Company Registration No. 04088822 (England and Wales)
METAFOUR INTERNATIONAL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
METAFOUR INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
K. L. Torr
A. H. Ibrahim
R. D. Ive
Ms S K Simms
Company number
04088822
Registered office
2 Berghem Mews
Blythe Road
London
W14 0HN
Accountants
Rouse Partners LLP
55 Station Road
Beaconsfield
Buckinghamshire
United Kingdom
HP9 1QL
METAFOUR INTERNATIONAL LIMITED
CONTENTS
Page
Directors' report
1
Assurance review report
2
Group statement of comprehensive income
3
Group balance sheet
4 - 5
Company balance sheet
6 - 7
Group statement of changes in equity
8
Company statement of changes in equity
9
Notes to the financial statements
10 - 18
METAFOUR INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M. A. Rogers
(Resigned 1 July 2024)
K. L. Torr
R. F. Udwin
(Resigned 1 July 2024)
A. H. Ibrahim
R. D. Ive
Ms S K Simms
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
R. D. Ive
Director
27 March 2025
METAFOUR INTERNATIONAL LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF METAFOUR INTERNATIONAL LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF METAFOUR INTERNATIONAL LIMITED
We have reviewed the financial statements of Metafour International Limited for the year ended 30 June 2024, which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group and Company Statement of Changes in Equity 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 (United Kingdom Generally Accepted Accounting Practice).
Accountants' Responsibility
Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review the historic financial statements and ICAEW technical release TECH 09/13AAF (Revised) Assurance review engagements on historic financial statements. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics.
Directors' Responsibility for the Financial Statements
It is your duty to ensure that Metafour International Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Metafour International Limited. You consider that Metafour International Limited is exempt from the statutory audit requirement for the year.
Scope of the Assurance Review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures, and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
- so as to give a true and fair view of the state of the group and parent company's affairs as at 30 June 2024, and of its result for the year then ended;
- in accordance with United Kingdom Generally Accepted Accounting Practice; and
- in accordance with the requirements of the Companies Act 2006.
Use of our report
This report is made solely to the company directors, as a body, in accordance with the terms of our letter of engagement. Our review work has been undertaken so that we might state to the company's directors those matters we have agreed to state to them in a reviewer's report 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 directors as a body, for our review work, for this report, or for the conclusions we have formed.
Rouse Partners LLP
27 March 2025
Chartered Accountants
55 Station Road
Beaconsfield
Buckinghamshire
HP9 1QL
METAFOUR INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
2024
2023
Notes
£
£
Turnover
3,193,806
2,713,445
Cost of sales
(19,561)
(8,815)
Gross profit
3,174,245
2,704,630
Administrative expenses
(2,529,338)
(2,154,450)
Other operating income
46,407
32,598
Operating profit
691,314
582,778
Interest receivable and similar income
3
4,421
12,622
Profit before taxation
695,735
595,400
Tax on profit
(107,897)
(151,168)
Profit for the financial year
587,838
444,232
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
21,467
(22,368)
Total comprehensive income for the year
609,305
421,864
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
METAFOUR INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
4
52,470
68,285
Other intangible assets
4
617,063
641,146
Total intangible assets
669,533
709,431
Tangible assets
5
38,037
40,265
707,570
749,696
Current assets
Debtors
7
642,450
540,524
Cash at bank and in hand
471,775
714,213
1,114,225
1,254,737
Creditors: amounts falling due within one year
8
(540,730)
(396,669)
Net current assets
573,495
858,068
Total assets less current liabilities
1,281,065
1,607,764
Provisions for liabilities
(172,807)
(132,750)
Net assets
1,108,258
1,475,014
Capital and reserves
Called up share capital
26,693
26,693
Share premium account
28,507
28,507
Capital redemption reserve
4,300
4,300
Currency translation reserve
1,453
(20,014)
Profit and loss reserves
1,047,305
1,435,528
Total equity
1,108,258
1,475,014
For the financial year ended 30 June 2024 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' responsibilities:
The members have not required the group 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 in accordance with the provisions applicable to groups and companies subject to the small companies regime.
METAFOUR INTERNATIONAL LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 5 -
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
R. D. Ive
Director
METAFOUR INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
617,063
641,146
Investments
6
238,034
238,034
855,097
879,180
Current assets
Debtors
7
1,338
1,463
Cash at bank and in hand
25,393
296,821
26,731
298,284
Creditors: amounts falling due within one year
8
(72,995)
(92,981)
Net current (liabilities)/assets
(46,264)
205,303
Total assets less current liabilities
808,833
1,084,483
Provisions for liabilities
(153,502)
(117,944)
Net assets
655,331
966,539
Capital and reserves
Called up share capital
26,693
26,693
Share premium account
28,507
28,507
Capital redemption reserve
4,300
4,300
Profit and loss reserves
595,831
907,039
Total equity
655,331
966,539
METAFOUR INTERNATIONAL LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 7 -
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £664,853 (2023 - £828,240 profit).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
(e) The company has relied on the specified exemption contained in section 352 Companies Act 2014; the company has done so on the grounds that the company is entitled to the benefit of that exemption as a small company and the abridged financial statements have been properly prepared in accordance with section 353 Companies Act 2014.
The members have not required the company to obtain an audit of the financial statements for the year in question in accordance with section 476.
These 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 27 March 2025 and are signed on its behalf by:
27 March 2025
R. D. Ive
Director
Company Registration No. 04088822
METAFOUR INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
Share capital
Share premium account
Capital redemption reserve
Currency translation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2022
25,710
-
4,300
2,354
2,220,242
2,252,606
Year ended 30 June 2023:
Profit for the year
-
-
-
-
444,232
444,232
Other comprehensive income:
Currency translation differences on overseas subsidiaries
-
-
-
(22,368)
-
(22,368)
Total comprehensive income for the year
-
-
-
(22,368)
444,232
421,864
Issue of share capital
983
28,507
-
-
-
29,490
Dividends
-
-
-
-
(15,589)
(15,589)
Other movements
-
-
-
-
(1,213,357)
(1,213,357)
Balance at 30 June 2023
26,693
28,507
4,300
(20,014)
1,435,528
1,475,014
Year ended 30 June 2024:
Profit for the year
-
-
-
-
587,838
587,838
Other comprehensive income:
Currency translation differences on overseas subsidiaries
-
-
-
21,467
-
21,467
Total comprehensive income for the year
-
-
-
21,467
587,838
609,305
Dividends
-
-
-
-
(27,447)
(27,447)
Contributions
-
-
-
-
(948,614)
(948,614)
Balance at 30 June 2024
26,693
28,507
4,300
1,453
1,047,305
1,108,258
METAFOUR INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
25,710
4,300
1,323,000
1,353,010
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
828,240
828,240
Issue of share capital
983
28,507
-
-
29,490
Dividends
-
-
-
(15,589)
(15,589)
Contributions
-
-
-
(1,228,612)
(1,228,612)
Balance at 30 June 2023
26,693
28,507
4,300
907,039
966,539
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
-
664,853
664,853
Dividends
-
-
-
(27,447)
(27,447)
Contributions
-
-
-
(948,614)
(948,614)
Balance at 30 June 2024
26,693
28,507
4,300
595,831
655,331
METAFOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
1
Accounting policies
Company information
Metafour International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2 Berghem Mews, Blythe Road, London, W14 0HN.
The group consists of Metafour International Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated group financial statements consist of the financial statements of the parent company Metafour International Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
These financial statements are prepared on the going concern basis. At the time of approving the financial statements, the directors have a expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in the preparation of the company and group financial statements.
METAFOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenues from software licenses, hosting, support and maintenance are recognised in the period to which they relate. Software development and hardware revenues are recognised at the date of delivery to customers.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Intangible fixed assets other than goodwill
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
over 5 years
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Period of lease
Plant and equipment
4-5 years
Fixtures and fittings
4-10 years
Computer equipment
4-5 years
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 recognised in the profit and loss account.
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
METAFOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.11
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
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.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
METAFOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
METAFOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.18
Share-based payments
On the 4 July 2023 the company granted equity share based payments to the directors of 25,000 share options at a fixed price of £18.40 per share exercisable over a ten year period under an EMI scheme. These share options remain outstanding at the year end. Equity settled share based payments are measured at their fair value. The fair value is expensed over the vesting period, based on the estimate of when the share options will vest with a corresponding increase in equity. As there is no anticipated vesting date, no charge has been recognised in the financial statements in relation to these share based payments.
1.19
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.20
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.21
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
52
53
5
5
3
Interest receivable and similar income
2024
2023
£
£
Other interest receivable and similar income
4,421
12,622
METAFOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
4
Intangible fixed assets
Group
Goodwill
Other
Total
£
£
£
Cost
At 1 July 2023
104,160
1,353,759
1,457,919
Additions
329,862
329,862
At 30 June 2024
104,160
1,683,621
1,787,781
Amortisation and impairment
At 1 July 2023
35,875
712,613
748,488
Amortisation charged for the year
15,815
353,945
369,760
At 30 June 2024
51,690
1,066,558
1,118,248
Carrying amount
At 30 June 2024
52,470
617,063
669,533
At 30 June 2023
68,285
641,146
709,431
Company
Other
£
Cost
At 1 July 2023
1,353,759
Additions
329,862
At 30 June 2024
1,683,621
Amortisation and impairment
At 1 July 2023
712,613
Amortisation charged for the year
353,945
At 30 June 2024
1,066,558
Carrying amount
At 30 June 2024
617,063
At 30 June 2023
641,146
METAFOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
5
Tangible fixed assets
Group
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
49,310
343,409
392,719
Additions
12,898
12,898
Disposals
(6,329)
(6,329)
Other changes
(5,557)
(5,557)
At 30 June 2024
49,310
344,421
393,731
Depreciation and impairment
At 1 July 2023
49,310
303,144
352,454
Depreciation charged in the year
12,708
12,708
Eliminated in respect of disposals
(6,149)
(6,149)
Other changes
(3,319)
(3,319)
At 30 June 2024
49,310
306,384
355,694
Carrying amount
At 30 June 2024
38,037
38,037
At 30 June 2023
40,265
40,265
Company
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
49,310
280,509
329,819
Depreciation and impairment
At 1 July 2023 and 30 June 2024
49,310
280,509
329,819
Carrying amount
At 30 June 2024
6
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
238,034
238,034
METAFOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Fixed asset investments
(Continued)
- 17 -
Movements in fixed asset investments
Company
Investments other than loans
£
Cost or valuation
At 1 July 2023 and 30 June 2024
238,034
Carrying amount
At 30 June 2024
238,034
At 30 June 2023
238,034
7
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
507,562
446,101
Other debtors
134,888
94,423
1,338
1,463
642,450
540,524
1,338
1,463
8
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
61,774
77,376
27,727
36,743
Amounts owed to group undertakings
28,857
31,454
Corporation tax payable
62,820
33,278
12,631
Other taxation and social security
116,160
109,385
Other creditors
299,976
176,630
3,780
24,784
540,730
396,669
72,995
92,981
9
Government grants
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
45,462
36,848
-
-
This grant has been provided by the Bangladesh government (GoB) and is designed to promote exports from Bangladesh. The funds are to be spent on staff costs, including salaries and training. Income is written back against the expenditure as it arises.
METAFOUR INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
10
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
386,703
314,717
-
-
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