Abbreviated Company Accounts - METSI TECHNOLOGIES LIMITED

METSI TECHNOLOGIES LIMITED - Company Information

07992172 METSI TECHNOLOGIES LIMITED 2015-03-31 false 2014-04-01 2015-03-31 true 07992172 2014-04-01 2015-03-31 07992172 2015-03-31 07992172 2014-03-31 07992172 uk-gaap-cd-bus:Director1 2014-04-01 2015-03-31 07992172 uk-gaap-cd-bus:Director2 2014-04-01 2015-03-31 uk-gaap-cd-bus:Director3 2014-04-01 2015-03-31 uk-gaap-cd-bus:Director3 2015-03-31 uk-gaap-cd-bus:Director3 2014-03-31 uk-gaap-cd-bus:Director4 2014-04-01 2015-03-31 uk-gaap-cd-bus:Director4 2015-03-31 uk-gaap-cd-bus:Director4 2014-03-31 iso4217:GBP shares

Registered Number 07992172

METSI TECHNOLOGIES LIMITED

Abbreviated Accounts

31 March 2015

METSI TECHNOLOGIES LIMITED Registered Number 07992172

Abbreviated Balance Sheet as at 31 March 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	1,195	2,566
		1,195	2,566
Current assets
Debtors		260,643	232,545
Cash at bank and in hand		113,597	32,604
		374,240	265,149
Creditors: amounts falling due within one year		(615,889)	(314,325)
Net current assets (liabilities)		(241,649)	(49,176)
Total assets less current liabilities		(240,454)	(46,610)
Creditors: amounts falling due after more than one year		(154,440)	(154,440)
Accruals and deferred income		(1,620)	(1,620)
Total net assets (liabilities)		(396,514)	(202,670)
Capital and reserves
Called up share capital		77	77
Profit and loss account		(396,591)	(202,747)
Shareholders' funds		(396,514)	(202,670)

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 9 May 2015

And signed on their behalf by:
G Shah, Director

METSI TECHNOLOGIES LIMITED Registered Number 07992172

Notes to the Abbreviated Accounts for the period ended 31 March 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible assets depreciation policy
Tangible fixed assets
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

Other accounting policies
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

2Tangible fixed assets

	£
Cost
At 1 April 2014	4,154
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 March 2015	4,154
Depreciation
At 1 April 2014	1,588
Charge for the year	1,371
On disposals	-
At 31 March 2015	2,959
Net book values
At 31 March 2015	1,195
At 31 March 2014	2,566

3Transactions with directors

Name of director receiving advance or credit:	P Thompson
Description of the transaction:	Loan to company
Balance at 1 April 2014:	£ 77,200
Advances or credits made:	£ 0
Advances or credits repaid:	£ 0
Balance at 31 March 2015:	£ 77,200

Name of director receiving advance or credit:	S James
Description of the transaction:	Loan to company
Balance at 1 April 2014:	£ 77,200
Advances or credits made:	£ 0
Advances or credits repaid:	£ 0
Balance at 31 March 2015:	£ 77,200

RELATED PARTY DISCLOSURES
During the year, the company provided and received services from Puleng Technologies South Africa, a company which shares 2 directors with Metsi Limited. Total services provided by Metsi to Puleng amounted to £47,118 (2014 - £168,600), included within turnover, and total services received amounted to £174,624 (2014 -£289,641) all of which is included within cost of sales (sub-contractors costs). At the period end £425,592 (2014 - £284,930) was owing to Puleng. This is included in trade creditors.
The company also received services from TeamSwift Solutions Limited (TSS) which shares a director with Metsi Limited.Total services received in the period amounted to £105,6000 (2014 - £100,800). This is included within subcontractors costs in the profit and loss account. £42,240 was payable to TSS at the period end. This is included within trade creditors.
The company also owes £154,400 to two directors. This is split as follows: £77,200 to Mr P Thompson and £77,200 to Mr S James. These amounts are shown in creditors falling due after more than one year. The £154,400 originated as a creditor to Puleng Technologies South Africa in 2013 but has has been designated as a directors loan during the year.