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REGISTERED NUMBER: 04625266 (England and Wales)


















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: M I Keddie
J J Clarke
M Robinson
T N Cockayne
N Dougan



SECRETARY: C Jackson



REGISTERED OFFICE: 141-149 Salisbury House London Wall
London
EC2M 5QQ



REGISTERED NUMBER: 04625266 (England and Wales)



AUDITORS: PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB



ACCOUNTANTS: George Hay Partnership LLP
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 70,679 86,865
70,679 86,865

CURRENT ASSETS
Stocks 9,510 18,425
Debtors 7 280,415 961,461
Cash at bank and in hand 887,382 720,110
1,177,307 1,699,996
CREDITORS
Amounts falling due within one year 8 891,392 740,610
NET CURRENT ASSETS 285,915 959,386
TOTAL ASSETS LESS CURRENT
LIABILITIES

356,594

1,046,251

CREDITORS
Amounts falling due after more than one
year

9

(14,167

)

(30,626

)

PROVISIONS FOR LIABILITIES (5,037 ) (7,429 )
NET ASSETS 337,390 1,008,196

CAPITAL AND RESERVES
Called up share capital 12 300 300
Retained earnings 337,090 1,007,896
SHAREHOLDERS' FUNDS 337,390 1,008,196

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 23 September 2024 and were signed on its behalf by:





M Robinson - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 20% on reducing balance

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 18 (2023 - 21 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 December 2023 30,000
AMORTISATION
At 1 April 2023
and 31 December 2023 30,000
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 312,217
DEPRECIATION
At 1 April 2023 225,352
Charge for period 16,186
At 31 December 2023 241,538
NET BOOK VALUE
At 31 December 2023 70,679
At 31 March 2023 86,865

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade debtors 232,740 649,608
Amounts owed by group undertakings - 136,217
Other debtors 47,675 175,636
280,415 961,461

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 10) 11,878 11,481
Trade creditors 210,779 477,750
Amounts owed to group undertakings 560,939 -
Taxation and social security 62,250 211,366
Other creditors 35,546 30,013
891,392 740,610

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2023
£    £   
Bank loans 14,167 21,667
Hire purchase contracts (see note 10) - 8,959
14,167 30,626

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 11,878 11,481
Between one and five years - 8,959
11,878 20,440

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: £    £   
264 Ordinary £1 264 264
36 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.

Miss Helen Louise Clayton BSc FCA (Senior Statutory Auditor)
for and on behalf of PM+M Solutions for Business LLP

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.