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Unaudited Financial Statements for the Year Ended 31 March 2022 |
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Metsi Technologies Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2022 |
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for |
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Metsi Technologies Limited |
Metsi Technologies Limited (Registered number: 07992172) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Metsi Technologies Limited |
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Company Information |
for the Year Ended 31 March 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
83 Park Road |
Chilwell |
Nottingham |
NG9 4DE |
Metsi Technologies Limited (Registered number: 07992172) |
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Balance Sheet |
31 March 2022 |
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31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
Metsi Technologies Limited (Registered number: 07992172) |
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Balance Sheet - continued |
31 March 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Metsi Technologies Limited (Registered number: 07992172) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Metsi Technologies Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the period. |
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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. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Computer equipment | - |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Metsi Technologies Limited (Registered number: 07992172) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Metsi Technologies Limited (Registered number: 07992172) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts owed by associates |
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Other debtors |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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VAT | 207,264 | 7,622 |
Other creditors |
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Accruals and deferred income |
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Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Directors' loan accounts | 418,600 | 424,209 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
value: | £ | £ |
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Ordinary | 1p | 85 | 85 |
Metsi Technologies Limited (Registered number: 07992172) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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9. | RELATED PARTY DISCLOSURES |
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The company received services from TeamSwift Solutions Limited (TSS) which shares a director with Metsi Technologies Limited. Total services received in the year amounted to £115,020 (2021 - £171,000). This is included within subcontractors costs in the profit and loss account. £244,400 (2021 - £239,400) was payable to TSS at the year end. This is included in trade creditors. TSS has also provided a loan of £48,933 (2021- £49,933) to Metsi. This is included in creditors falling due after more than one year. |
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The company received services from MoveIT Forward BV which shares a director with Metsi Technologies Limited. Total services received in the year amounted to £128,018 (2021 - £197,477). This is included within subcontractors costs in the profit and loss account. £212,529 (2021 - £201,10) was payable to Move IT at the year end. This is included in trade creditors. MoveIT has also provided a loan of £90,078 (2021 - £90,078) to Metsi. This is shown in creditors falling due in more than one year. |
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The company owes amounts to directors as follows: |
Included in creditors falling due after more than one year: |
£139,794 (2021 - £142,099) to Mr P Thompson |
£139,794 (2021 - £142,099) to Mr S James |
Included in accruals: |
£37,100 (£2021 - £0) to TeamSwift Solutions Ltd. |
£37,100 (£2021 - £0) to Move IT Forward BV |
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The company also made sales of £27,846 (2021 - £90,873) to AO Virtual in which the company holds shares. £375 (2021 - £234) was payable by AO Virtual at the year end. This is included in trade debtors. The company also provided loans of £50,910 (2021 - £15,591) to AO Virtual. These are included in loans due from associates in debtors. |
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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is the parent company, Metsi Group Limited. |
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The ultimate controlling party are the 4 directors who between them hold 100% of the share capital of Metsi Group Limited. |
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11. | GOING CONCERN |
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At 31 March 2022 the company had negative reserves. The directors have indicated that they will not recall their loans and intend to support the company for the foreseeable future. Consequently, the accounts have been prepared on a going concern basis. |