Registered number
10724843
META GOLD LIMITED
Filleted Accounts
30 April 2023
META GOLD LIMITED
Registered number: 10724843
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,302 5,384
Current assets
Stocks 670,955 708,401
Debtors 4 493,767 1,915
Cash at bank and in hand 191,503 108,437
1,356,225 818,753
Creditors: amounts falling due within one year 5 (557,184) (296,588)
Net current assets 799,041 522,165
Total assets less current liabilities 808,343 527,549
Creditors: amounts falling due after more than one year 6 (100,077) (40,936)
Net assets 708,266 486,613
Capital and reserves
Called up share capital 100 100
Profit and loss account 708,166 486,513
Shareholder's funds 708,266 486,613
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Elif Karabulut
Director
Approved by the board on 19 January 2024
META GOLD LIMITED
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 7,760
Additions 6,245
At 30 April 2023 14,005
Depreciation
At 1 May 2022 2,376
Charge for the year 2,327
At 30 April 2023 4,703
Net book value
At 30 April 2023 9,302
At 30 April 2022 5,384
4 Debtors 2023 2022
£ £
Trade debtors 492,502 1,386
Other debtors 1,265 529
493,767 1,915
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,648 -
Trade creditors 320,107 274,556
Taxation and social security costs 218,882 (922)
Other creditors 7,547 22,954
557,184 296,588
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,037 40,936
Other creditors 79,040 -
100,077 40,936
7 Related party transactions
As at the balance sheet date the company owed its director £79,039 which has been included under other creditors due after one year. (2022: £nil).
8 Controlling party
The company is under the control of its own director.
9 Other information
META GOLD LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Birmingham Assay Office
1 Moreton Street
Birmingham
B1 3AX
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