Metastreet Ltd 31/07/2022 iXBRL

Metastreet Ltd 31/07/2022 iXBRL

METASTREET LTD - Company Information

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Company registration number: 11029384
Metastreet Ltd
Unaudited filleted financial statements
31 July 2022
Metastreet Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Metastreet Ltd
Directors and other information
Directors Mr R Moffatt
Ms P Watson
Ms S Ferdausi
Mr S Rickett (Appointed 5 May 2022)
Company number 11029384
Registered office 6-8 Cole Street
London
SE1 4YH
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Metastreet Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Metastreet Ltd
Year ended 31 July 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Metastreet Ltd for the year ended 31 July 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Metastreet Ltd, as a body, in accordance with the terms of our engagement letter dated 4 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Metastreet Ltd and state those matters that we have agreed to state to the board of directors of Metastreet Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Metastreet Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Metastreet Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Metastreet Ltd. You consider that Metastreet Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Metastreet Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
5 April 2023
Metastreet Ltd
Statement of financial position
31 July 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 7,842 3,228
_______ _______
7,842 3,228
Current assets
Debtors 6 76,806 98,541
Cash at bank and in hand 142,467 187,343
_______ _______
219,273 285,884
Creditors: amounts falling due
within one year 7 ( 178,314) ( 243,102)
_______ _______
Net current assets 40,959 42,782
_______ _______
Total assets less current liabilities 48,801 46,010
Creditors: amounts falling due
after more than one year 8 ( 31,667) ( 41,667)
_______ _______
Net assets 17,134 4,343
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 16,934 4,143
_______ _______
Shareholders funds 17,134 4,343
_______ _______
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 April 2023 , and are signed on behalf of the board by:
Mr R Moffatt
Director
Company registration number: 11029384
Metastreet Ltd
Notes to the financial statements
Year ended 31 July 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6-8 Cole Street, London, SE1 4YH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Invoiced sales are in the first instance treated as deferred income and thereafter released to the profit and loss account on a straight line basis over the period of contract.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment - 3 years straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised retrospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).
5. Tangible assets
Computer equipment Total
£ £
Cost
At 1 August 2021 8,732 8,732
Additions 8,504 8,504
_______ _______
At 31 July 2022 17,236 17,236
_______ _______
Depreciation
At 1 August 2021 5,504 5,504
Charge for the year 3,890 3,890
_______ _______
At 31 July 2022 9,394 9,394
_______ _______
Carrying amount
At 31 July 2022 7,842 7,842
_______ _______
At 31 July 2021 3,228 3,228
_______ _______
6. Debtors
2022 2021
£ £
Trade debtors 59,760 27,992
Other debtors 17,046 70,549
_______ _______
76,806 98,541
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 10,000 8,333
Trade creditors 17,500 15,815
Social security and other taxes 8,501 31,747
Other creditors 142,313 187,207
_______ _______
178,314 243,102
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 31,667 41,667
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr R Moffatt ( 2,594) 1,350 ( 1,244)
Ms P Watson - - -
Ms S Ferdausi - 223 223
_______ _______ _______
( 2,594) 1,573 ( 1,021)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr R Moffatt ( 1,704) ( 890) ( 2,594)
Ms P Watson ( 13,953) 13,953 -
Ms S Ferdausi - - -
_______ _______ _______
( 15,657) 13,063 ( 2,594)
_______ _______ _______
10. Related party transactions
S Rickett is a director and shareholder in Everlution Software Limited. During the year ended 31 July 2021, the company purchased services with a value of £283,000 (2021 - £230,000) from Everlution Software Limited. At 31 July 2022, the balance due to Everlution Software Limited from the company was Nil (2021 - Nil).