Mega Metals Limited 12309077 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is Collection of non-hazardous waste Digita Accounts Production Advanced 6.30.9574.0 true true 12309077 2023-02-01 2024-01-31 12309077 2024-01-31 12309077 bus:OrdinaryShareClass1 2024-01-31 12309077 core:CurrentFinancialInstruments 2024-01-31 12309077 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 12309077 core:FurnitureFittingsToolsEquipment 2024-01-31 12309077 core:MotorVehicles 2024-01-31 12309077 core:OtherPropertyPlantEquipment 2024-01-31 12309077 bus:SmallEntities 2023-02-01 2024-01-31 12309077 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 12309077 bus:FilletedAccounts 2023-02-01 2024-01-31 12309077 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 12309077 bus:RegisteredOffice 2023-02-01 2024-01-31 12309077 bus:Director1 2023-02-01 2024-01-31 12309077 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 12309077 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 12309077 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 12309077 core:MotorVehicles 2023-02-01 2024-01-31 12309077 core:OfficeEquipment 2023-02-01 2024-01-31 12309077 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 12309077 core:PlantMachinery 2023-02-01 2024-01-31 12309077 countries:England 2023-02-01 2024-01-31 12309077 2023-01-31 12309077 core:FurnitureFittingsToolsEquipment 2023-01-31 12309077 core:MotorVehicles 2023-01-31 12309077 core:OtherPropertyPlantEquipment 2023-01-31 12309077 2022-02-01 2023-01-31 12309077 2023-01-31 12309077 bus:OrdinaryShareClass1 2023-01-31 12309077 core:CurrentFinancialInstruments 2023-01-31 12309077 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 12309077 core:FurnitureFittingsToolsEquipment 2023-01-31 12309077 core:MotorVehicles 2023-01-31 12309077 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12309077

Mega Metals Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Mega Metals Limited

(Registration number: 12309077)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

35,326

22,793

Current assets

 

Stocks

5

23,450

22,000

Debtors

6

187,830

213,681

Cash at bank and in hand

 

15,799

25

 

227,079

235,706

Creditors: Amounts falling due within one year

7

(45,832)

(71,809)

Net current assets

 

181,247

163,897

Total assets less current liabilities

 

216,573

186,690

Provisions for liabilities

(8,831)

(4,331)

Net assets

 

207,742

182,359

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

207,642

182,259

Shareholders' funds

 

207,742

182,359

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 October 2024
 

.........................................
Mr J Gudleikis
Director

 

Mega Metals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 2A
Romford Road
Stafford
Staffordshire
ST16 3DZ
England

These financial statements were authorised for issue by the director on 9 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Mega Metals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% written down value

Office Equipment

20% written down value

Plant and Machinery

20% written down value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Mega Metals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

Mega Metals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

8,932

23,255

17,511

49,698

Additions

2,627

21,210

-

23,837

Disposals

(916)

-

-

(916)

At 31 January 2024

10,643

44,465

17,511

72,619

Depreciation

At 1 February 2023

3,989

15,442

7,474

26,905

Charge for the year

1,397

7,255

2,066

10,718

Eliminated on disposal

(330)

-

-

(330)

At 31 January 2024

5,056

22,697

9,540

37,293

Carrying amount

At 31 January 2024

5,587

21,768

7,971

35,326

At 31 January 2023

4,943

7,813

10,037

22,793

5

Stocks

2024
£

2023
£

Other inventories

23,450

22,000

6

Debtors

Current

2024
£

2023
£

Prepayments

7,639

8,708

Other debtors

180,191

204,973

 

187,830

213,681

 

Mega Metals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

1,245

Trade creditors

 

706

11,477

Taxation and social security

 

45,126

59,087

 

45,832

71,809

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

1,245

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £26,700 (2023 - £40,050).