Metaltech UK Limited

	Page
Accountants' Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—9

Report to the directors on the preparation of the unaudited statutory accounts of Metaltech UK Limited for the year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Metaltech UK Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made to the directors of Metaltech UK Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Metaltech UK Limited and state those matters that we have agreed to state to the directors of Metaltech UK Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Metaltech UK Limited and its directors as a body for our work or for this report.

It is your duty to ensure that Metaltech UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Metaltech UK Limited . You consider that Metaltech UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Metaltech UK Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

18 September 2025

Nuvo Scotland Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeen

AB12 4XX

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Metaltech UK Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: SC334096

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		219,081		205,302

			219,081		205,302
CURRENT ASSETS
Stocks	6	145,672		733,565
Debtors	7	1,599,585		1,870,666
Cash at bank and in hand		22,830		-

		1,768,087		2,604,231
Creditors: Amounts Falling Due Within One Year	8	(1,637,320 )		(2,278,941 )

NET CURRENT ASSETS (LIABILITIES)			130,767		325,290

TOTAL ASSETS LESS CURRENT LIABILITIES			349,848		530,592

Creditors: Amounts Falling Due After More Than One Year	9		(316,755 )		(393,247 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(29,168 )		(37,706 )

NET ASSETS			3,925		99,639

CAPITAL AND RESERVES
Called up share capital			1		1
Capital redemption reserve			1		1
Profit and Loss Account			3,923		99,637

SHAREHOLDERS' FUNDS			3,925		99,639

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Metaltech UK Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 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 in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr W Milne

Director

18 September 2025

The notes on pages 4 to 9 form part of these financial statements.

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Metaltech UK Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Metaltech UK Limited is a private company, limited by shares, incorporated in Scotland, registered number SC334096 . The registered office is Unit 2 Fowler Road, West Pitkerro Industrial Estate, Dundee, DD5 3RU.

The presentation currency of the financial statements is the Pound Sterling (£).

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

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

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten years.

2.4. Tangible Fixed Assets and Depreciation

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Assets held under finance leases are depreciated in the same way as owned assets.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Improvements to Property	10% on cost
Plant & Machinery	15% on cost
Motor Vehicles	25% on cost
Fixtures & Fittings	15% on cost
Computer Equipment	25% on cost

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Metaltech UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.

Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 40 (2023: 57)

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Metaltech UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2024	225,000

As at 31 December 2024	225,000

Amortisation
As at 1 January 2024	225,000

As at 31 December 2024	225,000

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

5. Tangible Assets

	Land & Property
	Improvements to Property	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2024	176,116	559,546	493,899	56,389
Additions	-	6,783	96,505	351
Disposals	-	-	(90,395 )	-

As at 31 December 2024	176,116	566,329	500,009	56,740

Depreciation
As at 1 January 2024	165,508	473,916	389,389	56,009
Provided during the period	4,332	29,359	59,389	398
Disposals	-	-	(70,043 )	-

As at 31 December 2024	169,840	503,275	378,735	56,407

Net Book Value
As at 31 December 2024	6,276	63,054	121,274	333

As at 1 January 2024	10,608	85,630	104,510	380


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2024	123,615	1,409,565
Additions	35,207	138,846
Disposals	-	(90,395 )

As at 31 December 2024	158,822	1,458,016

...CONTINUED

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Metaltech UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Depreciation
As at 1 January 2024	119,441	1,204,263
Provided during the period	11,237	104,715
Disposals	-	(70,043 )

As at 31 December 2024	130,678	1,238,935

Net Book Value
As at 31 December 2024	28,144	219,081

As at 1 January 2024	4,174	205,302

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2024	2023
	£	£
Plant & Machinery	45,022	63,652
Motor Vehicles	104,086	70,114

	149,108	133,766

6. Stocks

	2024	2023
	£	£
Stock	70,000	60,000
Work in progress	75,672	673,565

	145,672	733,565

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	513,482	1,215,140
Prepayments and accrued income	56,739	79,900
Other debtors	295,267	56,963
VAT	85,341	76,103
Directors' loan accounts	13,269	43,512
Amounts owed by group undertakings	635,487	399,048

	1,599,585	1,870,666

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	51,648	75,595
Trade creditors	667,545	1,099,159
Bank loans and overdrafts	398,917	671,253
Other creditors	169,819	2,667
Taxation and social security	349,391	430,267

	1,637,320	2,278,941

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Metaltech UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	82,261	62,424
Bank loans	234,494	102,505
Other creditors	-	207,606
Taxation and social security	-	20,712

	316,755	393,247

10. Secured Creditors

The company has granted a floating charge in favour of The Royal Bank of Scotland Plc over all present and future property,

assets and undertakings of the business.

Of the creditors the following amounts are secured.

	2024		2023
	£		£
Bank loans and overdrafts	260,559		426,920

11. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	51,648	75,595
Later than one year and not later than five years	82,261	62,424

	133,909	138,019

	133,909	138,019

12. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2024	37,706	37,706
Deferred taxation	(8,538 )	(8,538 )

Balance at 31 December 2024	29,168	29,168

13. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	4,221	7,599
Later than one year and not later than five years	-	4,221

	4,221	11,820

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Metaltech UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

14. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Walter Milne	16,523	198,015	(201,269 )	-	13,269
Mrs Karen Baggoley Milne	26,989	(26,677 )	(312 )	-	-

The above loan is interest free and has no fixed repayment terms.

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