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REGISTERED NUMBER: 01700444 (England and Wales)

















Financial Statements

For The Year Ended 31 December 2023

for

Metia Ltd

Metia Ltd (Registered number: 01700444)

Contents of the Financial Statements
For The Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Metia Ltd

Company Information
For The Year Ended 31 December 2023







DIRECTORS: Mr S A Ellis
P Burcher
Mr C P Close
Mr J W Wise



SECRETARY: Mrs E R Ellis



REGISTERED OFFICE: 77 Shaftesbury Avenue
London
W1D 5DU



REGISTERED NUMBER: 01700444 (England and Wales)



AUDITORS: LB Group Limited (Chelmsford)
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU



BANKERS: Coutts & Co
188 Fleet Street
London
EC4A 2HT

Metia Ltd (Registered number: 01700444)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - 155,536
Tangible assets 6 26,863 48,355
26,863 203,891

CURRENT ASSETS
Debtors 7 1,503,758 2,310,677
Cash at bank and in hand 193,295 259,576
1,697,053 2,570,253
CREDITORS
Amounts falling due within one year 8 925,640 2,296,043
NET CURRENT ASSETS 771,413 274,210
TOTAL ASSETS LESS CURRENT
LIABILITIES

798,276

478,101

CREDITORS
Amounts falling due after more than one
year

9

850,000

-
NET (LIABILITIES)/ASSETS (51,724 ) 478,101

CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Retained earnings (61,724 ) 468,101
SHAREHOLDERS' FUNDS (51,724 ) 478,101

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:





Mr S A Ellis - Director


Metia Ltd (Registered number: 01700444)

Notes to the Financial Statements
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

Metia 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on ·an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

Going concern
At the time that the financial statements were approved, the directors had a reasonable expectation that the company had access to adequate resources to continue in operational existence for the foreseeable future and meet its financial obligations, despite shareholders funds of -£51,724 (2023: £478,101). This is based upon financial backing following a merger to become part of an international group headed by JBI Holdings LLC, a growth equity entity. Therefore, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

The directors have considered a period of twelve months following the date of approval of the financial statements, when considering the appropriateness of the adoption of the going concern basis of preparation.

Turnover
Turnover represents the value of work completed for clients in the period, including the value of all third party costs incurred in the completion of that work.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Metia Ltd (Registered number: 01700444)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 33% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 33% on cost
Computer equipment - 33% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Metia Ltd (Registered number: 01700444)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss In finance costs or finance income as appropriate unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Metia Ltd (Registered number: 01700444)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement 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.

Deferred income
Deferred income represents the balance of the amount invoiced to clients, after the deduction of the time utilised against the project or program and any applicable third party costs incurred. The balance amount is then deferred to the following financial period.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 42 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 593,977
AMORTISATION
At 1 January 2023 438,441
Charge for year 155,536
At 31 December 2023 593,977
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 155,536

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023
and 31 December 2023 281,228 109,220 64,474 11,020 465,942
DEPRECIATION
At 1 January 2023 281,228 109,220 16,119 11,020 417,587
Charge for year - - 21,492 - 21,492
At 31 December 2023 281,228 109,220 37,611 11,020 439,079
NET BOOK VALUE
At 31 December 2023 - - 26,863 - 26,863
At 31 December 2022 - - 48,355 - 48,355

Metia Ltd (Registered number: 01700444)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 827,112 629,437
Amounts owed by group undertakings 420,911 187,252
Other debtors 255,735 1,493,988
1,503,758 2,310,677

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 26,629 57,314
Taxation and social security 199,991 209,581
Other creditors 699,020 2,029,148
925,640 2,296,043

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 850,000 -

The amounts due to group undertakings is in respect of a loan of £850,000 (2023: £nil). this reclassified from current liabilities to non-current liabilities during the current year, on the basis that it is not repayable on demand and repayments are not expected to commence in financial year 2024. The loan terms are not within the arms length principal with Metia Group Limited as it is not secured and has been granted free of interest.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 93,419 262,667
Between one and five years - 84,624
93,419 347,291

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Laurence Miles FCA (Senior Statutory Auditor)
for and on behalf of LB Group Limited (Chelmsford)

13. POST BALANCE SHEET EVENTS

On 15th July 2024, the immediate and ultimate parent undertaking, Metia Group Limited was acquired through a merger arrangement. As described in note 14, the ultimate parent company is now JBI Holdings LLC.

Metia Ltd (Registered number: 01700444)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


14. ULTIMATE PARENT COMPANY

As at the financial year end, the ultimate parent company was Metia Group Limited, a company registered in England and Wales. Its registered office address is 77 Shaftesbury Avenue, London.

Following a merger on 15th July 2024 (see note 13), the ultimate parent company is now JBI Holdings LLC, a company registered in Delaware, USA. Its registered office address is 1728 Olympic Boulevard, Santa Monica, CA 90404.