Metalista Ltd |
Notes to the Accounts |
for the year ended 30 April 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
20% |
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Fixtures, fittings, tools and equipment |
20% |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. |
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Foreign currency translation |
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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. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Intangible fixed assets |
£ |
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Application Developed cost-goodwill |
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Cost |
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At 1 May 2023 |
160,650 |
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At 30 April 2024 |
160,650 |
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Amortisation |
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At 1 May 2023 |
16,065 |
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Provided during the year |
16,065 |
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At 30 April 2024 |
32,130 |
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Net book value |
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At 30 April 2024 |
128,520 |
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At 30 April 2023 |
144,585 |
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Application deceloped is being amortised off in equal annual instalments over its estimated economic life of ten years. |
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4 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 May 2023 |
10,244 |
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Additions |
1,448 |
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At 30 April 2024 |
11,692 |
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Depreciation |
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At 1 May 2023 |
6,423 |
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Charge for the year |
1,054 |
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At 30 April 2024 |
7,477 |
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Net book value |
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At 30 April 2024 |
4,215 |
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At 30 April 2023 |
3,821 |
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5 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Customs & Excise |
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37,177 |
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1,306 |
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Other debtors |
227 |
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- |
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37,404 |
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1,306 |
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6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Accruals |
2,223 |
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5,490 |
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Director's account |
30,014 |
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58,012 |
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Loan Investment - Director 1 |
393,526 |
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173,998 |
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Loan Investment - Director 2 |
2,746 |
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3,546 |
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Trade creditors |
21,708 |
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21,678 |
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Taxation and social security costs |
140 |
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140 |
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Other creditors |
3,001 |
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- |
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453,358 |
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262,864 |
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7 |
Contingent liabilities |
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The director has confirmed that there were no contingent liabilities during the year, which should be disclosed at 30 April 2024. |
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8 |
Controlling Interest, Related party & transactions with director |
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The two directors own 50% each of issued share capital and therefore jointly control the company. Following related party transactions occurred with business owned by family members, all the transaction were at market value; Sales made to company where the directors owns shares £212,053 (2023 £174,080). Included in trade creditor is £21,553 (2023 £21,553) owed to a company connected to the director. All the transactions were at arms length and at market value. The director's account has always remained in credit and the balance outstanding at year end was £30,014 (2023 £58,012). The other shareholder director account balance at the year end was £2,746 (2023 £3,546). The directors loan account balance at the year end was £393,526 (2023 £173,998). The loan account is interest free and of no set terms and repayable on demand. Dividends paid to the the director shareholder was nil (2023 £nil). |
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9 |
Going Concern |
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The director has reviewed a period of 12 months from approval of these financial statements and concluded the company is able to meet all its liabilites as they fall due. As a result it is appropriate it is appropriate to prepare the accounts on a going concern basis. |
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10 |
Other information |
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Metalista Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Flat 34 Hawker Building |
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350 Queenstown Road, |
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London |
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SW11 8AE |