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COMPANY REGISTRATION NUMBER: 09674413
METAL EDIT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2023
METAL EDIT LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
METAL EDIT LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mrs G Nee
Mr M Nee
Registered office
Lynton House
7-12 Tavistock Square
London
United Kingdom
WC1H 9BQ
Accountants
TC BSG Valentine Limited
Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
METAL EDIT LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
40,662
47,432
CURRENT ASSETS
Debtors
6
22,840
20,496
Cash at bank and in hand
547,949
636,654
---------
---------
570,789
657,150
CREDITORS: amounts falling due within one year
7
89,614
145,963
---------
---------
NET CURRENT ASSETS
481,175
511,187
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
521,837
558,619
---------
---------
NET ASSETS
521,837
558,619
---------
---------
CAPITAL AND RESERVES
Called up share capital
10
10
Profit and loss account
521,827
558,609
---------
---------
SHAREHOLDERS FUNDS
521,837
558,619
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 1 December 2023 , and are signed on behalf of the board by:
Mr M Nee
Director
Company registration number: 09674413
METAL EDIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 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 Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ, United Kingdom.
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.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold property
-
20% reducing balance
Fixtures and fittings
-
33% straight line
Motor vehicle
-
20% reducing balance
Equipment
-
33% straight line
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2022
22,901
18,130
48,135
47,736
136,902
Additions
5,191
5,191
Disposals
( 10,330)
( 10,330)
--------
--------
--------
--------
---------
At 31 July 2023
22,901
18,130
48,135
42,597
131,763
--------
--------
--------
--------
---------
Depreciation
At 1 August 2022
8,245
17,822
17,329
46,074
89,470
Charge for the year
2,931
308
6,161
2,561
11,961
Disposals
( 10,330)
( 10,330)
--------
--------
--------
--------
---------
At 31 July 2023
11,176
18,130
23,490
38,305
91,101
--------
--------
--------
--------
---------
Carrying amount
At 31 July 2023
11,725
24,645
4,292
40,662
--------
--------
--------
--------
---------
At 31 July 2022
14,656
308
30,806
1,662
47,432
--------
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
22,060
19,742
Other debtors
780
754
--------
--------
22,840
20,496
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
39,530
17,527
Social security and other taxes
5,460
3,224
Other creditors
44,624
125,212
--------
---------
89,614
145,963
--------
---------