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Company registration number: 08901371
Metprint Limited
Unaudited filleted financial statements
31 December 2023
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
Metprint Limited
Contents
Directors and other information
Directors responsibilities statement
Assurance report
Balance sheet
Notes to the financial statements
Metprint Limited
Directors and other information
Directors Mr A Sheibani
Mr K Moodley
Mr O Sheibani
Mr Y Muhammad
Company number 08901371
Registered office Unit 1, Prospect Park
Grangefield Road
Pudsey
Leeds
LS28 6LF
Accountants The Barker Partnership
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
Metprint Limited
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report 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 profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Metprint Limited
Independent chartered accountants review report to the
directors, as a body, of Metprint Limited
Year ended 31 December 2023
We have reviewed the financial statements of Metprint Limited for the year ended 31 December 2023 which comprise Balance sheet and the related notes on pages 7 to 10. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter . Our review has been undertaken so that we may state to the company's directors, as a body, those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the company and the company's directors, as a body, for our work, for this report or the conclusions we have formed.
Directors responsibility for the financial statements
As explained more fully in the directors responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants' responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements, and ICAEW Technical Release TECH 09/13AAF. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
Scope of assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe the financial statements have not been prepared:
- so as to give a true and fair view of the state of the company's affairs as at 31 December 2023, and of its profit for the year then ended;
- in accordance with United Kingdom Generally Accepted Accounting Practice; and
- in accordance with the Companies Act 2006.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
23 September 2024
Metprint Limited
Balance sheet
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,858,953 1,089,714
_______ _______
1,858,953 1,089,714
Current assets
Stocks 232,268 303,296
Debtors 6 1,591,531 646,488
Cash at bank and in hand 380,864 1,602,413
_______ _______
2,204,663 2,552,197
Creditors: amounts falling due
within one year 7 ( 4,026,476) ( 3,628,616)
_______ _______
Net current liabilities ( 1,821,813) ( 1,076,419)
_______ _______
Total assets less current liabilities 37,140 13,295
Creditors: amounts falling due
after more than one year 8 ( 90,552) ( 67,850)
_______ _______
Net liabilities ( 53,412) ( 54,555)
_______ _______
Capital and reserves
Called up share capital 101 101
Profit and loss account ( 53,513) ( 54,656)
_______ _______
Shareholders deficit ( 53,412) ( 54,555)
_______ _______
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.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr K Moodley
Director
Company registration number: 08901371
Metprint 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 Unit 1, Prospect Park, Grangefield Road, Pudsey, Leeds, LS28 6LF. The principal activity of the company is that of metal packaging design, printing and coating.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared under the going concern basis, the validity of which is dependent upon the continued support of the director and shareholder, Mr A Sheibani, and companies associated with him.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 taxlosses 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are 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 othercomprehensive income and accumulated in capital and reserves, except to the extent it reverses arevaluation 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 10 % straight line
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
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 stocks to their present location and condition.Work in progress is valued at selling price.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which therelated service is provided. Prepaid contributions are recognised as an asset to the extent that theprepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 19 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 2,149,711 33,939 5,000 2,188,650
Additions 783,490 1,084 - 784,574
_______ _______ _______ _______
At 31 December 2023 2,933,201 35,023 5,000 2,973,224
_______ _______ _______ _______
Depreciation
At 1 January 2023 1,080,168 17,310 1,458 1,098,936
Charge for the year 9,687 4,398 1,250 15,335
_______ _______ _______ _______
At 31 December 2023 1,089,855 21,708 2,708 1,114,271
_______ _______ _______ _______
Carrying amount
At 31 December 2023 1,843,346 13,315 2,292 1,858,953
_______ _______ _______ _______
At 31 December 2022 1,069,543 16,629 3,542 1,089,714
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 690,350 373,761
Other debtors 901,181 272,727
_______ _______
1,591,531 646,488
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 402,762 210,110
Social security and other taxes 52,912 85,156
Other creditors 3,570,802 3,333,350
_______ _______
4,026,476 3,628,616
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 90,552 67,850
_______ _______
9. Related party transactions
Mr A Sheibani , a director and shareholder, has made a loan to the company of £1,166,031 (2022 - £1,166,031). The loan is unsecured, interest free and has no fixed repayment term.As at 31 December 2023 the company was owed £107,010 (2022 - £29,836) by companies associated with Mr Sheibani. The amounts are unsecured, interest free and have no fixed repayment terms.As at 31 December 2023 the company owed £2,413,297 (2022 - £1,984,191) to companies associated with Mr Sheibani. The amounts are unsecured, interest free and have no fixed repayment terms.During the period the company was charged rent and service charges to the value of £129,322 (2022 - £105,525) by Felix Estates Limited, a company associated with Mr Sheibani.During the period the company was charged management fees of £74,735 (2022: £28,779) by companies associated with Mr Sheibani.During the period the company recharged management fees and other costs of £107,315 (2022: £14,253) to companies associated with Mr Sheibani.