REGISTERED NUMBER: 10302992 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Metec Cathodic Protection Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Via

P Wheeler

SECRETARY:

P Wheeler

REGISTERED OFFICE:

Visage House

2 Shaftesbury Avenue

South Shields

Tyne and Wear

NE34 9PH

REGISTERED NUMBER:

10302992 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

Kepier House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Intangible assets

4

100

500

Tangible assets

5

601,690

601,275

601,790

601,775

CURRENT ASSETS

Stocks

1,425,262

1,858,942

Debtors

6

853,935

2,164,823

Cash at bank and in hand

1,803,904

339,362

4,083,101

4,363,127

CREDITORS

Amounts falling due within one year

7

(1,307,870

)

(1,224,034

)

NET CURRENT ASSETS

2,775,231

3,139,093

TOTAL ASSETS LESS CURRENT LIABILITIES

3,377,021

3,740,868

PROVISIONS FOR LIABILITIES

10

(127,613

)

(120,267

)

NET ASSETS

3,249,408

3,620,601

CAPITAL AND RESERVES

Called up share capital

11

2,000,100

2,000,100

Retained earnings

1,249,308

1,620,501

SHAREHOLDERS' FUNDS

3,249,408

3,620,601

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2025 and were signed on its behalf by:

P Wheeler - Director

1.	STATUTORY INFORMATION

Metec Cathodic Protection 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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover

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

Income recognition

Revenue is recognised as work is done and any unbilled income is included as work in progress.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

over period of the lease

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Tangible fixed assets are measured at cost less any depreciation and impairment.

Government grants

Revenue based grants are credited to the profit or loss in the period to which they relate.

Stocks

Stocks and work in progress are valued at the lower of cost and selling price less estimated costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2024 - 35 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2024

and 31 March 2025

12,365

AMORTISATION

At 1 April 2024

11,865

Amortisation for year

400

At 31 March 2025

12,265

NET BOOK VALUE

At 31 March 2025

100

At 31 March 2024

500

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

160,999

1,209,153

25,020

32,082

1,427,254

Additions

9,184

99,981

1,099

991

111,255

Disposals

-

(12,614

)

(120

)

-

(12,734

)

At 31 March 2025

170,183

1,296,520

25,999

33,073

1,525,775

DEPRECIATION

At 1 April 2024

148,630

638,426

18,676

20,247

825,979

Charge for year

8,123

92,896

1,661

4,086

106,766

Eliminated on disposal

-

(8,621

)

(39

)

-

(8,660

)

At 31 March 2025

156,753

722,701

20,298

24,333

924,085

NET BOOK VALUE

At 31 March 2025

13,430

573,819

5,701

8,740

601,690

At 31 March 2024

12,369

570,727

6,344

11,835

601,275

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

392,628

1,957,499

Amounts owed by group undertakings

266,882

-

Other debtors

42,169

32,439

Prepayments and accrued income

152,256

174,885

853,935

2,164,823

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 8)

-

7,047

Trade creditors

1,096,891

788,377

Amounts owed to group undertakings

-

256,981

Taxation and social security

167,730

128,838

Other creditors

25,942

8,993

Directors' current accounts

442

442

Accruals and deferred income

16,865

33,356

1,307,870

1,224,034

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

-

7,047

Non-cancellable

operating leases

2025

2024

£

£

Within one year

136,074

136,074

Between one and five years

511,710

22,784

647,784

158,858

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

-

7,047

Hire purchase contracts are secured on the assets to which they relate.

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

127,613

120,267

Deferred

tax

£

Balance at 1 April 2024

120,267

Accelerated capital allowances

7,346

Balance at 31 March 2025

127,613

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

2,000,100

Ordinary

£1

2,000,100

2,000,100

12.	RELATED PARTY DISCLOSURES

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 or those at a market rate.

There were no related party transactions other than those concluded under normal market condition, except for those shown below:

2025

2024

£

£

Amounts due to directors

442

442

No interest has been charged.

13.	ULTIMATE CONTROLLING PARTY

The parent company is Invia SRL, a company registered in Italy, registered office address: Marsala Via Sirtori 651c Cap, Cap 91025, Via Sirtori, Italy.