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COMPANY REGISTRATION NUMBER: 12919997
Meter Corp 4 Limited
Filleted Unaudited Financial Statements
Year ended
31 December 2023
Meter Corp 4 Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Meter Corp 4 Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Meter Corp 4 Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Meter Corp 4 Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
PORTER GARLAND Chartered accountants
Communication House Victoria Avenue Camberley Surrey GU15 3HX
1 August 2024
Meter Corp 4 Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
1,313,404
1,387,861
Current assets
Debtors
5
576,906
363,328
Cash at bank and in hand
80,648
80,560
---------
---------
657,554
443,888
Creditors: amounts falling due within one year
6
1,845,771
1,830,569
------------
------------
Net current liabilities
1,188,217
1,386,681
------------
------------
Total assets less current liabilities
125,187
1,180
---------
-------
Net assets
125,187
1,180
---------
-------
Capital and reserves
Called up share capital
3
3
Profit and loss account
125,184
1,177
---------
-------
Shareholders funds
125,187
1,180
---------
-------
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 December 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 .
Meter Corp 4 Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 1 August 2024 , and are signed on behalf of the board by:
Mr C J Ball
Director
Company registration number: 12919997
Meter Corp 4 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 Communication House, Victoria Avenue, Camberley, Surrey, GU15 3HX.
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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the profit and loss account. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit and loss account.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
Revenue from the sale of services is recognised when the significant risks and rewards have transferred to the customer, 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.
Tangible assets
Tangible assets are initially recorded at cost.
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:
Plant and machinery
-
straight line over 15 years
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Plant and machinery
£
Cost
At 1 January 2023 and 31 December 2023
1,536,775
------------
Depreciation
At 1 January 2023
148,914
Charge for the year
74,457
------------
At 31 December 2023
223,371
------------
Carrying amount
At 31 December 2023
1,313,404
------------
At 31 December 2022
1,387,861
------------
5. Debtors
2023
2022
£
£
Other debtors
576,906
363,328
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,384
2,341
Other creditors
1,843,387
1,828,228
------------
------------
1,845,771
1,830,569
------------
------------
7. Related party transactions
As at the balance sheet date the company owed the sum of £ 1,741,445 (2022 : £ 1,738,269 ) to MC Squared Capital Limited . The directors of MC Squared Capital Limited are Mr C J Ball , Mr I Moreno and Mr J R Steiner. The loan is non interest bearing and is repayable on demand.