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Company No: 08902126 (England and Wales)

MET MEDICAL LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

MET MEDICAL LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

MET MEDICAL LTD

COMPANY INFORMATION

For the financial year ended 29 February 2024
MET MEDICAL LTD

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTOR Charlotte Hawkins (Resigned 10 January 2025)
David Hawkins
REGISTERED OFFICE 3a Smallford Works Smallford Lane
Smallford
St. Albans
AL4 0SA
United Kingdom
COMPANY NUMBER 08902126 (England and Wales)
CHARTERED ACCOUNTANTS Mercer & Hole LLP
72 London Road
St Albans
AL1 1NS
MET MEDICAL LTD

BALANCE SHEET

As at 29 February 2024
MET MEDICAL LTD

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 404,607 401,418
404,607 401,418
Current assets
Stocks 4 81,296 104,149
Debtors 5 411,372 487,092
Cash at bank and in hand 6 18,965 1,538
511,633 592,779
Creditors: amounts falling due within one year 7 ( 791,983) ( 684,486)
Net current liabilities (280,350) (91,707)
Total assets less current liabilities 124,257 309,711
Creditors: amounts falling due after more than one year 8 ( 205,391) ( 199,192)
Provision for liabilities 9, 10 ( 16,829) ( 26,274)
Net (liabilities)/assets ( 97,963) 84,245
Capital and reserves
Called-up share capital 11 2 2
Profit and loss account ( 97,965 ) 84,243
Total shareholder's (deficit)/funds ( 97,963) 84,245

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Met Medical Ltd (registered number: 08902126) were approved and authorised for issue by the Director on 05 February 2025. They were signed on its behalf by:

David Hawkins
Director
MET MEDICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
MET MEDICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Met Medical Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3a Smallford Works Smallford Lane, Smallford, St. Albans, AL4 0SA, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 5 years straight line
Vehicles 6 years straight line
Fixtures and fittings 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 97 74

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 March 2023 53,437 163,268 343,739 36,134 26,088 622,666
Additions 23,317 32,554 44,592 713 18,900 120,076
Disposals 0 0 ( 11,000) 0 0 ( 11,000)
At 29 February 2024 76,754 195,822 377,331 36,847 44,988 731,742
Accumulated depreciation
At 01 March 2023 3,904 111,929 71,613 18,015 15,787 221,248
Charge for the financial year 14,709 25,890 58,559 5,419 9,432 114,009
Disposals 0 0 ( 8,744) 0 0 ( 8,744)
At 29 February 2024 18,613 137,818 122,052 23,433 25,219 327,135
Net book value
At 29 February 2024 58,141 58,004 255,279 13,414 19,769 404,607
At 28 February 2023 49,533 51,339 272,126 18,119 10,301 401,418

4. Stocks

2024 2023
£ £
Stocks 81,296 104,149

5. Debtors

2024 2023
£ £
Trade debtors 251,559 213,284
Corporation tax 21,628 7,959
Other debtors 138,185 265,849
411,372 487,092

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 18,965 1,538
Less: Bank overdrafts 0 ( 114,039)
18,965 (112,501)

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 10,147 124,186
Trade creditors 179,958 133,859
Taxation and social security 27,623 7,628
Obligations under finance leases and hire purchase contracts 32,179 30,151
Other creditors 542,076 388,662
791,983 684,486

£171,415 (2023: £148,377) of the other creditors balance is secured by fixed and floating charge over the assets of the company.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 88,726 37,207
Obligations under finance leases and hire purchase contracts 67,989 100,168
Other creditors 48,676 61,817
205,391 199,192

9. Provision for liabilities

2024 2023
£ £
Deferred tax 16,829 26,274

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 26,274) ( 16,380)
Charged to the Profit and Loss Account 0 ( 9,894)
At the end of financial year ( 16,829) ( 26,274)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

12. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 27,820 27,820
between one and five years 14,320 42,140
42,140 69,960

13. Related party transactions

Transactions with the entity's director

Advances

An amount of £64,729 (2023: £24,228) was owed by the director to the company at the year end date. This amount is interest free and repayable on demand.