Registered number
SC165489
Metaflake Limited
Filleted Accounts
31 March 2024
Metaflake Limited
Registered number: SC165489
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,364,694 2,603,498
Investments 4 1,089,561 2,143,026
3,454,255 4,746,524
Current assets
Stocks 1,006,259 1,421,372
Debtors 5 1,128,823 1,066,837
Cash at bank and in hand 506,380 1,698,572
2,641,462 4,186,781
Creditors: amounts falling due within one year 6 (404,007) (388,317)
Net current assets 2,237,455 3,798,464
Total assets less current liabilities 5,691,710 8,544,988
Provisions for liabilities (549,215) (457,645)
Net assets 5,142,495 8,087,343
Capital and reserves
Called up share capital 67 100
Profit and loss account 5,142,428 8,087,243
Shareholders' funds 5,142,495 8,087,343
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Steven Kerr
Director
Approved by the board on 27 September 2024
Metaflake Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Motor vehicles 25% reducing balance
Plant and machinery 25% reducing balance
Computer equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 29 30
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 1,942,156 3,457,359 110,110 5,509,625
Additions - 22,858 26,895 49,753
Disposals - (1,281) (53,535) (54,816)
At 31 March 2024 1,942,156 3,478,936 83,470 5,504,562
Depreciation
At 1 April 2023 246,756 2,595,713 63,658 2,906,127
Charge for the year 32,276 221,006 12,690 265,972
On disposals - (1,281) (30,950) (32,231)
At 31 March 2024 279,032 2,815,438 45,398 3,139,868
Net book value
At 31 March 2024 1,663,124 663,498 38,072 2,364,694
At 31 March 2023 1,695,400 861,646 46,452 2,603,498
4 Investments
Other
investments
£
Fair value
At 1 April 2023 2,143,026
Additions 48,179
Revaluation 81,256
Disposals (1,182,900)
At 31 March 2024 1,089,561
Historical cost
At 1 April 2023 2,327,516
At 31 March 2024 1,226,421
5 Debtors 2024 2023
£ £
Trade debtors 1,116,510 1,057,100
Other debtors 12,313 9,737
1,128,823 1,066,837
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 128,221 225,881
Taxation and social security costs 237,870 166,642
Other creditors 37,916 (4,206)
404,007 388,317
7 Other information
Metaflake Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Unit 2
Station Road
Anstruther
KY10 3JA
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