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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: P Allen
M Caetano
B Mota
A Antunes
T Vieira



REGISTERED OFFICE: C/o Fabrikat
Hamilton Road
Sutton in Ashfield
Nottingham
Nottinghamshire
NG17 5LN



REGISTERED NUMBER: 13119410 (England and Wales)



AUDITORS: Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ



SOLICITORS: Nelsons
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:





P Allen - Director


15 April 2024

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
P Allen has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

M Caetano , B Mota , A Antunes and T Vieira were appointed as directors after 31 December 2023 but prior to the date of this report.

M Batty , M Scott and A Hibbard ceased to be directors after 31 December 2023 but prior to the date of this report.

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:





P Allen - Director


15 April 2024

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.




Wayne Thomas FCA (Senior Statutory Auditor)
for and on behalf of Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

16 April 2024

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 822,529 667,552

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 80,701 80,701
80,701 80,701

CURRENT ASSETS
Debtors 15 324,061 98,951

CREDITORS
Amounts falling due within one year 16 14,341 9,740
NET CURRENT ASSETS 309,720 89,211
TOTAL ASSETS LESS CURRENT
LIABILITIES

390,421

169,912

CAPITAL AND RESERVES
Called up share capital 22 10,000 10,000
Share premium 93,000 93,000
Retained earnings 287,421 66,912
SHAREHOLDERS' FUNDS 390,421 169,912

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 15 April 2024 and were signed on its behalf by:





P Allen - Director


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 10,000 91,392 93,000 194,392

Changes in equity
Total comprehensive income - (24,480 ) - (24,480 )
Balance at 31 December 2022 10,000 66,912 93,000 169,912

Changes in equity
Dividends - (169,147 ) - (169,147 )
Total comprehensive income - 389,656 - 389,656
Balance at 31 December 2023 10,000 287,421 93,000 390,421

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of seven years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 33 years
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

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
93 90

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 80,701
NET BOOK VALUE
At 31 December 2023 80,701
At 31 December 2022 80,701

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Meteor Bidco 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

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 - - 324,061 98,951
Other debtors 20,399 34,663 - -
Prepayments and accrued income 298,572 206,687 - -
3,618,233 2,535,760 324,061 98,951

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 1,000 1,000
Accrued expenses 504,457 1,906,399 13,341 8,740
3,652,651 4,695,697 14,341 9,740

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: £    £   
700,000 Ordinary A 0.01p 7,000 7,000
300,000 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 )