Company registration number 07841890 (England and Wales)
METIER TRADING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
METIER TRADING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
METIER TRADING LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
30 September 2024
30 June 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
353
Current assets
Debtors
4
118,811
203,836
Cash at bank and in hand
-
0
116,909
118,811
320,745
Creditors: amounts falling due within one year
5
(4,919)
(228,639)
Net current assets
113,892
92,106
Net assets
113,892
92,459
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
113,792
92,359
Total equity
113,892
92,459

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 21 March 2025
I Lloyd
Director
Company Registration No. 07841890
METIER TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Metier Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 Bevis Marks, London, United Kingdom, EC3A 7JB.

1.1
Reporting period

The period of financial reporting covers the nine months to 30 June 2023. The prior period covers the nine months to 30 September 2022. These differing length accounting periods will have an impact on the comparability of certain numbers within these financial statements.

1.2
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.

1.3
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.true

1.4
Turnover

Turnover represents gross commissions, policy fees and marketing brokerage arising from the sale of insurance policies. Gross commission income comprises both the commission retained by the Company (i.e. its retained share of the policy premium) and that paid away to brokers for introducing business.

 

Commission paid away to brokers is included as part of turnover on the basis that:

 

Income relating to insurance broking is brought into account in full at the policy inception date. Such income is adjusted to fully recognise anticipated policy cancellations arising from both mid-term adjustments and policies not taken up.

 

Where there is an expectation of future servicing requirements, a proportionate element of income relating to the policy is deferred to cover the associated contractual obligations.

 

Alterations in brokerage arising from additional premiums and other adjustments are taken into account as and when they occur.

 

Fees and other income receivable are recognised in the period to which they relate.

METIER TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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:

IT equipment
33% straight line per annum

A tangible fixed asset is derecognised on disposal or when no future economic benefits are expected to arise from continued use of the asset. 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.

 

The carrying values of tangible assets are reviewed for impairment if events or changes in circumstance indicate that the carrying value may not be recoverable, and are written down immediately to their recoverable amount. Useful lives and residual values are renewed annually and where adjustments are required, these are made prospectively.

1.6
Cash and cash equivalents

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.

1.7
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 balance sheet 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 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.

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.

METIER TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
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 company’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 when the company has 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.

1.10
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.

METIER TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12

Insurance broking debtors and creditors

The Company acts as an agent in the broking of insurable risks of policyholders and is not liable, as a principal, for premiums due to underwriters or for claims payable to policyholders. Notwithstanding the Company's legal relationship with policyholders and underwriters, the Company has followed generally accepted accounting practice for insurance intermediaries and discloses debtors, creditors and cash balances relating to insurance business as assets and liabilities of the Company itself, consistent with the commercial substance of the underlying transactions.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
IT equipment
£
Cost
At 1 July 2023
6,228
Additions
962
At 30 September 2024
7,190
Depreciation and impairment
At 1 July 2023
5,875
Depreciation charged in the Period
1,315
At 30 September 2024
7,190
Carrying amount
At 30 September 2024
-
0
At 30 June 2023
353
METIER TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
131,223
Amounts owed by group undertakings
118,811
72,613
118,811
203,836
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
160,643
Corporation tax
4,919
182
Other creditors
-
0
67,814
4,919
228,639
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Events after the reporting date

From the 1 October 2024 the trade of the entity has migrated to its parent entity, iprism Agency Underwriting Limited. The entity will continue as a going concern, but dormant. The company remains part of a larger group and will be supported by its parent.

8
Parent company

The immediate parent undertaking is iprism Underwriting Agency Limited, a company registered in England and Wales, and the ultimate parent undertaking is iprism Holdings Limited (a company also incorporated in England and Wales) whose registered office is situated at 18 Bevis Marks, London, United Kingdom, EC3A 7JB.

 

 

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