METAENTERPRICES LTD - Limited company accounts 20.1

REGISTERED NUMBER: 05833598 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

1 JUNE 2021 TO 31 DECEMBER 2021

FOR

METAENTERPRICES LTD

Page

Company Information

1

Report of the Director

2

Consolidated Income Statement

3

Consolidated Statement of Financial Position

4

Company Statement of Financial Position

6

Notes to the Consolidated Financial Statements

8

DIRECTOR:

M Mohsin

REGISTERED OFFICE:

Langley House

Park Road

London

N2 8EY

REGISTERED NUMBER:

05833598 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House

Park Road

East Finchley

London

N2 8EY

The director presents his report with the financial statements of the company and the group for the period 1 June 2021 to 31 December 2021.

DIRECTOR

M Mohsin held office during the whole of the period from 1 June 2021 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

No donations were made to political parties. The Group made charitable donations of £5,495 (31/05/2021: £4,400) for various events in the industry.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

M Mohsin - Director

16 September 2022

TURNOVER

19,487,758

19,914,376

Cost of sales

(18,470,549

)

(18,878,527

)

GROSS PROFIT

1,017,209

1,035,849

Administrative expenses

(416,072

)

(527,190

)

OPERATING PROFIT

4

601,137

508,659

Interest payable and similar expenses

(94

)

(616

)

PROFIT BEFORE TAXATION

601,043

508,043

Tax on profit

5

(111,372

)

(95,986

)

PROFIT FOR THE FINANCIAL PERIOD

489,671

412,057

Profit attributable to:

Owners of the parent

489,671

412,057

FIXED ASSETS

Tangible assets

7

5,112

2,853

Investments

8

888

888

6,000

3,741

CURRENT ASSETS

Stocks

9

473,278

-

Debtors

10

3,864,424

2,530,301

Cash at bank and in hand

747,860

904,801

5,085,562

3,435,102

CREDITORS

Amounts falling due within one year

11

3,530,872

2,285,427

NET CURRENT ASSETS

1,554,690

1,149,675

TOTAL ASSETS LESS CURRENT LIABILITIES

1,560,690

1,153,416

PROVISIONS FOR LIABILITIES

-

2,397

NET ASSETS

1,560,690

1,151,019

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

1,460,690

1,051,019

1,560,690

1,151,019

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2021.

The members have not required the company and the group to obtain an audit of its financial statements for the period ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.

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

The financial statements were approved by the director and authorised for issue on 16 September 2022 and were signed by:

M Mohsin - Director

FIXED ASSETS

Tangible assets

7

5,112

2,853

Investments

8

988

888

6,100

3,741

CURRENT ASSETS

Stocks

9

473,278

-

Debtors

10

3,864,424

2,530,301

Cash at bank and in hand

747,760

904,801

5,085,462

3,435,102

CREDITORS

Amounts falling due within one year

11

3,530,872

2,285,427

NET CURRENT ASSETS

1,554,590

1,149,675

TOTAL ASSETS LESS CURRENT LIABILITIES

1,560,690

1,153,416

PROVISIONS FOR LIABILITIES

-

2,397

NET ASSETS

1,560,690

1,151,019

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

1,460,690

1,051,019

1,560,690

1,151,019

Company's profit for the financial year

489,671

412,057

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2021 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 16 September 2022 and were signed by:

M Mohsin - Director

1.	STATUTORY INFORMATION

METAENTERPRICES LTD 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 General Information page.

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.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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 period 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.

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 group operates a defined contribution pension scheme. Contributions payable to the group'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 period was 14 (2021 - 13 ) .

The average number of employees by undertakings that were proportionately consolidated during the period was NIL (2021 - NIL).

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.6.21

to

Year Ended

31.12.21

31.5.21

£

£

Depreciation - owned assets

1,035

952

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

Period

1.6.21

to

Year Ended

31.12.21

31.5.21

£

£

Current tax:

UK corporation tax

113,769

95,986

Deferred tax

(2,397

)

-

Tax on profit

111,372

95,986

6.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

7.	TANGIBLE FIXED ASSETS

Group

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2021

1,946

31,801

33,747

Additions

-

3,294

3,294

At 31 December 2021

1,946

35,095

37,041

DEPRECIATION

At 1 June 2021

1,946

28,948

30,894

Charge for period

-

1,035

1,035

At 31 December 2021

1,946

29,983

31,929

NET BOOK VALUE

At 31 December 2021

-

5,112

5,112

At 31 May 2021

-

2,853

2,853

Company

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2021

1,946

31,801

33,747

Additions

-

3,294

3,294

At 31 December 2021

1,946

35,095

37,041

DEPRECIATION

At 1 June 2021

1,946

28,948

30,894

Charge for period

-

1,035

1,035

At 31 December 2021

1,946

29,983

31,929

NET BOOK VALUE

At 31 December 2021

-

5,112

5,112

At 31 May 2021

-

2,853

2,853

8.	FIXED ASSET INVESTMENTS

Group

Shares in

group

undertakings

£

COST

At 1 June 2021

and 31 December 2021

888

NET BOOK VALUE

At 31 December 2021

888

At 31 May 2021

888

Company

Shares in

group

undertakings

£

COST

At 1 June 2021

888

Additions

100

At 31 December 2021

988

NET BOOK VALUE

At 31 December 2021

988

At 31 May 2021

888

Subsidiary:

Metazn Limited

Registered office: Langley House, Park Rd, London N2 8EY

Class of shares holding %

Ordinary 100

9.

STOCKS

Group

Company

2021

2021

2021

2021

£

£

£

£

Stocks

473,278

-

473,278

-

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2021

2021

2021

2021

£

£

£

£

Trade debtors

3,491,142

2,111,830

3,491,142

2,111,830

Amounts owed by group undertakings

373,282

394,533

373,282

394,533

Other debtors

-

23,938

-

23,938

3,864,424

2,530,301

3,864,424

2,530,301

Included within other debtors are prepayments of £Nil (31/05/2021 £1061).

Amount owed by group undertakings represents loans to subsidiaries as at 31st December 2021 £373,282 (year ended 31st May 2021 £394,533).

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2021

2021

2021

2021

£

£

£

£

Bank loans and overdrafts (see note 12)

47,218

12,031

47,218

12,031

Trade creditors

1,246,209

1,031,442

1,246,209

1,031,442

Taxation and social security

262,703

98,209

262,703

98,209

Other creditors

1,974,742

1,143,745

1,974,742

1,143,745

3,530,872

2,285,427

3,530,872

2,285,427

Included within other creditors are accrued expenses of £12,000 (2021: £6,000).

12.

LOANS

An analysis of the maturity of loans is given below:

Group

Company

2021

2021

2021

2021

£

£

£

£

Amounts falling due within one year or on

demand:

Bank overdrafts

47,218

12,031

47,218

12,031

Other loans

250,000

350,000

250,000

350,000

297,218

362,031

297,218

362,031

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party in the current and preceding periods were M Mohsin and T Sobyanina shareholders of the Parent Company of the Group.