Company registration number 13032303 (England and Wales)
Metasim Limited
Unaudited Financial Statements
For The Year Ended 30 November 2024
Pages For Filing With Registrar
Metasim Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
Metasim Limited
Balance Sheet
As At 30 November 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
729,876
554,346
Tangible assets
6
2,986
10,408
732,862
564,754
Current assets
Debtors
7
3,879
3,575
Cash at bank and in hand
19,048
55,231
22,927
58,806
Creditors: amounts falling due within one year
8
(36,119)
(20,958)
Net current (liabilities)/assets
(13,192)
37,848
Net assets
719,670
602,602
Capital and reserves
Called up share capital
439
439
Share premium account
492,663
492,663
Equity reserve
10
502,524
290,752
Profit and loss reserves
(275,956)
(181,252)
Total equity
719,670
602,602

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

The members have not required the company 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 20 August 2025 and are signed on its behalf by:
Ms G N Valova-Yankova
Mr D G Yankov
Director
Director
Company registration number 13032303 (England and Wales)
Metasim Limited
Statement Of Changes In Equity
For The Year Ended 30 November 2024
Page 2
Share capital
Share premium account
Equity reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2022
439
469,424
-
0
(113,221)
356,642
Year ended 30 November 2023:
Loss and total comprehensive income
-
-
-
(68,031)
(68,031)
Issue of share capital
-
0
23,239
-
-
23,239
Issue of convertible loan
-
-
290,752
-
290,752
Balance at 30 November 2023
439
492,663
290,752
(181,252)
602,602
Year ended 30 November 2024:
Loss and total comprehensive income
-
-
-
(94,704)
(94,704)
Issue of convertible loan
-
-
211,772
-
211,772
Balance at 30 November 2024
439
492,663
502,524
(275,956)
719,670
Metasim Limited
Notes To The Financial Statements
For The Year Ended 30 November 2024
Page 3
1
Accounting policies
Company information

Metasim Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Carriage House, Mill Street, Maidstone, Kent, ME15 6YE.

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
Turnover

Revenue comprises sales of services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

 

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Sales of services

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Metasim Limited
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2024
1
Accounting policies
(Continued)
Page 4

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:

Titles
Nil
Others
Nil
1.4
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:

Plant and equipment
Straight-line over 3 years
IT equipment
Straight-line over 3 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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company 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.

Recoverable amount is the higher of fair value less costs to sell and 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.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

Metasim Limited
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2024
1
Accounting policies
(Continued)
Page 5
1.7
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.

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
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.

1.10
Retirement benefits

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

Metasim Limited
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2024
1
Accounting policies
(Continued)
Page 6
1.11
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
5
5
4
Taxation

There is no liability to corporation tax in the period.

5
Intangible fixed assets
Titles
Others
Total
£
£
£
Cost
At 1 December 2023
548,384
5,962
554,346
Additions
175,530
-
0
175,530
At 30 November 2024
723,914
5,962
729,876
Amortisation and impairment
At 1 December 2023 and 30 November 2024
-
0
-
0
-
0
Carrying amount
At 30 November 2024
723,914
5,962
729,876
At 30 November 2023
548,384
5,962
554,346
Metasim Limited
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2024
Page 7
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2023 and 30 November 2024
26,312
Depreciation and impairment
At 1 December 2023
15,904
Depreciation charged in the year
7,422
At 30 November 2024
23,326
Carrying amount
At 30 November 2024
2,986
At 30 November 2023
10,408
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,879
3,575
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
149
4,869
Taxation and social security
-
0
840
Other creditors
35,970
15,249
36,119
20,958
Metasim Limited
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2024
Page 8
9
Share-based payment transactions

Options have been granted by the reporting entity under an unapproved options scheme.

Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 December 2023
227
187
430.48
220.26
Granted
-
0
40
-
0
1,413.00
Forfeited
(20)
0
-
0
993.00
-
0
Outstanding at 30 November 2024
207
227
358.33
430.48
Exercisable at 30 November 2024
37
42
358.33
430.48
10
Equity reserve

The equity component of the convertible loan notes has been credited to the equity reserve.

11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Services Received
2024
2023
£
£
Other related parties
147,698
226,446

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
7,377
7,197
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