Metaenterprices Ltd - Limited company accounts 25.1

Page

Company Information

Strategic Report

Report of the Director

Report of the Independent Auditors

Income Statement

Other Comprehensive Income

Statement of Financial Position

Statement of Changes in Equity

Notes to the Financial Statements

DIRECTOR:

M Mohsin

REGISTERED OFFICE:

Langley House

Park Road

London

N2 8EY

REGISTERED NUMBER:

05833598 (England and Wales)

SENIOR STATUTORY AUDITOR:

Brian Leighton

AUDITORS:

Accura Accountants Ltd

(Statutory Auditor)

Langley House

Park Road

East Finchley

London

N2 8EY

The director presents his strategic report for the year ended 31 December 2024.

In 2024, Metaenterprices achieved a revenue of £89 million, reflecting strong performance driven by strategic initiatives, market expansion, and key partnerships. Looking ahead to 2025, the company is well-positioned for accelerated growth, supported by a newly secured $7.2 million trade finance facility, with an additional $15 million expected in the final quarter, and plans are in place to double both tonnage and turnover, strengthen contracted zinc supply to 70,000 MT, and enhance operational capability through an upgraded ERP system.

REVIEW OF BUSINESS

Metaenterprices operates in the sourcing, processing, and supply of zinc and related products, delivering value through market diversification and strategic partnerships. In 2024, revenue growth was underpinned by an expansion of product offerings into emerging markets, collaboration with key suppliers and technology partners, and initiatives to streamline operations. Trade finance support has enabled the company to secure larger volumes from suppliers. Plans to implement a robust ERP system aim to improve data integration, scalability, and operational efficiency in anticipation of rapid growth.

Profitability has decreased compared to previous years, as the focus is on increasing market share in a competitive industry, however, the profit margin is expected to improve in 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider the principal risks to the business to be foreign currency risk, credit risk, liquidity risk, and the conflict in Ukraine. The business also faces broader risks, including supply chain disruptions, fluctuations in commodity prices, currency volatility, and challenges associated with scaling operations. Additional risks arise from regulatory compliance and environmental considerations. Mitigation strategies include diversifying supplier relationships, leveraging trade finance to secure raw materials, upgrading IT and operational systems, and maintaining robust internal controls.

Foreign Currency Risk

The company's principal foreign currency exposure arises from trading with overseas companies. The company's policy permits, but does not require, these exposures to be hedged to fix costs in Sterling. Hedging activity primarily involves the use of foreign exchange forward contracts, as most sales and purchases are denominated in USD and Euros. All future transactions are carefully monitored by management.

Credit Risk

Investments of cash surpluses and borrowings are made through banks and companies carefully selected by the board. While the majority of sales are settled in cash or advance payment, customers trading on credit terms are subject to verification procedures. Where concerns arise regarding a customer's creditworthiness, advance payment or cash against documents is required. Stringent credit control procedures are in place, and provisions for potential bad debts are recognised in the accounts as considered appropriate by the directors.

Liquidity Risk

The company has secured a trade finance facility to support rapid expansion. Although the global economy is experiencing inflationary pressure on energy prices, the company remains in a strong competitive position and is well-placed to manage these economic challenges.

LOOKING FORWARD

Looking forward to 2025 and beyond, Metaenterprices will focus on strategic growth, technological enhancement, operational efficiency, and sustainability. The trade finance facility will support increased turnover and larger zinc contracts, while the ERP system upgrade will enable real-time analytics, improved inventory and supply chain management, and scalability to support the anticipated doubling of tonnage and turnover.

The company is also pursuing several key strategic projects. Acquisition of commercial property will reduce long-term overheads, provide operational flexibility, and create a tangible asset. A digital accounting transformation will modernise financial reporting, internalise payroll, and enhance compliance and visibility. Adoption of a business analytics platform will support more effective decision-making through real-time dashboards and KPI tracking across departments. Finally, a workforce competency and development programme will close skill gaps, promote continuous learning, and ensure staff are equipped to meet evolving operational and regulatory demands.

Alongside these initiatives, Metaenterprices remains committed to sustainability and innovation, strengthening partnerships with environmentally responsible suppliers and investing in research and development to explore new applications for zinc and related materials. By integrating operational excellence, technological advancement, and sustainable practices, the company is well-positioned to capitalise on emerging opportunities and maintain market leadership in the coming years.

ON BEHALF OF THE BOARD:

M Mohsin - Director

5 September 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesales of metals and metals ores and software publications.

DIVIDENDS

An interim dividend of £2.24 per share was paid over the year. The director recommends that no final dividend be paid.

DIRECTOR

M Mohsin held office during the whole of the period from 1 January 2024 to the date of this report.

DONATIONS

During the year, the company donated £13,545 (2023: £9,485) to Mahdavia Welfare Society, a charitable organisation.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Accura Accountants Ltd (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Mohsin - Director

5 September 2025

Opinion

We have audited the financial statements of Metaenterprices Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Fraud risk assessment

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure by management to commit, or provide an opportunity to commit, fraud. Our risk assessment procedures included:

- Enquiries of management and internal accounting staff, concerning the company's policies and procedures relating to:

- detecting and responding to the risks of fraud; and

- internal controls established to mitigate risks related to fraud;

- enquiries of management and internal accounting staff as to whether they had knowledge of any actual, suspected or alleged fraud;

- discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes the audit partner, managers and staff who have extensive experience of working with companies in this sector, and this experience was relevant to the discussion about where fraud risks may arise.

Risk communications

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

Fraud risks

As required by auditing standards we addressed the risk of management override of controls and the risk of fraudulent revenue recognition. In particular we considered the risk that revenue is recorded in the wrong period and the risk that the company's management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgments

Procedures to address fraud risks

Our audit procedures included evaluating the design and implementation, and operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures including:

- review journal entries to supporting documentation and review for any unusual journal descriptions;

- assessing significant accounting estimates for bias;

- obtaining third party confirmations for all bank balances and material debtors and creditors balances; and

- assessing when revenue was recognised, particularly focusing on revenue recognised in the days before and after the year end date, and whether it was recognised in the correct year.

Laws and regulations - Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

Risk assessment

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. For this risk assessment, matters considered included the following:

- our general commercial and trading industry experience;

- discussion with the management of the company (as required by auditing standards);

- inspection of the company's regulatory and legal correspondence; and

- discussions with the directors and other management about the policies and procedures regarding compliance with laws and regulations.

Risk communications

Our communication of laws and regulations risks was made throughout our team and we remained alert to any indications of non-compliance throughout the audit.

Direct laws context and link to audit

The potential effect of laws and regulations on the financial statements varies considerably. The company is subject to United Kingdom laws and regulations, such as the Companies Act 2006. Other relevant rules and regulations include the following:

- financial reporting legislation (including related UK companies' legislation)

- taxation legislation (direct and indirect) in the company's countries of operation.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Most significant indirect law/ regulation areas

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or harm to the company's ability to operate.

We identified the following area as those most likely to have such an effect:

- Health , safety, welfare and fire safety

- Anti-bribery fraud and corruption

- Anti-money laundering regulations

- European Union and United Kingdom employment law

- London Metal Exchange (LME) regulations

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of law or regulations is not disclosed to us or evident from relevant correspondence, our audit will not detect that breach.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Brian Leighton (Senior Statutory Auditor)

for and on behalf of Accura Accountants Ltd (Statutory Auditor)

Langley House

Park Road

East Finchley

London

N2 8EY

8 September 2025

TURNOVER

89,445,041

47,335,699

Cost of sales

(87,712,590

)

(45,570,339

)

GROSS PROFIT

1,732,451

1,765,360

Administrative expenses

(1,385,207

)

(955,613

)

347,244

809,747

Other operating income

40,786

OPERATING PROFIT

347,246

850,533

Gain/loss on revaluation of assets

66,827

414,073

850,533

Interest payable and similar expenses

(10,712

)

(19,526

)

PROFIT BEFORE TAXATION

403,361

831,007

Tax on profit

(95,748

)

(198,354

)

PROFIT FOR THE FINANCIAL YEAR

307,613

632,653

PROFIT FOR THE YEAR

307,613

632,653

OTHER COMPREHENSIVE INCOME

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

307,613

632,653

FIXED ASSETS

Tangible assets

98,893

25,082

CURRENT ASSETS

Stocks

2,088,675

1,214,598

Debtors

8,340,414

6,040,894

Cash at bank and in hand

1,116,432

1,324,044

11,545,521

8,579,536

CREDITORS

Amounts falling due within one year

9,384,755

6,428,571

NET CURRENT ASSETS

2,160,766

2,150,965

TOTAL ASSETS LESS CURRENT

LIABILITIES

2,259,659

2,176,047

PROVISIONS FOR LIABILITIES

3,281

2,782

NET ASSETS

2,256,378

2,173,265

CAPITAL AND RESERVES

Called up share capital

100,000

Retained earnings

2,156,378

2,073,265

SHAREHOLDERS' FUNDS

2,256,378

2,173,265

The financial statements were approved by the director and authorised for issue on 5 September 2025 and were signed by:

M Mohsin - Director

Called up

Retained

Total

capital

earnings

equity

Balance at 1 January 2023

100,000

1,521,387

1,621,387

Changes in equity

Dividends

(80,775

)

(80,775

)

Total comprehensive income

632,653

Balance at 31 December 2023

100,000

2,073,265

2,173,265

Changes in equity

Dividends

(224,500

)

(224,500

)

Total comprehensive income

307,613

Balance at 31 December 2024

100,000

2,156,378

2,256,378

1.	STATUTORY INFORMATION

Metaenterprices Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

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 represents the fair value of consideration receivable for the sale of goods and services in the ordinary course of business, excluding value-added tax (VAT), trade discounts, and returns.

Revenue is recognised when the significant risks and rewards of ownership of the goods have been transferred to the customer.

Turnover arising from the sourcing and supplying of zinc and related products is measured based on the agreed contract price with the customer, including any adjustments for price fluctuations, rebates, or other incentives. For long-term supply contracts, revenue is recognised when the performance obligations under the contract are satisfied, which is typically upon delivery or transfer of control.

Where sales are denominated in foreign currencies, turnover is translated into Sterling at the exchange rate prevailing at the date of the transaction. The company monitors foreign currency exposure and use forward contracts to mitigate the risk of exchange rate fluctuations.

Tangible fixed assets

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

Fixtures and fittings

15% on reducing balance

Motor vehicles

15% on reducing balance

Computer equipment

20% on cost

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell.

At each balance sheet date stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognized immediately in profit and loss.

Foreign currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Going concern

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

Impairment of tangible assets

Assets that are subject to depreciation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an assets may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior period may no longer exist or may have decreased.

Debtors, creditors, provision for liabilities

Debtors: Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors: Short term creditors are measured at the transactions price. Other financial liabilities, including bank loans are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method.

Provision for liabilities: Provisions are made where an event has taken place that gives the Company a legal obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provision are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of then expenditure to settle the obligation, taking into account relevant risks and uncertainties.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the compnay's accounting policies, which are described in note 2, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Directors do not consider there to be any critical accounting judgements or key sources of estimation uncertainty in the preparation of the Company's financial statements.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

Europe

35,300,865

13,280,421

Middle East

36,201,482

24,213,466

North Africa

8,901,790

4,977,554

South Asia

1,275,898

537,444

Rest of the world

7,765,006

4,326,814

89,445,041

47,335,699

5.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

Wages and salaries

289,450

269,332

Social security costs

20,866

13,488

Other pension costs

5,043

3,725

315,359

286,545

The average number of employees during the year was as follows:

31.12.24

31.12.23

General staffs

Director

31.12.24

31.12.23

Director's remuneration

12,000

11,400

6.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

Depreciation - owned assets

19,180

5,431

Auditors' remuneration

12,000

6,000

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

Bank interest

10,712

19,526

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

Current tax:

UK corporation tax

95,249

196,079

Deferred tax

499

2,275

Tax on profit

95,748

198,354

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

Profit before tax

403,361

831,007

Profit multiplied by the standard rate of corporation tax in the UK of 25%

(2023 - 25%)

100,840

207,752

Effects of:

Expenses not deductible for tax purposes

12,120

4,133

Capital allowances in excess of depreciation

(17,711

)

(3,473

)

19 percent tax chg for first qtr

(12,333

)

Increase deferred tax provision

499

2,275

Total tax charge

95,748

198,354

DIVIDENDS

31.12.24

31.12.23

Ordinary shares of £1 each

Interim

224,500

80,775

10.	UNRECOVERABLE FRAUDULENT PAYMENTS

During the first half of 2024, the company experienced bank transaction fraud. While 25% of the fraudulent

payments have been recovered, the full amount was not recovered. The bank rejected the claim for the balance of £354,844. The management believe this is unrecoverable and therefore have written off to P&L in cost of sale.

11.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

COST

At 1 January 2024

1,946

15,792

48,095

65,833

Additions

77,291

15,700

92,991

At 31 December 2024

1,946

93,083

63,795

158,824

DEPRECIATION

At 1 January 2024

1,946

4,382

34,423

40,751

Charge for year

13,306

5,874

19,180

At 31 December 2024

1,946

17,688

40,297

59,931

NET BOOK VALUE

At 31 December 2024

75,395

23,498

98,893

At 31 December 2023

11,410

13,672

25,082

12.

STOCKS

31.12.24

31.12.23

Stocks

2,088,675

1,214,598

The company trades in zinc, copper and aluminium industry, majority of stock at year end is in transit. Stock is valued at cost.

13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

Trade debtors

6,346,494

3,587,453

Amounts owed by group undertakings

827,181

1,861,679

Other debtors

86,031

85,138

Hedge account

483,507

103,057

Natwest invoice finance

89,381

Prepayments

597,201

314,186

8,340,414

6,040,894

14.	CASH AT BANK AND IN HAND

31.12.24

31.12.23

Bank account 1

200

336

Bank account 2

850

959

Bank account 3

28,364

41,588

Bank account 5

176,457

27,342

Bank account 5

137,680

52,251

Bank account 6

992

4,028

Bank VM Eur 7

316,865

444,751

Bank VM USD 8

436,259

746,444

Cash in hand

18,765

6,345

1,116,432

1,324,044

15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

Bank loans and overdrafts (see note 16)

46,395

1,845

Other loans (see note 16)

34,074

Trade creditors

3,658,148

1,706,359

Amounts owed to group undertakings

579,745

22,354

Tax

95,249

196,079

Social security and other taxes

7,187

3,405

Pensions

1,830

628

VAT

152,542

126,693

Invoice & trade finance

4,794,114

4,312,682

Net wages

19,817

15,416

Credit card control

7,280

2,565

Directors' current accounts

448

471

Accruals and deferred income

22,000

6,000

9,384,755

6,428,571

16.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

Amounts falling due within one year or on demand:

Bank overdrafts

46,395

1,845

Other loans

34,074

46,395

35,919

17.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

Clydesdale Bank/ Virgin Money

4,794,114

4,312,682

The company has a trade financing agreement with Clydesdale Bank Plc trading as Virgin Money, acting as the factor. This facility is secured by a combination of fixed and floating charges, including a negative pledge over the company's assets. As at the balance sheet date, included in the creditors in Note 14 the total debt secured against the company’s assets amounts to £4,794,114 (2023: £4,312,682).

18.	FINANCIAL INSTRUMENTS

As stated in note 17, the trade finance agreement with Virgin Money Trade Finance has been secured by way of fixed and floating charge including that of negative pledge against the company's assets. At the balance sheet date, the total debt secured against trade debtors of the company is £4,794,114 (2023: £4,312,682). This balance is shown within creditors due within one year.

The company have a hedge account for metal prices movement, as at the year end, it is an asset at market value. The hedge account balance of £483,507 (2023: £103,057) is included in debtors. The company is exposed through its operations to credit risk, foreign exchange risk and liquidity risk.

Credit risk and concentrations

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the company's cash and cash equivalents,

restricted cash and trade and other receivables. The Directors consider low risk of losses from these financial instruments. Although trade receivables are concentrated to a small number of customers there has been no experience of any losses and the company has no expected credit losses as a result.

Metaenterprices have a mix of customers who are on advance payment, some are on credit and others on letter of credit (LC). The compnay uses the facilities of an insurance provider which verifies the customers credit worthiness on the customer before credit is given and the insurance company covers for the amount invoiced.

Foreign currency risk

The company is exposed to a small currency risk due to financial assets and liabilities denominated in a currency other then the functional currency primarily pound sterling. The company manages the exposure to currency risk by commercially transacting in Euro and USD, and limiting the use of other currencies for operating expenses, wherever possible, thereby minimising the realised and unrealised foreign exchange gain or loss. The company mitigates their foreign currency risk by forex hedging where possible.

Liquidity risk

Liquidity risk is the risk the company will be unable to meet its financial obligations as they fall due.

19.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

Deferred tax

3,281

2,782

Deferred tax

Balance at 1 January 2024

2,782

Provided during year

499

Balance at 31 December 2024

3,281

Deferred tax relates to timing differences, principally accelerated capital allowances on the excess of net book value over the written-down value of qualifying assets.

20.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

100,000

Ordinary

£1

100,000

21.

RESERVES

Retained

earnings

At 1 January 2024

2,073,265

Profit for the year

307,613

Dividends

(224,500

)

At 31 December 2024

2,156,378

22.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director was paid an advance of £3,021, the director repaid the full amount by the end of the year.

23.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking, who held 100% of the share capital, is Meta Equity Holdings Limited, registered in England and Wales, registration number 14875181 and registered office address is at Langley House, Park Road, London N2 8EY, England. The parent company, Meta Equity Holdings Limited, is controlled by Mr M Mohsin by virtue of majority share holding.