Metsi Technologies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07992172 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Metsi Technologies Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G Shah

Mr S G James

Mr P E Thompson

Mr M J P Hillewaert

SECRETARY:

REGISTERED OFFICE:

71-79 Aldwych

London

WC2B 4HN

REGISTERED NUMBER:

07992172 (England and Wales)

ACCOUNTANTS:

M Ahmed & Co

Chartered Accountants

83 Park Road

Chilwell

Nottingham

NG9 4DE

FIXED ASSETS

Tangible assets

4

17,467

7,010

CURRENT ASSETS

Stocks

97,817

-

Debtors

5

1,254,222

861,826

Cash at bank

50,603

119,193

1,402,642

981,019

CREDITORS

Amounts falling due within one year

6

1,366,716

853,076

NET CURRENT ASSETS

35,926

127,943

TOTAL ASSETS LESS CURRENT LIABILITIES

53,393

134,953

CREDITORS

Amounts falling due after more than one year

7

465,876

387,177

NET LIABILITIES

(412,483

)

(252,224

)

CAPITAL AND RESERVES

Called up share capital

8

85

85

Retained earnings

(412,568

)

(252,309

)

SHAREHOLDERS' FUNDS

(412,483

)

(252,224

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2021 and were signed on its behalf by:

Mr M J P Hillewaert - Director

1.	STATUTORY INFORMATION

Metsi Technologies 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.

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.

The principal accounting policies are summarised below. They have all been applied consistently throughout the period.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks 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 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.

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 20 (2020 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2020

27,976

Additions

19,195

At 31 March 2021

47,171

DEPRECIATION

At 1 April 2020

20,966

Charge for year

8,738

At 31 March 2021

29,704

NET BOOK VALUE

At 31 March 2021

17,467

At 31 March 2020

7,010

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

1,187,474

735,382

Amounts owed by group undertakings

29,503

-

Amounts owed by associates

22,925

115,965

Other debtors

9,189

9,199

Prepayments

5,131

1,280

1,254,222

861,826

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

8,333

-

Trade creditors

904,258

522,393

Amounts owed to group undertakings

-

10,601

Corporation tax

-

(152,734

)

Social security and other taxes

45,519

90,619

VAT

7,622

86,118

Other creditors

87,777

29,275

Directors' loan accounts

-

143,930

Accruals and deferred income

156,554

120,174

Accrued expenses

156,653

2,700

1,366,716

853,076

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans - 1-2 years

10,000

-

Bank loans - 2-5 years

31,667

-

Directors' loan accounts

424,209

387,177

465,876

387,177

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

8,500

Ordinary

1p

85

85

9.	RELATED PARTY DISCLOSURES

The company received services from TeamSwift Solutions Limited (TSS) which shares a director with Metsi Technologies Limited. Total services received in the year amounted to £171,000 (2020 - £114,000). This is included within subcontractors costs in the profit and loss account. £239,400 (2020 - £223,600 in trade creditors was payable to TSS at the year end. TSS has also provided a £49,933 loan to Metsi. This is included in creditors falling due after more than one year.

The company received services from MoveIT which shares a director with Metsi Technologies Limited. Total services received in the year amounted to £197,477 (2020 - £115,702). This is included within subcontractors costs in the profit and loss account. £201,101 (2020 - £174,320 in trade creditors was payable to MoveIT at the year end. MoveIT has also provided a £90,078 loan to Metsi. This is shown in creditors falling due in more than one year.

The company owes amounts to directors as follows:

£142,849 (2020 - £142,849) to Mr P Thompson

£142,849 (2020 - £142,849) to Mr S James

These are included in creditors falling due after more than one year.

The company also made sales of £90,873 to AO Virtual in which the company holds shares. £15,826 was payable by AO Virtual at the year end. £234 is included in trade debtors and £15,592 in loans due from associates in debtors..

10.	ULTIMATE CONTROLLING PARTY

The controlling party is the parent company, Metsi Group Limited.

The ultimate controlling party are the 4 directors who between them hold 100% of the share capital of Metsi Group Limited.

11.	GOING CONCERN

At 31 March 2020 the company had negative reserves. The directors have indicated that they will not recall their loans and intend to support the company for the foreseeable future. Consequently, the accounts have been prepared on a going concern basis.