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Registered number:
For the Year Ended
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Metalgips System Limited
Company Information
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Metalgips System Limited
Contents
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Metalgips System Limited
Strategic report
For the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
The Company's turnover has increased from £1.3m in 2023 to £10.9m in the current year. The operating profits of the company has increased to £834k in the current year from £383k in 2023. The management is consolidating the operation, critically analysing the costing method and revamping the business processes and structures to reduce the costs and overheads which will lead to steady turnover and operating profits. Net assets of the company at year end were increased to £891k from £289k in 2023.
The directors have considered the principal risks and uncertainties facing the company. These include:
Market conditions – demand for construction services is influenced by wider economic factors, including inflation, interest rates and government investment levels. Contract delivery – delays, cost overruns or disputes on projects could impact profitability. Supply chain and costs – shortages of skilled labour, disruption to subcontractors, or volatility in material prices may affect performance and profitability. Health & safety and environment – failure to maintain high standards of safety or comply with regulations could result in financial and reputational damage. Liquidity and working capital – the timing of cash receipts and payments, including contract retentions, creates risks to cash flow. Legal and regulatory compliance – non-compliance with building, employment, tax or environmental regulations could lead to penalties or reputational harm. Competition – pressure on pricing in a competitive market may reduce margins. IT and cybersecurity – disruption or breaches could adversely affect operations and data security. The directors monitor these risks closely and take steps where possible to mitigate their potential impact
The directors monitor a range of key performance indicators to assess the company’s performance and financial position. The principal measures include:
Turnover growth – revenue for the year compared with the prior year, providing a measure of business activity. Gross profit margin – gross profit as a percentage of turnover, reflecting project profitability and efficiency in contract delivery. Operating profit margin – operating profit as a percentage of turnover, indicating overall profitability after administrative expenses. Order book – the value of secured work at year end, giving visibility of future revenues.
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Metalgips System Limited
Strategic report (continued)
For the Year Ended 31 December 2024
This report was approved by the board on 24 September 2025 and signed on its behalf.
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Metalgips System Limited
Director's report
For the Year Ended 31 December 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The profit for the year, after taxation, amounted to £602,095 (2023 - £285,532).
The director who served during the year was:
There have been no significant events affecting the Company since the year end.
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Metalgips System Limited
Director's report (continued)
For the Year Ended 31 December 2024
The auditors, Mantax Lynton Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Metalgips System Limited
Independent auditors' report to the members of Metalgips System Limited
We have audited the financial statements of Metalgips System Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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Metalgips System Limited
Independent auditors' report to the members of Metalgips System Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
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 Director's report.
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Metalgips System Limited
Independent auditors' report to the members of Metalgips System Limited (continued)
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 an Auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and relevant taxation legislation.
∙We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be override of controls by management, inappropriate revenue recognition, carrying value of intangibles and going concern. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases, corroborating revenue recognised by the company through agreements to supporting documentation and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.
∙Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
∙These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
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 Auditors' report.
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Metalgips System Limited
Independent auditors' report to the members of Metalgips System Limited (continued)
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 an Auditors' report 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Suite 207 Equitable House
7 General Gordon Square
SE18 6FH
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Metalgips System Limited
Statement of comprehensive income
For the Year Ended 31 December 2024
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Metalgips System Limited
Registered number: 14951050
Statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 22 form part of these financial statements.
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Metalgips System Limited
Statement of changes in equity
For the Year Ended 31 December 2024
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Metalgips System Limited
Statement of cash flows
For the Year Ended 31 December 2024
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Metalgips System Limited
Analysis of Net Debt
For the Year Ended 31 December 2024
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Metalgips System Limited
Notes to the financial statements
For the Year Ended 31 December 2024
Metalgips System Limited is a company, limited by shares, registered in England and Wales. The company's registration number is 14951050 and has its registered office address at 19 The Circle, Queen Elizabeth Street, London, England, SE1 2JE.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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Metalgips System Limited
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Metalgips System Limited
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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Metalgips System Limited
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Statement of financial position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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Metalgips System Limited
Notes to the financial statements
For the Year Ended 31 December 2024
Analysis of turnover by country of destination:
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Metalgips System Limited
Notes to the financial statements
For the Year Ended 31 December 2024
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Metalgips System Limited
Notes to the financial statements
For the Year Ended 31 December 2024
There were no factors that may affect future tax charges.
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Metalgips System Limited
Notes to the financial statements
For the Year Ended 31 December 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £139 (2023: £Nil). Contributions totaling £372 (2023: £Nil) were payable to the fund at the reporting date and are included in other creditors.
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Metalgips System Limited
Notes to the financial statements
For the Year Ended 31 December 2024
The immediate parent Company is Metalgips Europa, S.L. a company registered Spain, who owns 100% ordinary shares in the Company. The ultimate parent company is Inverfago, S.L. which is incorporated in Spain. Parent Company prepares consolidated accounts and copy of group accounts can be obtained from the parent company's registered office address at Primera Avenida, 36- parcela B7, Polígono de PO.CO.MA.CO., 15190 Mesoiro, A Coruna, Spain.
The company was incorporated on 21 June 2023 and prepared its first accounts for the period ending 31 December 2023 reflecting the trading results for 6 months. Whereas the current period financial statements reflect the trading results for 12 months ending on 31 December 2024.
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