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 2019






METSPEC LIMITED (REGISTERED NUMBER: 03629765)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019




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 2019







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 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 16,935 13,167

CURRENT ASSETS
Inventories 38,322 28,767
Debtors 5 243,248 204,939
Cash at bank 24,233 5,263
305,803 238,969
CREDITORS
Amounts falling due within one year 6 158,983 123,510
NET CURRENT ASSETS 146,820 115,459
TOTAL ASSETS LESS CURRENT LIABILITIES 163,755 128,626

PROVISIONS FOR LIABILITIES 3,213 2,234
NET ASSETS 160,542 126,392

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 160,442 126,292
SHAREHOLDERS' FUNDS 160,542 126,392

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 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 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 30 November 2020 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 2019

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 2019

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 (2018 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 October 2018 61,333
Additions 10,309
At 30 September 2019 71,642
DEPRECIATION
At 1 October 2018 48,167
Charge for year 6,540
At 30 September 2019 54,707
NET BOOK VALUE
At 30 September 2019 16,935
At 30 September 2018 13,166

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 203,994 190,527
Other debtors 938 938
VAT 35,111 9,982
Prepayments and accrued income 3,205 3,492
243,248 204,939

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2019

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors 20,771 18,017
Taxation 34,510 29,656
Other taxes and social security 524 1,230
Other creditors 1,602 1,575
Directors' current accounts 96,259 69,551
Accrued expenses 5,317 3,481
158,983 123,510

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2019 2018
value: £    £   
100 Ordinary A £1 100 100

Page 6