and Wales, registration number 08828934. The registered office is Downsview, Dittons Road, Polegate, East Sussex, BN26 6HS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
5% straight line
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Metrix Contractors Limited
Notes to the Accounts
for the year ended 31 December 2023
The cost of short-term employee benefits are recognised as a liability and expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
14,662
26,229
181,338
8,894
231,123
Additions
-
5,765
19,200
2,247
27,212
At 31 December 2023
14,662
31,994
200,538
11,141
258,335
At 1 January 2023
1,681
8,743
57,052
4,545
72,021
Charge for the year
649
3,439
35,072
1,251
40,411
At 31 December 2023
2,330
12,182
92,124
5,796
112,432
At 31 December 2023
12,332
19,812
108,414
5,345
145,903
At 31 December 2022
12,981
17,486
124,286
4,349
159,102
Metrix Contractors Limited
Notes to the Accounts
for the year ended 31 December 2023
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
44,935
59,913
Work in progress
16,400
31,278
Amounts falling due within one year
Trade debtors
154,385
142,398
Accrued income and prepayments
8,555
8,366
Other debtors
173,998
307,124
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
67,767
190,743
Obligations under finance leases and hire purchase contracts
7,243
7,243
Trade creditors
32,347
55,781
Taxes and social security
65,032
40,773
Other creditors
10,921
1,200
Loans from directors
(103)
(6,459)
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
27,172
45,796
9
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
27,825
33,251
Later than one year and not later than five years
111,300
111,300
Later than five years
59,843
87,668
Metrix Contractors Limited
Notes to the Accounts
for the year ended 31 December 2023
10
Transactions with related parties
During the year, the company made a payment to Downsview Holdings Limited in the amount of £192,710 (2022 - £145,591), a company under common control and ownership of the owners of Metrix Contractors Limited and provided construction services in the amount of £255,000 (2022 - £37,085). Downsview Holdings Limited repaid an amount of £700,385 (2022 - £70,000) to Metrix Contractors Limited. The balance outstanding at 31 December 2023 is £nil (2022 - £252,676). The amount is interest free and considered to be repayable on demand. All transactions are carried out on a commercial arms length basis.
During the year, the company received monies in the amount of £10,000 (2022 - £39,470) from Metrix Finishes Limited, a company owned by H Dartnell. Metrix Contractors made payments to Metrix Finishes Limited in the amount of £143,710 (2022 - £56,855). The balance owed by Metrix Finishes Limited at 31 December 2023 is £133,710 (2022 - £nil). The amount is interest free and considered to be repayable on demand. All transactions are carried out on a commercial arms length basis.
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Average number of employees
During the year the average number of employees was 12 (2022: 15).