REGISTERED NUMBER: |
Financial Statements for the Period 1 April 2023 to 31 December 2023 |
for |
Metor Services Limited |
REGISTERED NUMBER: |
Financial Statements for the Period 1 April 2023 to 31 December 2023 |
for |
Metor Services Limited |
Metor Services Limited (Registered number: 04625266) |
Contents of the Financial Statements |
for the Period 1 April 2023 to 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Metor Services Limited |
Company Information |
for the Period 1 April 2023 to 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
New Century House |
Greenbank Technology Park |
Challenge Way |
Blackburn |
Lancashire |
BB1 5QB |
ACCOUNTANTS: |
Chartered Accountants |
Brigham House |
High Street |
Biggleswade |
SG19 OLD |
Metor Services Limited (Registered number: 04625266) |
Balance Sheet |
31 December 2023 |
2023 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Metor Services Limited (Registered number: 04625266) |
Notes to the Financial Statements |
for the Period 1 April 2023 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Metor Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The company has shortened its reporting period to align it with that of the holding company. The current nine month period ended 31 December 2023 is not directly comparable with the prior year. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have reviewed future financial forecasts and are satisfied that the company can continue to meet its liabilities as they fall due for a period of at least twelve months from the approval of these financial statements. Therefore, they have adopted the going concern basis of accounting in the preparation of these financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
The policy adopted for the recognition of turnover in relation to contracts is that when the outcome of a contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. |
Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. |
When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, was being |
amortised evenly over its estimated useful life of ten years. It is now fully amortised. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Metor Services Limited (Registered number: 04625266) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term. |
Employee benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Metor Services Limited (Registered number: 04625266) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with 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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
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 company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loan and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 April 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 March 2023 |
Metor Services Limited (Registered number: 04625266) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 31 December 2023 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 March 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
Metor Services Limited (Registered number: 04625266) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 31 December 2023 |
10. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
Hire purchase contracts |
2023 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
The company's commitment at the year end to operating leases was £18,554. |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2023 |
£ | £ |
Hire purchase contracts | 11,878 | 20,440 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2023 |
value: | £ | £ |
Ordinary | £1 | 264 | 264 |
A Ordinary | £1 | 36 | 36 |
300 | 300 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date, £NIL is owed to the company by the directors (31st March 2023 - £60,000). |
No interest was charged on the loan and the loan was repaid in April 2023. |
The maximum overdrawn balance in the year was £60,000. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements was Ramudden Global AB. Copies of the Ramudden Global AB consolidated financial statements can be obtained from Strömsbrovägen 26,803 09 Grävie, Sweden. |
The immediate parent company is Tadlow Road Limited. |