Metaco Commodities Limited
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 09608783 (England and Wales)
Metaco Commodities Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
Metaco Commodities Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Stock
7,147,311
7,979,548
Debtors
5
21,568
17,916
Cash at bank and in hand
33,168
24,427
7,202,047
8,021,891
Creditors: amounts falling due within one year
6
(4,421,828)
(4,026,452)
Net current assets
2,780,219
3,995,439
Creditors: amounts falling due after more than one year
7
(4,496,279)
(4,541,271)
Net liabilities
(1,716,060)
(545,832)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(1,716,160)
(545,932)
Total equity
(1,716,060)
(545,832)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
R Mansell
R Bradley
Director
Director
Company Registration No. 09608783
Metaco Commodities Limited
Statement of Changes in Equity
For the year ended 31 December 2023
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
(492,469)
(492,369)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(53,463)
(53,463)
Balance at 31 December 2022
100
(545,932)
(545,832)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(1,170,228)
(1,170,228)
Balance at 31 December 2023
100
(1,716,160)
(1,716,060)
Metaco Commodities Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information

Metaco Commodities Limited is a private company limited by shares incorporated and domiciled in England and Wales. The registered office is Pool Chambers, 26 Dam Street, Lichfield WS13 6AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

1.2
Going concern

The company has net liabilities of true£1,716,060 (2022: £545,832) at 31 December 2023 which includes £330,982 (2022: £320,888) and £2,688,479 (2022: £2,336,644) due to the directors R Bradley and R Mansell respectively and £1,316,120 (2022: £1,316,120) due to Shenstone Properties Limited, a company of which R Mansell is a director and shareholder.

 

The company has received written assurances from R Bradley, R Mansell and Shenstone Properties Limited that they will continue to support the company in all its working capital requirements for at least twelve months from the date of signing of these accounts and will not demand repayment of their loan account balances until such time as the company's cashflow permits. On this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover represents rent receivable and amounts receivable on the sale of properties net of VAT.

1.4
Stock

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. There is a policy of capitalising any property costs greater than £500.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash at bank and in hand 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.

Metaco Commodities Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.6
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 loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 and subsequently measured at amortised cost using the effective interest method.

1.7
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.

Metaco Commodities Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key area where estimates and assumptions have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities is the carrying value of stock.

Metaco Commodities Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2). The directors received no remuneration from the company.

2023
2022
Number
Number
Total
2
2
4
Interest payable and similar expenses
2023
2022
£
£
Interest payable and similar expenses includes the following:
Interest on bank loans
208,801
214,179
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,728
16,999
Other debtors
7,840
917
21,568
17,916
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
12,878
7,512
Trade creditors
24,164
4,642
Other creditors
4,384,786
4,014,298
4,421,828
4,026,452

The bank loan represents the amount payable within one year of the Bounce Back Loan as detailed in note 7.

 

Included within other creditors are directors' loan account balances of £330,982 (2022: £320,888) and £2,688,479 (2022: £2,336,644) due to R Bradley and R Mansell respectively. The balances are interest free and repayable on demand.

Metaco Commodities Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
4,496,279
4,541,271

In July 2017 the company drew down a bank loan of £807,216 which is repayable in one instalment in September 2027. The loan is secured on the properties included in stock and by personal guarantees, including guarantees from R Mansell and R Bradley. Interest is charged at a fixed rate of 4.57% for the first five years and then at a variable interest rate of LIBOR (minimum 0.75%) plus 3.70% for the final five years.

 

In March 2019 the company drew down a new bank loan of £1,225,125, on an additional five properties included in stock. Interest is charged at a fixed rate of 4.51% for the first five years and then at a variable interest rate of LIBOR (minimum 0.75%) plus 3.50% for the final five years. The loan is due for repayment in one instalment in March 2029 and is secured on properties included in stock.

 

In October 2020 the company drew down a new bank loan of £2,479,358, on an additional six properties included in stock. Interest is charged at a fixed rate of 4.74% for the first five years and then at a variable interest rate of LIBOR (minimum 0.75%) plus 3.89% for the final five years. The loan is due for repayment in one instalment in October 2030 and is secured on properties included in stock.

 

In January 2023 the company executed a loan refinancing which consolidated the three loans above to two loans. The first new loan of £2,072,813 was on one property included in stock. Interest is charged at a fixed rate of 4.20% for the first five years and then at a variable interest rate for the final five years. The loan is due for repayment in one instalment in January 2033.

 

The second new loan of £2,405,223 was on twenty-two properties included in stock. Interest is charged at a fixed rate of 4.20% for the first five years and then at a variable interest rate for the final five years. The loan is due for repayment in one instalment in January 2033.

 

Also included above is £18,844 (2022: £29,572), representing the long term element of a Bounce Back Loan totalling £31,122 (2022: £38,000). The loan is an unsecured debt. During the first 12 months, the UK Government will pay interest, at 2.50% per annum, due under this loan to the lender as a Business Interruption Payment. The loan is repayable in sixty monthly instalments.

 

Post year end a new loan facility was was taken out with Signature Property Finance. The loan value is £262,500 secured against one property included in stock. The loan is repayable 12 months after the drawdown date.

Amounts included above which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
18,244
29,572
Payable other than by instalments
4,478,035
4,511,699
4,496,279
4,541,271
Metaco Commodities Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
8
Share capital
2023
2022
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Matthew Banton.
The auditor was Moore Kingston Smith LLP.
10
Related party transactions

At the year end, directors' loan account balances of £330,982 (2022: £320,888) and £2,688,479 (2022: £2,336,644) were due to R Bradley and R Mansell respectively. The balances are interest free and repayable on demand. R Bradley and R Mansell have provided personal guarantees to secure the bank loan as detailed in notes 7 and 8.

 

At the year end the company owed Shenstone Properties Limited, a company of which R Mansell is a director and shareholder, £1,316,120 (2022: £1,316,120). During the year the company purchased stock of £nil (2022: £20,000) from Shenstone Properties Limited. The company charged Shenstone Properties Limited management fees of £7,600 (2022: £5,000) in the year. The amount is unpaid at the year end and included within other creditors. The balance is interest free and repayable on demand.

 

At the year end the company was owed by Metaco Construction Limited £13,823 (2022: £14,553) in relation to expenses totalling £785 (2022: £19,783) paid on behalf of the company. The balance is fully provided against at 31 December 2023 and 31 December 2022. The companies are under common control.

 

During the year a total of £16,300 (2022: £13,700) was received in relation to rental income from Hadrian Property Management Limited, a company of which R Mansell is a director.

 

During the year a total of £38,400 (2022: £38,400) was received in relation to rental income from a director.

11
Events after the reporting date

In June 2024 the company agreed a loan facility of £262,500 with Signature Property Finance. The loan facility is secured on one property included in stock.

12
Control

R Mansell and R Bradley are considered to be the ultimate controlling parties by virtue of their 25% shareholdings and their management of the company's day to day operations.

2023-12-312023-01-01false26 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedR MansellR Bradleyfalsefalse096087832024-09-25096087832023-01-012023-12-31096087832023-12-31096087832022-12-3109608783core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109608783core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109608783core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3109608783core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3109608783core:ShareCapital2023-12-3109608783core:ShareCapital2022-12-3109608783core:RetainedEarningsAccumulatedLosses2023-12-3109608783core:RetainedEarningsAccumulatedLosses2022-12-3109608783core:ShareCapital2021-12-3109608783core:RetainedEarningsAccumulatedLosses2021-12-3109608783bus:Director12023-01-012023-12-3109608783bus:Director22023-01-012023-12-3109608783core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31096087832022-01-012022-12-3109608783core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3109608783core:CurrentFinancialInstruments2023-12-3109608783core:CurrentFinancialInstruments2022-12-3109608783core:WithinOneYear2023-12-3109608783core:WithinOneYear2022-12-3109608783core:Non-currentFinancialInstruments2023-12-3109608783core:Non-currentFinancialInstruments2022-12-3109608783bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109608783bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109608783bus:FRS1022023-01-012023-12-3109608783bus:Audited2023-01-012023-12-3109608783bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP