Company No:
Contents
| Note | 31.03.2025 | |
| £ | ||
| Fixed assets | ||
| Intangible assets | 3 |
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| 15,234 | ||
| Current assets | ||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| 409,991 | ||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 289,973 | |
| Total assets less current liabilities | 305,207 | |
| Net assets |
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| Capital and reserves | ||
| Called-up share capital | 6 |
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| Share premium account |
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| Profit and loss account | (
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Metpow Ltd (registered number:
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E Jones
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Metpow Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Century House, Nicholson Road, Torquay, TQ2 7TD, United Kingdom. The principal place of business is First Floor, Unit 1, Odhams Wharf, Topsham, Exeter, EX3 0PB.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
These accounts have been prepared for the short period of account from 04 April 2024 to 31 March 2025 due to incorporation in the period.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| Trademarks, patents and licences |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
| Period from 04.04.2024 to 31.03.2025 |
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| Number | |
| Monthly average number of persons employed by the Company during the period, including directors |
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| Trademarks, patents and licences |
Total | ||
| £ | £ | ||
| Cost | |||
| At 04 April 2024 |
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| Additions |
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| At 31 March 2025 |
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| Accumulated amortisation | |||
| At 04 April 2024 |
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| Charge for the financial period |
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| At 31 March 2025 |
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| Net book value | |||
| At 31 March 2025 |
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| 31.03.2025 | |
| £ | |
| Trade debtors |
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| Amounts owed by directors |
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| Prepayments |
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| Corporation tax |
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| 31.03.2025 | |
| £ | |
| Trade creditors |
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| Amounts owed to directors |
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| Accruals |
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| Other taxation and social security |
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| Other creditors |
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| 31.03.2025 | |
| £ | |
| Allotted, called-up and fully-paid | |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 31.03.2025 | |
| £ | |
| within one year |
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| between one and five years |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
| 31.03.2025 | |
| £ | |
| Unpaid contributions due to the fund (inc. in other creditors) |
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Transactions with the entity's directors
| 31.03.2025 | |
| £ | |
| Balance due to directors at the year end. | 6 |
| Balance due by directors at the year end. | 2 |
All amounts due to and from directors are repayable on demand and are provided interest free.
Other related party transactions
| 31.03.2025 | |
| £ | |
| Amounts paid to a company under common directorship during the period. | 53,333 |
The expenses are included within research and development costs within the Profit and Loss Account.