Metspec Limited - Accounts to registrar (filleted) - small 18.2

Metspec Limited - Accounts to registrar (filleted) - small 18.2

METSPEC LIMITED - Company Information

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REGISTERED NUMBER: 03629765 (England and Wales)
















METSPEC LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018






METSPEC LIMITED (REGISTERED NUMBER: 03629765)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


METSPEC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2018







DIRECTOR: J J Wright





REGISTERED OFFICE: 26 Park Road
Melton Mowbray
Leicestershire
LE13 1TT





REGISTERED NUMBER: 03629765 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
26 Park Road
Melton Mowbray
Leicestershire
LE13 1TT
Page 1
METSPEC LIMITED (REGISTERED NUMBER: 03629765)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 13,167 17,115

CURRENT ASSETS
Inventories 28,767 30,111
Debtors 5 204,939 96,606
Cash at bank 5,263 32,681
238,969 159,398
CREDITORS
Amounts falling due within one year 6 123,510 113,983
NET CURRENT ASSETS 115,459 45,415
TOTAL ASSETS LESS CURRENT LIABILITIES 128,626 62,530

PROVISIONS FOR LIABILITIES 2,234 2,908
NET ASSETS 126,392 59,622

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 126,292 59,522
SHAREHOLDERS' FUNDS 126,392 59,622

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 notes form part of these financial statements

Page 2 continued...
METSPEC LIMITED (REGISTERED NUMBER: 03629765)

STATEMENT OF FINANCIAL POSITION - continued
30 SEPTEMBER 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director on 27 June 2019 and were signed by:





J J Wright - Director


The notes form part of these financial statements

Page 3
METSPEC LIMITED (REGISTERED NUMBER: 03629765)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018

1. STATUTORY INFORMATION

Metspec 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.

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


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.

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

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 20% on cost and 15% on cost

Inventories
Inventories and work in progress are valued at the lower of cost and fair value less costs to complete and sell,
after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in
bringing inventories to their present location and condition.

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.

Page 4 continued...
METSPEC LIMITED (REGISTERED NUMBER: 03629765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2018

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
statement of financial position 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.

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 2 (2017 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 October 2017 59,083
Additions 2,250
At 30 September 2018 61,333
DEPRECIATION
At 1 October 2017 41,968
Charge for year 6,198
At 30 September 2018 48,166
NET BOOK VALUE
At 30 September 2018 13,167
At 30 September 2017 17,115

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 190,527 72,872
Other debtors 938 3,880
VAT 9,982 13,404
Prepayments and accrued income 3,492 6,450
204,939 96,606

Page 5 continued...
METSPEC LIMITED (REGISTERED NUMBER: 03629765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2018

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade creditors 18,017 24,966
Taxation 29,656 22,684
Other taxes and social security 1,230 394
Other creditors 1,575 1,707
Directors' current accounts 69,551 61,707
Accrued expenses 3,481 2,525
123,510 113,983

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2018 2017
value: £    £   
100 Ordinary A £1 100 100

Page 6