REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
METAL SUPERMARKETS FRANCHISING UK |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
METAL SUPERMARKETS FRANCHISING UK |
LIMITED |
METAL SUPERMARKETS FRANCHISING UK |
LIMITED (REGISTERED NUMBER: 07688413) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
METAL SUPERMARKETS FRANCHISING UK |
LIMITED |
COMPANY INFORMATION |
for the year ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Unit 2 Charnwood Edge Business Park |
Syston Road, Leicester |
LE7 4UZ |
Magma Audit LLP is part |
Of the Dains Group |
METAL SUPERMARKETS FRANCHISING UK |
LIMITED (REGISTERED NUMBER: 07688413) |
BALANCE SHEET |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
METAL SUPERMARKETS FRANCHISING UK |
LIMITED (REGISTERED NUMBER: 07688413) |
BALANCE SHEET - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
METAL SUPERMARKETS FRANCHISING UK |
LIMITED (REGISTERED NUMBER: 07688413) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Metal Supermarkets Franchising UK Limited is a limited company, limited by shares, registered in England and Wales. Its registered office address is Suite 1 & 2 Blaby Business Centre, 33 Leicester Road, Blaby, Leicester, LE8 4GR and the registered number is 07688413. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Group accounts |
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by the Companies Act 2006 not to prepare group accounts. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Intangible fixed assets |
Amortisation is calculated so as to write off the cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: |
Franchise licence - 10% straight line |
Tangible fixed assets and depreciation |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: |
Office equipment - 33% straight line |
METAL SUPERMARKETS FRANCHISING UK |
LIMITED (REGISTERED NUMBER: 07688413) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest rate method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate. |
Taxation |
The tax expense for the year comprises current and deferred tax. |
Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account. |
Operating leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Provisions |
Provisions for dilapidations are recognised on a lease by lease basis and are based on the companies best estimate of the likely committed cash outflow. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
METAL SUPERMARKETS FRANCHISING UK |
LIMITED (REGISTERED NUMBER: 07688413) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2024 |
4. | INTANGIBLE FIXED ASSETS |
Licences |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
AMORTISATION |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
5. | TANGIBLE FIXED ASSETS |
Office |
Equipment |
£ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
METAL SUPERMARKETS FRANCHISING UK |
LIMITED (REGISTERED NUMBER: 07688413) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Brand fund | 52,750 | 56,649 |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 11,239 | 10,232 |
Other creditors |
Accruals and deferred income |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Other provisions |
Dilapidations | 4,050 | 3,450 |