Metafin Group Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01513707 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

METAFIN GROUP HOLDINGS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

2,624,053

2,774,012

Investments

5

100

-

2,624,153

2,774,012

CURRENT ASSETS

Stocks

185,564

139,231

Debtors

6

1,448,883

1,543,723

Cash at bank and in hand

643,977

301,401

2,278,424

1,984,355

CREDITORS

Amounts falling due within one year

7

1,212,402

1,040,917

NET CURRENT ASSETS

1,066,022

943,438

TOTAL ASSETS LESS CURRENT LIABILITIES

3,690,175

3,717,450

CREDITORS

Amounts falling due after more than one year

8

(398,736

)

(284,480

)

PROVISIONS FOR LIABILITIES

(112,000

)

(112,000

)

ACCRUALS AND DEFERRED INCOME

(135,774

)

(159,754

)

NET ASSETS

3,043,665

3,161,216

CAPITAL AND RESERVES

Called up share capital

11

350,000

350,000

Capital redemption reserve

1,000,000

1,000,000

Retained earnings

1,693,665

1,811,216

SHAREHOLDERS' FUNDS

3,043,665

3,161,216

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2021 and were signed on its behalf by:

P D Bundy - Director

Mrs D J Bundy - Director

1.	STATUTORY INFORMATION

Metafin Group Holdings Limited is a private company, limited by shares, registered in England and Wales, registered number 01513707. Its registered office is Northcote Street, Walsall, West Midlands, WS2 8BQ.

The financial statements are presented in Sterling, which is the functional currency of the company.

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.

Land and buildings

-

5% straight line

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Freehold Land - No depreciation is provided on freehold land

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 year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

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

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.

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.

Government grants

Amounts receivable under the Coronavirus Job Retention Scheme have been accounted for on an accruals basis.

Financial instruments

Basic financial liabilities, including trade and other debtors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future receipts discounted at a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 85 (2020 - 98 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2020

1,521,600

2,524,639

4,046,239

Additions

-

150,144

150,144

Disposals

-

(6,051

)

(6,051

)

At 28 February 2021

1,521,600

2,668,732

4,190,332

DEPRECIATION

At 1 March 2020

135,832

1,136,395

1,272,227

Charge for year

76,079

221,602

297,681

Eliminated on disposal

-

(3,629

)

(3,629

)

At 28 February 2021

211,911

1,354,368

1,566,279

NET BOOK VALUE

At 28 February 2021

1,309,689

1,314,364

2,624,053

At 29 February 2020

1,385,768

1,388,244

2,774,012

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

100

At 28 February 2021

100

NET BOOK VALUE

At 28 February 2021

100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade debtors

1,293,979

1,370,653

Other debtors

154,904

173,070

1,448,883

1,543,723

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans and overdrafts

13,787

13,281

Finance leases (see note 9)

21,500

9,683

Trade creditors

642,638

678,842

Taxation and social security

304,403

155,482

Other creditors

230,074

183,629

1,212,402

1,040,917

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans

259,799

224,360

Finance leases (see note 9)

138,937

60,120

398,736

284,480

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

28.2.21

29.2.20

£

£

Net obligations repayable:

Within one year

21,500

9,683

Between one and five years

138,937

60,120

160,437

69,803

Non-cancellable operating leases

28.2.21

29.2.20

£

£

Within one year

83,390

77,282

Between one and five years

65,716

69,173

149,106

146,455

10.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.21

29.2.20

£

£

Bank loans

273,586

237,641

Finance leases

160,437

69,803

434,023

307,444

Bank loans and overdrafts are secured by means of fixed and floating charges over the assets of the company.

Hire purchase liabilities are secured against the assets financed.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.21

29.2.20

value:

£

£

315,000

Ordinary

£1

315,000

315,000

35,000

Ordinary A

£1

35,000

35,000

350,000

350,000

On 19 November 2019 35,000 Ordinary £1 shares were converted into Ordinary A £1 shares.

These shares rank pari passu with the Ordinary £1 shares.

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £145,000 (2020 - £250,000) were paid to the directors .