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Company registration number: 11259398
Metal Process Services Holdings Limited
Unaudited filleted financial statements
31 January 2024
Metal Process Services Holdings Limited
Contents
Statement of financial position
Notes to the financial statements
Metal Process Services Holdings Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Investments 5 3,475,854 3,475,854
_________ _________
3,475,854 3,475,854
Current assets
Debtors 6 89,224 62,112
Cash at bank and in hand 658 22,681
_________ _________
89,882 84,793
Creditors: amounts falling due
within one year 7 ( 2,375,315) ( 2,225,764)
_________ _________
Net current liabilities ( 2,285,433) ( 2,140,971)
_________ _________
Total assets less current liabilities 1,190,421 1,334,883
Creditors: amounts falling due
after more than one year 8 ( 250,000) ( 387,500)
_________ _________
Net assets 940,421 947,383
_________ _________
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 940,321 947,283
_________ _________
Shareholders funds 940,421 947,383
_________ _________
For the 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.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Dr Russ Kingswell
Director
Company registration number: 11259398
Metal Process Services Holdings Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wharf Road Industrial Estate, Pinxton, Nottinghamshire, NG16 6LE.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 tax losses 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 February 2023 and 31 January 2024 3,475,854 3,475,854
_________ _________
Impairment
At 1 February 2023 and 31 January 2024 - -
_________ _________
Carrying amount
At 31 January 2024 3,475,854 3,475,854
_________ _________
At 31 January 2023 3,475,854 3,475,854
_________ _________
Investments in group undertakings
Subsidiary undertakings Registered office Class of share Percentage of shares held
Metal Process Services Limited England & Wales Ordinary A & B 100
Grindrite (MPS) Limited England & Wales Ordinary 100
6. Debtors
2024 2023
£ £
Other debtors 89,224 62,112
_________ _________
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 150,000 162,500
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,161,369 1,942,019
Other taxation and social security 56,921 77,237
Other creditors 7,025 44,008
_________ _________
2,375,315 2,225,764
_________ _________
Secured Loans: Included in creditors are loans on which security has been given by a fixed and floating charge over the assets of the company and its subsidiary.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 250,000 387,500
_________ _________
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary A and B shares of £ 0.01 each 10,000 100 10,000 100
_________ _________ _________ _________
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Robert William Hemstock 31,056 38,576 ( 33,576) 36,056
Mrs Susan Joy Hemstock 31,056 38,576 ( 33,576) 36,056
Mrs Amanda Kingswell ( 18,944) 61,076 ( 33,576) 8,556
Dr Russ Kingswell ( 18,944) 61,076 ( 33,576) 8,556
_________ _________ _________ _________
24,224 199,304 ( 134,304) 89,224
_________ _________ _________ _________
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Robert William Hemstock 34,980 33,576 ( 37,500) 31,056
Mrs Susan Joy Hemstock 34,980 33,576 ( 37,500) 31,056
Mrs Amanda Kingswell 34,980 33,576 ( 87,500) ( 18,944)
Dr Russ Kingswell 34,980 33,576 ( 87,500) ( 18,944)
_________ _________ _________ _________
139,920 134,304 ( 250,000) 24,224
_________ _________ _________ _________
There are no formal repayment terms on these loans and interest is charged at the HMRC official rate of interest.
11. Controlling party
The company is controlled by its directors in equal shares.