2023-03-012024-02-292024-02-29false05923839MET-EXCEL 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MET-EXCEL LIMITED

Registered Number
05923839
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

MET-EXCEL LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

HILL, Simon Bernard

Company Secretary

MCGUINNESS, Kieran

Registered Address

Balmoral House
Warwick Court, Park Road
Middleton
M24 1AE

Registered Number

05923839 (England and Wales)
MET-EXCEL LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets320,47421,724
20,47421,724
Current assets
Stocks665,414805,087
Debtors4364,75761,938
1,030,171867,025
Creditors amounts falling due within one year5(601,060)(428,273)
Net current assets (liabilities)429,111438,752
Total assets less current liabilities449,585460,476
Creditors amounts falling due after one year6(30,000)(43,375)
Provisions for liabilities(10,961)(13,845)
Net assets408,624403,256
Capital and reserves
Profit and loss account408,624403,256
Shareholders' funds408,624403,256
The financial statements were approved and authorised for issue by the Director on 30 October 2024, and are signed on its behalf by:
HILL, Simon Bernard
Director
Registered Company No. 05923839
MET-EXCEL LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from 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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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.
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.
Deferred tax
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.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Finance leases and hire purchase contracts
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 paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year67
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 March 23169,907
At 29 February 24169,907
Depreciation and impairment
At 01 March 23148,183
Charge for year1,250
At 29 February 24149,433
Net book value
At 29 February 2420,474
At 28 February 2321,724
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables335,97038,055
Other debtors15,09514,066
Prepayments and accrued income13,6929,817
Total364,75761,938
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables363,23379,643
Bank borrowings and overdrafts156,205315,521
Taxation and social security2,8909,814
Finance lease and HP contracts-10,763
Other creditors78,73212,532
Total601,060428,273
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts30,00040,000
Other creditors-3,375
Total30,00043,375
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-3,375