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COMPANY REGISTRATION NUMBER: 07833076
Metallisation Projects Limited
Filleted Financial Statements
31 December 2023
Metallisation Projects Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Debtors
4
184,723
44,115
Cash at bank and in hand
12,270
122,610
---------
---------
196,993
166,725
Creditors: amounts falling due within one year
5
47,864
30,600
---------
---------
Net current assets
149,129
136,125
---------
---------
Total assets less current liabilities
149,129
136,125
---------
---------
Net assets
149,129
136,125
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
149,128
136,124
---------
---------
Shareholders funds
149,129
136,125
---------
---------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 16 July 2024 , and are signed on behalf of the board by:
B White
Director
Company registration number: 07833076
Metallisation Projects Limited
Notes to the Financial Statements
Year ended 31 December 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 C/O Metallisation Limited, Peartree Lane, Dudley, West Midlands, DY2 0XH, England.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2023
2022
£
£
Trade debtors
39,738
2,004
Amounts owed by group undertakings
144,985
42,111
---------
--------
184,723
44,115
---------
--------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
21,250
Corporation tax
3,051
30,600
Social security and other taxes
23,563
--------
--------
47,864
30,600
--------
--------
6. Summary audit opinion
The auditor's report dated 16 July 2024 was unqualified .
The senior statutory auditor was Oliver Ross BSc (Hons) FCA , for and on behalf of Muras Baker Jones Limited .
7. Controlling party
The company is a wholly owned subsidiary of Metallisation Limited, a company registered in England and Wales. With effect from 13 December 2023, the ultimate parent undertaking is PEP Alchemy LP, a limited partnership registered in Alberta, Canada. The company has taken advantage of the exemption allowed by Financial Reporting Standard 102 Paragraph 33.1A "Related Party Disclosures", not to disclose any transactions with the entities that are included in the consolidated financial statements of the ultimate parent undertaking .