Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
16,177 | 5,906 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 4 |
|
|
|
- due after more than one year | 4 |
|
|
|
Cash at bank and in hand | 5 |
|
|
|
4,326,186 | 4,694,032 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current assets | 848,277 | 1,487,280 | ||
Total assets less current liabilities | 864,454 | 1,493,186 | ||
Creditors: amounts falling due after more than one year | 7 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Capital redemption reserve |
|
|
||
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of MET Traders Limited (registered number:
S D Gordon
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The Company has net assets of £625,659 at 31 March 2023. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and have also confirmed that they will support the business with cash injections if required. In the opinion of the directors, the company is able to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements.
Therefore, the directors consider the use of the going concern basis to be appropriate.
Foreign currency transactions are translated into the functional currency using average monthly exchange rates.
At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'other operating income'.
In accordance with accepted practise, the profits and losses from trading activities include unrealised profits and losses at the period end, as open positions are included at market value.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Land and buildings |
|
Plant and machinery etc. |
|
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognized on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2020 to continue to be charged over the period to the first market rent review rather than the term of the lease.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Included in cash and cash equivalents are amounts held at the clearing agents in respect of any net trading activities undertaken by the company.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors, accruals and amounts due to related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognized in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2022 |
|
|
|
||
Additions |
|
|
|
||
At 31 March 2023 |
|
|
|
||
Accumulated depreciation | |||||
At 01 April 2022 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 March 2023 |
|
|
|
||
Net book value | |||||
At 31 March 2023 |
|
|
|
||
At 31 March 2022 |
|
|
|
2023 | 2022 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Amounts owed by directors |
|
|
|
Prepayments and accrued income |
|
|
|
VAT recoverable |
|
|
|
Other debtors |
|
|
|
|
|
||
Debtors: amounts falling due after more than one year | |||
Other debtors |
|
|
2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand |
|
|
|
Less: Bank overdrafts | (
|
(
|
|
1,070,690 | 1,809,005 |
Included within cash and cash equivalents is £755,412 (2022: £1,866,410) held with third party entities through whom the company clears.
2023 | 2022 | ||
£ | £ | ||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Other loans |
|
|
|
Accruals and deferred income |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans |
|
|
|
Other loans |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2023 | 2022 | ||
£ | £ | ||
within one year |
|
|
|
between one and five years |
|
|
|
after five years |
|
|
|
|
|
Pensions
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £Nil (2022: £Nil).
During the year, the company also made pension contributions to the private pensions of directors totalling £10,000 (2022: £16,079).
Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Included within debtors due within one year - amounts due from directors | 1,458,596 | 1,352,068 |
The movement comprises amounts advanced of £79,181 (2022: £40,327) and repayments of £Nil (2022: £465,000). Interest has been charged at the rate of 2% per annum (2022: 2%) on the overdrawn positions and amounts to £27,347 (2022: £30,675). These loans are unsecured and repayable on demand.
Other related party transactions
2023 | 2022 | ||
£ | £ | ||
Included within debtors due within one year - amounts owed by entities controlled by the directors | 763,538 | 452,591 | |
Included within creditors due within one year - amounts owed to entities controlled by the directors | 10,500 | 7,680 | |
Included within creditors due within one year - amounts owed to an unincorporated partnership in which the directors have a participating interest | 31,740 | 33,461 |
These balances are unsecured, interest-free and repayable on demand
Analysis of the maturity of bank loans is given below:
2023 | 2022 | ||
£ | £ | ||
Amounts falling due within one year | 49,641 | 50,000 | |
Amounts falling due 1-2 years | 51,795 | 50,000 | |
Amounts falling due 2-5 years | 63,150 | 108,334 | |
164,586 | 208,334 |
Analysis of the maturity of other loans is given below:
2023 | 2022 | ||
£ | £ | ||
Amounts falling due within one year | 1,012,065 | 205,663 | |
Amounts falling due 1-2 years | 68,030 | 1,062,783 | |
Amounts falling due 2-5 years | 55,820 | 111,074 | |
1,135,915 | 1,379,520 |