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Company registration number: 09950595
Metric Engineering Management Limited
Unaudited filleted financial statements
30 September 2024
Metric Engineering Management Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Metric Engineering Management Limited
Directors and other information
Directors Mr J P Hayes
Mrs M P Hayes (Appointed 1 November 2024)
Company number 09950595
Registered office 20 Darklake View
Estover
Plymouth
Devon
PL6 7TL
Accountants Franklins Accountants LLP
Astor House
2 Alexandra Road
Mutley Plain
Plymouth
PL4 7JR
Metric Engineering Management Limited
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 903 1,204
Tangible assets 7 219,728 140,286
_______ _______
220,631 141,490
Current assets
Stocks 8 255,795 43,733
Debtors 9 331,074 407,112
Cash at bank and in hand 200,086 332,398
_______ _______
786,955 783,243
Creditors: amounts falling due
within one year 10 ( 479,706) ( 489,367)
_______ _______
Net current assets 307,249 293,876
_______ _______
Total assets less current liabilities 527,880 435,366
Creditors: amounts falling due
after more than one year 11 ( 46,070) ( 38,625)
Provisions for liabilities ( 49,474) -
_______ _______
Net assets 432,336 396,741
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 432,236 396,641
_______ _______
Shareholders funds 432,336 396,741
_______ _______
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 March 2025 , and are signed on behalf of the board by:
Mr J P Hayes
Director
Company registration number: 09950595
Metric Engineering Management Limited
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 20 Darklake View, Estover, Plymouth, Devon, PL6 7TL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website - 25% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25% reducing balance
Fittings fixtures and equipment - 3 years straight line
Motor vehicles - 25% reducing balance
Boilers (for hire) - 10% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 7 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 34,312 19,735
Adjustments in respect of previous periods - ( 2,506)
_______ _______
Deferred tax:
Origination and reversal of timing differences 49,474 -
_______ _______
Tax on profit 83,786 17,229
_______ _______
6. Intangible assets
Other intangible assets
£
Cost
At 1 October 2023 and 30 September 2024 6,910
_______
Amortisation
At 1 October 2023 5,706
Charge for the year 301
_______
At 30 September 2024 6,007
_______
Carrying amount
At 30 September 2024 903
_______
At 30 September 2023 1,204
_______
7. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 147,506 38,692 101,782 287,980
Additions 78,660 4,147 39,156 121,963
_______ _______ _______ _______
At 30 September 2024 226,166 42,839 140,938 409,943
_______ _______ _______ _______
Depreciation
At 1 October 2023 55,334 34,124 58,236 147,694
Charge for the year 20,887 5,951 15,683 42,521
_______ _______ _______ _______
At 30 September 2024 76,221 40,075 73,919 190,215
_______ _______ _______ _______
Carrying amount
At 30 September 2024 149,945 2,764 67,019 219,728
_______ _______ _______ _______
At 30 September 2023 92,172 4,568 43,546 140,286
_______ _______ _______ _______
8. Stocks
2024 2023
£ £
Raw materials and consumables 20,000 -
Work in progress 235,795 43,733
_______ _______
255,795 43,733
_______ _______
9. Debtors
2024 2023
£ £
Trade debtors 46,732 265,466
Other debtors 284,342 141,646
_______ _______
331,074 407,112
_______ _______
10. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,098 9,915
Trade creditors 330,204 309,092
Corporation tax 34,312 41,615
Social security and other taxes 13,131 32,823
Other creditors 91,961 95,922
_______ _______
479,706 489,367
_______ _______
11. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 13,957 24,127
Other creditors 32,113 14,498
_______ _______
46,070 38,625
_______ _______
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr J P Hayes 137,237 78,589 ( 60,000) 155,826
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr J P Hayes ( 434) 137,671 - 137,237
_______ _______ _______ _______
As at 30 September 2024, the company was owed £155,826 by Mr J P Hayes , director.
13. Controlling party
The company is under the control of Mr J P Hayes by virtue of his directorship and share holding.