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REGISTERED NUMBER: 12952487 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

M3ter UK Limited

M3ter UK Limited (Registered number: 12952487)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


M3ter UK Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: G J Parry
J P Griffin





REGISTERED OFFICE: 63 Bermondsey Street
London
United Kingdom
SE1 3XF





REGISTERED NUMBER: 12952487 (England and Wales)





ACCOUNTANTS: Dragon Argent Limited
63 Bermondsey Street
London
SE1 3XF

M3ter UK Limited (Registered number: 12952487)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 23,589 36,647

CURRENT ASSETS
Debtors 5 1,454,428 1,463,837
Cash at bank 4,083,670 10,960,346
5,538,098 12,424,183
CREDITORS
Amounts falling due within one year 6 23,369,099 24,466,013
NET CURRENT LIABILITIES (17,831,001 ) (12,041,830 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(17,807,412

)

(12,005,183

)

CAPITAL AND RESERVES
Called up share capital 1 1
Other reserves 95,270 95,270
Retained earnings (17,902,683 ) (12,100,454 )
(17,807,412 ) (12,005,183 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 May 2025 and were signed on its behalf by:





G J Parry - Director


M3ter UK Limited (Registered number: 12952487)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

M3ter UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - Straight line over 5 years
Computer equipment - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

M3ter UK Limited (Registered number: 12952487)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Going concern
At the balance sheet date the company had net liabilities of £17,807,413 (2023: £12,005,183) comprising mainly of the loss made during the year which has been generated through development of the company's product and commercial goals.

The company is supported by its ultimate parent company M3ter Holdings Limited with loans totalling £24,475,357 (2023: £24,473,808) as at the balance sheet date. The parent company has net assets of £24,515,363 (2023: £24,515,364) and the group has a cash balance in excess of £4 million as at the balance sheet date. Therefore the company and group as a whole is able to continue to meet its liabilities as they fall due so as not to jeapordise the going concern status of the company nor prejudice the interests of its creditors, for a period of at least twelve months from the approval of these financial statements.

Consequently, the directors have prepared these accounts on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2023 - 32 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2024 3,111 75,291 78,402
Additions 496 13,359 13,855
Disposals (1,171 ) (11,341 ) (12,512 )
At 31 December 2024 2,436 77,309 79,745
DEPRECIATION
At 1 January 2024 850 40,905 41,755
Charge for year 394 20,043 20,437
Eliminated on disposal (424 ) (5,612 ) (6,036 )
At 31 December 2024 820 55,336 56,156
NET BOOK VALUE
At 31 December 2024 1,616 21,973 23,589
At 31 December 2023 2,261 34,386 36,647

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 299,095 78,234
Corporation tax debtor 1,064,446 1,261,247
Directors' current accounts 12,374 12,542
VAT 9,719 57,229
Prepayments and accrued income 68,794 54,585
1,454,428 1,463,837

M3ter UK Limited (Registered number: 12952487)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 106,882 177,404
Amounts owed to group undertakings 22,906,924 24,056,124
Taxation and social security 118,317 130,792
Other creditors 236,976 101,693
23,369,099 24,466,013

7. RELATED PARTY DISCLOSURES

At the balance sheet date, included within creditors due within one year is an amount of £24,475,357 (2023: £24,473,808) due to M3ter Holdings Limited. Also included within creditors due within one year is an amount of £189,925 (2023: £160,282) due to M3ter US Limited. Within debtors due within one year are amounts of £700,755 (2023: £nil) due from M3ter International Limited and £1,115,405 (2023: £nil) due from M3ter US Services Inc.

The companies named above all form part of the M3ter Group of Companies of which M3ter Holdings Limited is the ultimate parent company. None of the intercompany balances are subject to interest or formal repayment terms.

8. PARENT COMPANY

The immediate and ultimate parent company is M3ter Holdings Limited, a company incorporated in the UK whose registered office is 63 Bermondsey Street, London, SE1 3XF.

The accounts of the parent company are publicly available from Companies House, and the registered office.