Metrotile (UK) Limited 02680324 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the operation of warehousing and storage facilities for land transport activities Digita Accounts Production Advanced 6.30.9574.0 true true 02680324 2023-01-01 2023-12-31 02680324 2023-12-31 02680324 2 2023-12-31 02680324 core:CurrentFinancialInstruments 2023-12-31 02680324 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02680324 core:OtherResidualIntangibleAssets 2023-12-31 02680324 core:WithinOneYear 2023-12-31 02680324 core:FurnitureFittings 2023-12-31 02680324 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 02680324 core:MotorVehicles 2023-12-31 02680324 core:OfficeEquipment 2023-12-31 02680324 core:PlantMachinery 2023-12-31 02680324 bus:SmallEntities 2023-01-01 2023-12-31 02680324 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02680324 bus:FilletedAccounts 2023-01-01 2023-12-31 02680324 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02680324 bus:RegisteredOffice 2023-01-01 2023-12-31 02680324 bus:Director3 2023-01-01 2023-12-31 02680324 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02680324 core:ComputerSoftware 2023-01-01 2023-12-31 02680324 core:FurnitureFittings 2023-01-01 2023-12-31 02680324 core:LandBuildings 2023-01-01 2023-12-31 02680324 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 02680324 core:MotorVehicles 2023-01-01 2023-12-31 02680324 core:OfficeEquipment 2023-01-01 2023-12-31 02680324 core:PlantMachinery 2023-01-01 2023-12-31 02680324 core:Vehicles 2023-01-01 2023-12-31 02680324 countries:EnglandWales 2023-01-01 2023-12-31 02680324 2022-12-31 02680324 core:OtherResidualIntangibleAssets 2022-12-31 02680324 core:FurnitureFittings 2022-12-31 02680324 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 02680324 core:MotorVehicles 2022-12-31 02680324 core:OfficeEquipment 2022-12-31 02680324 core:PlantMachinery 2022-12-31 02680324 2022-02-01 2022-12-31 02680324 2022-12-31 02680324 2 2022-12-31 02680324 core:CurrentFinancialInstruments 2022-12-31 02680324 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02680324 core:WithinOneYear 2022-12-31 02680324 core:FurnitureFittings 2022-12-31 02680324 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 02680324 core:MotorVehicles 2022-12-31 02680324 core:OfficeEquipment 2022-12-31 02680324 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 02680324

Metrotile (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Metrotile (UK) Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Metrotile (UK) Limited

(Registration number: 02680324)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

21,537

38,219

Current assets

 

Stocks

6

1,198,685

1,425,852

Debtors

7

853,455

1,135,701

Cash at bank and in hand

 

52,482

184,794

 

2,104,622

2,746,347

Creditors: Amounts falling due within one year

8

(1,462,955)

(2,226,810)

Net current assets

 

641,667

519,537

Net assets

 

663,204

557,756

Capital and reserves

 

Called up share capital

274

274

Share premium reserve

4,828

4,828

Capital redemption reserve

17

17

Profit and loss account

658,085

552,637

Shareholders' funds

 

663,204

557,756

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 


Mrs E Hulbert
Director

 

Metrotile (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3 Sheldon Business Park
Sheldon Corner
Chippenham
Wiltshire
SN14 0RQ

Principal activity

The principal activity of the company is the operation of warehousing and storage facilities for land transport activities

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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.

 

Metrotile (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold property

33% straight line

Plant & machinery

20% straight line

Fixtures & fittings

20% straight line

Motor vehicles

33% straight line

Office equipment

25% - 50% straight line

Impairment

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website costs

33% straight line

 

Metrotile (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 15).

 

Metrotile (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Website
 £

Total
£

Cost or valuation

At 1 January 2023

176,961

176,961

At 31 December 2023

176,961

176,961

Amortisation

At 1 January 2023

176,961

176,961

At 31 December 2023

176,961

176,961

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

33,087

21,894

70,149

47,102

129,420

301,652

Additions

7,937

-

-

4,018

8,500

20,455

Disposals

-

(725)

(3,525)

(2,720)

-

(6,970)

At 31 December 2023

41,024

21,169

66,624

48,400

137,920

315,137

Depreciation

At 1 January 2023

33,087

20,375

66,758

45,920

97,293

263,433

Charge for the year

2,619

828

2,040

2,382

29,268

37,137

Eliminated on disposal

-

(726)

(3,524)

(2,720)

-

(6,970)

At 31 December 2023

35,706

20,477

65,274

45,582

126,561

293,600

Carrying amount

At 31 December 2023

5,318

692

1,350

2,818

11,359

21,537

At 31 December 2022

-

1,519

3,391

1,182

32,127

38,219

 

Metrotile (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

1,180,351

1,392,743

Other inventories

18,334

33,109

1,198,685

1,425,852

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

710,106

964,195

Other debtors

 

7,451

10,015

Prepayments

 

80,667

82,473

Income tax asset

55,231

79,018

 

853,455

1,135,701

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,328,155

1,977,124

Taxation and social security

103,145

229,123

Accruals and deferred income

31,655

20,563

1,462,955

2,226,810

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

83,077

83,077