REGISTERED NUMBER: 13119410 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
Meteor Holdco Limited |
REGISTERED NUMBER: 13119410 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
Meteor Holdco Limited |
Meteor Holdco Limited (Registered number: 13119410) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Profit and Loss Account | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 14 |
Meteor Holdco Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
The Mills |
Canal Street |
Derby |
DE1 2RJ |
SOLICITORS: |
Sterne House |
Lodge Lane |
Derby |
DE1 3WD |
Meteor Holdco Limited (Registered number: 13119410) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
Strategic overview |
The parent and its immediate subsidiary undertaking were incorporated in the prior year to facilitate the management buy out of Hollinwell Investments Holdings Limited and subsidiaries. The parent and intermediate parent companies are all non-trading. |
In respect of the trading subsidiary, further progress was made during the period to ensuring that the company continues to achieve a balance between its product ranges and continues to strive to improve market share particularly in the bespoke section of the market. |
Financial Overview |
The trading subsidiary remains profitable with the group itself making a profit before taxation of £1,268,499 once borrowing costs, professional fees and goodwill amortisation were factored in. |
Financial Performance |
Year to | Year to |
31 Dec 2023 | 31 Dec 2022 | Change | Change |
£'000 | £'000 | £'000 | % |
Turnover | 21,181 | 19,181 | 2,000 | 10 |
Gross Profit | 5,225 | 4,567 | 658 | 14 |
Profit on ordinary activities before Taxation |
1,268 |
870 |
398 |
45 |
Turnover |
Overall sales have shown an increase for the trading subsidiary. This is partially due to price increases across the board to keep in line with rising costs, but also due to an element of new business. |
Gross Margin |
The year on year gross margin increased as the market price for steel became marginally less volatile and any increased costs arising were largely offset by the increase in selling prices. Competition in the conventional product market has and will continue to put pressures on margins in this sector. |
Research and Development |
The group continues to invest in the quality and design of its products believing that continued investment in research and development is fundamental to the growth of the business. |
Capital Expenditure |
The directors feel that investment in our material handling capability is necessary and have continued to invest. There has also been significant investment in health and safety equipment. |
Summary of Key Performance Indicators |
2023 | 2022 |
Actual | Target | Actual | Target |
Sales £'000 | 21,181 | 18,750 | 19,181 | 13,488 |
Gross Profit Margin % | 25 | 24 | 24 | 22 |
Future Developments for the Business/Future Outlook |
The group believes that continuing to place emphasis on quality, design and delivery will enable it to improve both its already strong reputation and market position as the market improves. |
Principal Risks and Uncertainties |
The management of the business and the nature of the group's strategy are subject to a number of risks. |
The directors feel that the principal risk is that of not achieving turnover and the group closely monitors this. |
Meteor Holdco Limited (Registered number: 13119410) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
Financial risk management objectives and policies |
The group uses basic financial instruments, comprising borrowings and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to maintain finance for the group's operations. The main risks arising from the group's financial instruments are interest rate risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below: |
Interest rate risk |
The group finances its operations through a mixture of retained profits, intercompany accounts and borrowings. The group's exposure to interest rate fluctuations on its overdraft is managed on a group basis. |
Liquidity risk |
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this was achieved through non-bank borrowings. The group policy throughout the period has been to ensure continuity of funding and short term flexibility was achieved by overdraft facilities. |
ON BEHALF OF THE BOARD: |
Meteor Holdco Limited (Registered number: 13119410) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2023 will be £169,147. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Meteor Holdco Limited |
Opinion |
We have audited the financial statements of Meteor Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Material uncertainty related to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate but subject to material uncertainty. |
We draw attention to the accounting policies within the financial statements, which outlines the sale of the company and the new owners potential future plans in respect of simplifying the group structure. As stated in the accounting policy, this event is indicative of a material uncertainty existing and may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Meteor Holdco Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
Based on our understanding of the company and industry in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included: |
- | Enquiry of management around actual and potential litigation and claims; |
- | Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- | Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Meteor Holdco Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
The Mills |
Canal Street |
Derby |
DE1 2RJ |
Meteor Holdco Limited (Registered number: 13119410) |
Consolidated |
Profit and Loss Account |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 21,180,807 | 19,181,078 |
Cost of sales | 15,955,594 | 14,614,493 |
GROSS PROFIT | 5,225,213 | 4,566,585 |
Distribution costs | 957,293 | 881,422 |
Administrative expenses | 2,031,891 | 1,914,906 |
2,989,184 | 2,796,328 |
OPERATING PROFIT | 6 | 2,236,029 | 1,770,257 |
Interest payable and similar expenses | 7 | 967,530 | 899,876 |
PROFIT BEFORE TAXATION | 1,268,499 | 870,381 |
Tax on profit | 8 | 445,970 | 202,829 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
822,529 |
667,552 |
Profit attributable to: |
Owners of the parent | 822,529 | 667,552 |
Total comprehensive income attributable to: |
Owners of the parent | 822,529 | 667,552 |
Meteor Holdco Limited (Registered number: 13119410) |
Consolidated Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 3,830,992 | 4,724,282 |
Tangible assets | 12 | 1,087,661 | 1,196,616 |
Investments | 13 | - | - |
4,918,653 | 5,920,898 |
CURRENT ASSETS |
Stocks | 14 | 1,901,566 | 2,177,571 |
Debtors | 15 | 3,618,233 | 2,535,760 |
Cash at bank and in hand | 664,874 | 881,629 |
6,184,673 | 5,594,960 |
CREDITORS |
Amounts falling due within one year | 16 | 3,652,651 | 4,695,697 |
NET CURRENT ASSETS | 2,532,022 | 899,263 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,450,675 |
6,820,161 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(6,096,172 |
) |
(6,127,040 |
) |
PROVISIONS FOR LIABILITIES | 21 | (96,000 | ) | (88,000 | ) |
NET ASSETS | 1,258,503 | 605,121 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 10,000 | 10,000 |
Share premium | 93,000 | 93,000 |
Retained earnings | 1,155,503 | 502,121 |
SHAREHOLDERS' FUNDS | 1,258,503 | 605,121 |
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: |
P Allen - Director |
Meteor Holdco Limited (Registered number: 13119410) |
Company Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year |
389,656 |
(24,480 |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Meteor Holdco Limited (Registered number: 13119410) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 10,000 | (165,431 | ) | 93,000 | (62,431 | ) |
Changes in equity |
Total comprehensive income | - | 667,552 | - | 667,552 |
Balance at 31 December 2022 | 10,000 | 502,121 | 93,000 | 605,121 |
Changes in equity |
Dividends | - | (169,147 | ) | - | (169,147 | ) |
Total comprehensive income | - | 822,529 | - | 822,529 |
Balance at 31 December 2023 | 10,000 | 1,155,503 | 93,000 | 1,258,503 |
Meteor Holdco Limited (Registered number: 13119410) |
Company Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
Meteor Holdco Limited (Registered number: 13119410) |
Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 24 | 1,474,875 | 1,180,367 |
Interest paid | (811,620 | ) | (796,552 | ) |
Interest element of hire purchase payments paid |
(419 |
) |
(2,844 |
) |
Finance costs paid | (155,491 | ) | (100,480 | ) |
Tax paid | (324,641 | ) | (60,769 | ) |
Net cash from operating activities | 182,704 | 219,722 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (44,665 | ) | - |
Purchase of tangible fixed assets | (98,491 | ) | (261,508 | ) |
Sale of tangible fixed assets | 6,704 | - |
Net cash from investing activities | (136,452 | ) | (261,508 | ) |
Cash flows from financing activities |
Loan repayments in year | (27,360 | ) | (24,252 | ) |
HP loan repayments | (66,500 | ) | (71,113 | ) |
Equity dividends paid | (169,147 | ) | - |
Net cash from financing activities | (263,007 | ) | (95,365 | ) |
Decrease in cash and cash equivalents | (216,755 | ) | (137,151 | ) |
Cash and cash equivalents at beginning of year |
25 |
881,629 |
1,018,780 |
Cash and cash equivalents at end of year |
25 |
664,874 |
881,629 |
Meteor Holdco Limited (Registered number: 13119410) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Meteor Holdco Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated accounts incorporate the accounts of Meteor Holdco Limited and all of its subsidiary undertakings for the year. The acquisition method of accounting has been adopted. No profit or loss account is presented for Meteor Holdco Limited as permitted by section 408 of the Companies Act 2006. |
In the company's financial statements, investments in subsidiary undertakings are stated at cost less amounts written off. |
Turnover |
Turnover from the sales of goods is recognised when the group has transferred the significant risks and rewards of ownership to the buyer and it is probable that the group will receive the previously agreed amounts upon payment. These criteria are considered to be met when the goods are delivered to the buyer. |
Goodwill |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Meteor Holdco Limited (Registered number: 13119410) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet.Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated in to sterling at rates of exchange ruling at the balance sheet date. |
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. |
Exchange gains and losses are recognised in the profit and loss account. |
Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Meteor Holdco Limited (Registered number: 13119410) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Bank financing arrangements |
The gross equivalent of trade debts subject to a receivables financing agreement is included within Trade debtors with the corresponding amount relating to the discounted sums received from the facility provider included within creditors. The interest element and other facility provider's charges are recognised within the profit and loss account account as they accrue. |
Going concern |
The accounts have been prepared on the going concern basis but subject to a material uncertainty. |
Following the sale of the group of companies, a final decision is yet to be made on whether a group simplification of non-trading entities will take place within a period of 12 months from the accounts date of issue. The activities of the trading subsidiary would remain unaffected. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
Tangible fixed assets are depreciated over their useful economic lives taking in to account their residual values where appropriate.The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values. |
The recoverability of debtors is assessed on the likelihood and circumstances of the particular cost. |
The cost of certain stock is estimated based on weight. |
The valuation of work in progress and finished goods is based on direct and indirect costs to date, indirect costs are estimated based on a multiple of labour costs which is reassessed each year. |
Stock that has not been replenished for 12 months is considered to be obsolete and is written off to the Profit and Loss account. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 3,488,249 | 3,362,330 |
Social security costs | 376,185 | 359,851 |
Other pension costs | 68,262 | 60,301 |
3,932,696 | 3,782,482 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Production staff | 87 | 84 |
Administrative staff | 6 | 6 |
The average number of employees by undertakings that were proportionately consolidated during the year was 93 (2022 - 90 ) . |
Meteor Holdco Limited (Registered number: 13119410) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | DIRECTORS' EMOLUMENTS |
2023 | 2022 |
£ | £ |
Directors' remuneration | 276,000 | 305,616 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 92,000 | 117,678 |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 202,102 | 223,428 |
Loss on disposal of fixed assets | 5,344 | - |
Goodwill amortisation | 937,955 | 931,575 |
Auditors' remuneration | 17,500 | 26,741 |
Hire of plant and machinery | 47,935 | 44,973 |
Auditors remuneration for non-audit work | 4,000 | 4,000 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Interest payable | 788,556 | 791,664 |
Loan | 23,064 | 4,888 |
Hire purchase | 419 | 2,844 |
Interest on capital provided | 155,491 | 100,480 |
967,530 | 899,876 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 437,970 | 167,397 |
Adjustment re prior period | - | 2,470 |
Total current tax | 437,970 | 169,867 |
Deferred tax | 8,000 | 32,962 |
Tax on profit | 445,970 | 202,829 |
Meteor Holdco Limited (Registered number: 13119410) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 1,268,499 | 870,381 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
317,125 |
165,372 |
Effects of: |
Expenses not deductible for tax purposes | 274,698 | 196,091 |
Depreciation in excess of capital allowances | 21,472 | 8,754 |
Adjustments to tax charge in respect of previous periods | - | 2,470 |
Research and development enhanced relief | (152,322 | ) | (169,858 | ) |
Tax Rate Change | (15,003 | ) | - |
Total tax charge | 445,970 | 202,829 |
9. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary A shares of 0.01p each |
Interim | 169,147 | - |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 | 6,521,023 |
Additions | 44,665 |
At 31 December 2023 | 6,565,688 |
AMORTISATION |
At 1 January 2023 | 1,796,741 |
Amortisation for year | 937,955 |
At 31 December 2023 | 2,734,696 |
NET BOOK VALUE |
At 31 December 2023 | 3,830,992 |
At 31 December 2022 | 4,724,282 |
Meteor Holdco Limited (Registered number: 13119410) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 | 754,163 | 657,433 | 77,343 | 90,582 | 1,579,521 |
Additions | - | 49,040 | 9,500 | 39,951 | 98,491 |
Disposals | - | (6,704 | ) | - | - | (6,704 | ) |
At 31 December 2023 | 754,163 | 699,769 | 86,843 | 130,533 | 1,671,308 |
DEPRECIATION |
At 1 January 2023 | 37,507 | 267,164 | 30,274 | 47,960 | 382,905 |
Charge for year | 20,004 | 137,925 | 16,779 | 27,394 | 202,102 |
Eliminated on disposal | - | (1,360 | ) | - | - | (1,360 | ) |
At 31 December 2023 | 57,511 | 403,729 | 47,053 | 75,354 | 583,647 |
NET BOOK VALUE |
At 31 December 2023 | 696,652 | 296,040 | 39,790 | 55,179 | 1,087,661 |
At 31 December 2022 | 716,656 | 390,269 | 47,069 | 42,622 | 1,196,616 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Hamilton Road, Sutton-In-Ashfield, Nottingham, United Kingdom, NG17 5LN |
Nature of business: |
% |
Class of shares: | holding |
Meteor Holdco Limited (Registered number: 13119410) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
Hollinwell Investments Holdings Limited |
Registered office: Hamilton Road, Sutton-In-Ashfield, Nottingham, United Kingdom, NG17 5LN |
Nature of business: Intermediate parent |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Fabrikat (Nottingham) Limited |
Registered office: Hamilton Road, Sutton-In-Ashfield, Nottingham, United Kingdom, NG17 5LN |
Nature of business: Manufacture of metal structures |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Hollinwell Investments Limited |
Registered office: Hamilton Road, Sutton-In-Ashfield, Nottingham, United Kingdom, NG17 5LN |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Raw materials | 1,322,245 | 1,397,122 |
Work-in-progress | 299,769 | 221,798 |
Finished goods | 279,552 | 558,651 |
1,901,566 | 2,177,571 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 3,299,262 | 2,294,410 |
Amounts owed by group undertakings | - | - |
Other debtors | 20,399 | 34,663 |
Prepayments and accrued income | 298,572 | 206,687 |
3,618,233 | 2,535,760 |
Meteor Holdco Limited (Registered number: 13119410) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Other loans (see note 18) | 30,868 | 27,360 |
Hire purchase contracts (see note 19) | - | 66,500 |
Trade creditors | 2,307,211 | 2,253,256 |
Tax | 280,726 | 167,397 |
Social security and other taxes | 528,389 | 273,785 |
Other creditors | 1,000 | 1,000 |
Accrued expenses | 504,457 | 1,906,399 |
3,652,651 | 4,695,697 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Other loans (see note 18) | 6,096,172 | 6,127,040 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or | on demand: |
Other loans | 30,868 | 27,360 |
Amounts falling due between one and | two years: |
Other loans - 1-2 years | 34,824 | 30,858 |
Amounts falling due between two and | five years: |
Other loans - 2-5 years | 133,598 | 118,398 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Other loans - 5+ years | 5,927,750 | 5,977,784 |
Meteor Holdco Limited (Registered number: 13119410) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | - | 66,500 |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 98,800 | 105,775 |
Between one and five years | 395,200 | 397,054 |
In more than five years | 98,800 | 172,900 |
592,800 | 675,729 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Other loans | 6,127,040 | 6,154,400 |
Hire purchase agreements | - | 66,500 |
6,127,040 | 6,220,900 |
Duke Royalty UK Limited holds a debenture with a first legal mortgage on the freehold property, a fixed first charge and first floating charge over all the company's assets, and a negative pledge on the secured assets. |
21. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 96,000 | 88,000 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 88,000 |
Provided during year | 8,000 |
Balance at 31 December 2023 | 96,000 |
Meteor Holdco Limited (Registered number: 13119410) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | 0.01p | 7,000 | 7,000 |
Ordinary B | 0.01p | 3,000 | 3,000 |
10,000 | 10,000 |
1,000 redeemable preference shares of £1 each were allotted, issued and fully paid during the year. The shares pay a non-discretionary monthly dividend and the shares are redeemable at the option of the holder. The preference shares are therefore classified as debt and shown within other creditors. |
23. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
The 100% share capital of the group was subsequently acquired by Metalogalva - Irmaos Silvas, S. A. on 6 March 2024. |
The directors are considered to be the key management personnel. |
24. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 1,268,499 | 870,381 |
Depreciation charges | 1,133,353 | 1,155,003 |
Loss on disposal of fixed assets | 5,344 | - |
Finance costs | 967,530 | 899,876 |
3,374,726 | 2,925,260 |
Decrease/(increase) in stocks | 276,005 | (590,428 | ) |
Increase in trade and other debtors | (1,082,473 | ) | (494,708 | ) |
Decrease in trade and other creditors | (1,093,383 | ) | (659,757 | ) |
Cash generated from operations | 1,474,875 | 1,180,367 |
Meteor Holdco Limited (Registered number: 13119410) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
25. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 664,874 | 881,629 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 881,629 | 1,018,780 |
26. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 881,629 | (216,755 | ) | 664,874 |
881,629 | (216,755 | ) | 664,874 |
Debt |
Finance leases | (66,500 | ) | 66,500 | - |
Debts falling due within 1 year | (27,360 | ) | (3,508 | ) | (30,868 | ) |
Debts falling due after 1 year | (6,127,040 | ) | 30,868 | (6,096,172 | ) |
(6,220,900 | ) | 93,860 | (6,127,040 | ) |
Total | (5,339,271 | ) | (122,895 | ) | (5,462,166 | ) |