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REGISTERED NUMBER: 07980440 (England and Wales)




REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

METCAT LTD

METCAT LTD (REGISTERED NUMBER: 07980440)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Report of the Directors 2 to 3

Report of the Independent Auditors 4 to 6

Income Statement 7

Balance Sheet 8

Notes to the Financial Statements 9 to 15


METCAT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J Bridgwood
J A Bridgwood





REGISTERED OFFICE: Ground Floor
Custom House
Waterfront East
Brierley Hill
West Midlands
DY5 1XH





REGISTERED NUMBER: 07980440 (England and Wales)





AUDITORS: Poole Waterfield Limited (Statutory Auditor)
Ground Floor
Custom House
Waterfront East
Brierley Hill
West Midlands
DY5 1XH

METCAT LTD (REGISTERED NUMBER: 07980440)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of metal recycling merchants.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors during the year under review were:

J Bridgwood
J A Bridgwood

The ordinary share capital of the company is held by J Bridgwood Holdings Ltd, a company of which a majority shareholding is held by J and J A Bridgwood.

DIVIDEND
A dividend of £71,418 was paid during the year on the 10 'B' shares.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Poole Waterfield Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.


METCAT LTD (REGISTERED NUMBER: 07980440)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J Bridgwood - Director


13 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
METCAT LTD

Opinion
We have audited the financial statements of MetCat Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
METCAT LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud to be in the following areas - inappropriate treatment of non-routine transactions and areas of estimation uncertainty.

Our audit procedures to respond to these risks included enquiries of management, review and discussion of non-routine transactions, sample testing of the posting on income and expenditure transactions and review of accounting estimates.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatement in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
METCAT LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mrs Helen Clare Gibbens FCCA (Senior Statutory Auditor)
for and on behalf of Poole Waterfield Limited (Statutory Auditor)
Ground Floor
Custom House
Waterfront East
Brierley Hill
West Midlands
DY5 1XH

13 November 2024

METCAT LTD (REGISTERED NUMBER: 07980440)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 17,358,084 14,844,519

Cost of sales 16,396,380 13,292,335
GROSS PROFIT 961,704 1,552,184

Administrative expenses 823,715 722,622
137,989 829,562

Other operating income 6,000 12,000
OPERATING PROFIT 4 143,989 841,562


Interest payable and similar expenses 20,495 23,086
PROFIT BEFORE TAXATION 123,494 818,476

Tax on profit 5 41,168 176,871
PROFIT FOR THE FINANCIAL YEAR 82,326 641,605

METCAT LTD (REGISTERED NUMBER: 07980440)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 6 131,738 76,150
Tangible assets 7 589,859 428,800
721,597 504,950

CURRENT ASSETS
Stocks 594,700 183,893
Debtors 8 2,256,093 1,502,735
Cash at bank and in hand 149,771 415,883
3,000,564 2,102,511
CREDITORS
Amounts falling due within one year 9 1,688,859 523,081
NET CURRENT ASSETS 1,311,705 1,579,430
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,033,302

2,084,380

CREDITORS
Amounts falling due after more than one
year

10

(158,334

)

(258,333

)

PROVISIONS FOR LIABILITIES 13 (126,750 ) (88,737 )
NET ASSETS 1,748,218 1,737,310

CAPITAL AND RESERVES
Called up share capital 14 110 110
Retained earnings 1,748,108 1,737,200
SHAREHOLDERS' FUNDS 1,748,218 1,737,310

The financial statements have been prepared 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 13 November 2024 and were signed on its behalf by:





J Bridgwood - Director


METCAT LTD (REGISTERED NUMBER: 07980440)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

MetCat Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of fifteen years.

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of four years.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


METCAT LTD (REGISTERED NUMBER: 07980440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
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.

Functional and presentation currency
The company's functional and presentation currency is GBP (£).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 12 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

31.3.24 31.3.23
£    £   
Depreciation - owned assets 145,031 86,782
Depreciation - assets on hire purchase contracts - 16,067
Goodwill amortisation 22,100 8,000
Development costs amortisation 29,161 29,361
Directors' remuneration 159,258 127,856
Operating lease charges 1,180 20,169
Auditors remuneration 12,000 12,000

METCAT LTD (REGISTERED NUMBER: 07980440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 3,154 160,056
Under/over provision in prior
year - 693
Total current tax 3,154 160,749

Deferred tax 38,014 16,122
Tax on profit 41,168 176,871

6. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2023 120,000 117,444 237,444
Additions 63,000 43,849 106,849
At 31 March 2024 183,000 161,293 344,293
AMORTISATION
At 1 April 2023 72,000 89,294 161,294
Charge for year 22,100 29,161 51,261
At 31 March 2024 94,100 118,455 212,555
NET BOOK VALUE
At 31 March 2024 88,900 42,838 131,738
At 31 March 2023 48,000 28,150 76,150

The 'other intangible assets' are represented by app software development costs.

METCAT LTD (REGISTERED NUMBER: 07980440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 56,326 1,062,888 44,485 139,556 1,303,255
Additions 85,466 189,432 18,061 33,495 326,454
Disposals - (52,663 ) (7,808 ) (26,275 ) (86,746 )
At 31 March 2024 141,792 1,199,657 54,738 146,776 1,542,963
DEPRECIATION
At 1 April 2023 45,061 726,736 36,827 65,831 874,455
Charge for year 28,358 78,802 8,516 29,355 145,031
Eliminated on disposal - (32,543 ) (7,564 ) (26,275 ) (66,382 )
At 31 March 2024 73,419 772,995 37,779 68,911 953,104
NET BOOK VALUE
At 31 March 2024 68,373 426,662 16,959 77,865 589,859
At 31 March 2023 11,265 336,152 7,658 73,725 428,800

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023 401,669
Transfer to ownership (401,669 )
At 31 March 2024 -
DEPRECIATION
At 1 April 2023 337,401
Transfer to ownership (337,401 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 64,268

METCAT LTD (REGISTERED NUMBER: 07980440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,949,697 300,711
Amounts owed by group undertakings - 1,012,096
Other debtors 306,396 189,928
2,256,093 1,502,735

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 100,000 100,000
Hire purchase contracts (see note 11) - 28,000
Trade creditors 427,692 70,532
Amounts owed to group undertakings 620,781 -
Taxation and social security 26,541 297,318
Other creditors 513,845 27,231
1,688,859 523,081

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 158,334 258,333

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year - 28,000

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 3,660 6,850
Between one and five years 2,135 1,998
5,795 8,848

METCAT LTD (REGISTERED NUMBER: 07980440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 258,334 358,333
Hire purchase contracts - 28,000
258,334 386,333

As at 31st March 2024 a fixed and floating charge was held by Lloyds Bank PLC.

13. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 126,750 88,737

Deferred
tax
£   
Balance at 1 April 2023 88,737
Provided during year 38,013
Balance at 31 March 2024 126,750

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
Value: £    £   
100 Ordinary Shares £1 100 100
10 Ordinary B Shares £1 10 10
110 110

15. RELATED PARTY DISCLOSURES

Wightwick Development Limited - £9,700 debtor (2023 - £9,700 debtor), This company is related by way of common shareholding.

J Bridgwood Holdings Limited - £620,781 creditor (2023 - £1,012,096 debtor). This company is related by way of being the parent company.

16. POST BALANCE SHEET EVENTS

On the 19th April 2024 Metcat Limited purchased land totalling £2,000,000. This was funded by J Bridgwood Holdings Limited.

METCAT LTD (REGISTERED NUMBER: 07980440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

17. ULTIMATE CONTROLLING PARTY

The company is a subsidiary of J. Bridgwood Holdings Limited. The directors of MetCat Limited are the major shareholders in J. Bridgwood Holdings Limited.