METAL_SUPERMARKETS_FRANCH - Accounts

METAL SUPERMARKETS FRANCHISING UK LIMITED - Company Information

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Company Registration No. 07688413 (England and Wales)

METAL SUPERMARKETS FRANCHISING UK LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

METAL SUPERMARKETS FRANCHISING UK LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

2 - 3

Notes to the abbreviated accounts

4 - 5

METAL SUPERMARKETS FRANCHISING UK LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF METAL SUPERMARKETS FRANCHISING UK LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Metal Supermarkets Franchising UK Limited for the year ended 30 September 2016 which comprise the Profit and Loss Account, the Balance Sheet and the 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, 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 Metal Supermarkets Franchising UK Limited, as a body, in accordance with the terms of our engagement letter dated 19 December 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Metal Supermarkets Franchising UK Limited and state those matters that we have agreed to state to the Board of Directors of Metal Supermarkets Franchising UK Limited, 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 Metal Supermarkets Franchising UK Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Metal Supermarkets Franchising UK Limited 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 loss of Metal Supermarkets Franchising UK Limited. You consider that Metal Supermarkets Franchising UK Limited 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 Metal Supermarkets Franchising UK Limited. 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.

Clear & Lane Limited

Chartered Accountants

340 Melton Road

Leicester

LE4 7SL

27 January 2017

METAL SUPERMARKETS FRANCHISING UK LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2016

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2016

2015

Notes

Fixed assets

Intangible assets

4,468

5,420

Tangible assets

670

2,210

Investments

168,167

173,305

175,797

Current assets

Debtors

64,963

53,339

Cash at bank and in hand

2,019

8,187

66,982

61,526

Creditors: amounts falling due within one year

(19,037)

(23,035)

Net current assets

47,945

38,491

Total assets less current liabilities

221,250

214,288

Creditors: amounts falling due after more than one year

(341,539)

(253,904)

Provisions for liabilities

(2,375)

(1,775)

(122,664)

(41,391)

Capital and reserves

Called up share capital

20,000

Profit and loss account

(142,664)

(61,391)

Shareholders' funds

(122,664)

(41,391)

METAL SUPERMARKETS FRANCHISING UK LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 SEPTEMBER 2016

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For the financial year ended 30 September 2016 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 18 January 2017

Mr G S Schober

Director

Company Registration No. 07688413

METAL SUPERMARKETS FRANCHISING UK LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 4 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for royalties and franchise fees net of VAT and trade discounts. Amounts are recognised as sales in the month to which they relate.

1.4

Goodwill

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Franchise licence - 10% straight line

Franchise licence - 10% straight line

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Office equipment

33% straight line

1.6

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.7

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.8

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

1.9

Provisions

Provisions for dilapidations are recognised on a lease by lease basis and are based on the companies best estimate of the likely committed cash outflow.

METAL SUPERMARKETS FRANCHISING UK LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 5 -

Fixed assets

Intangible assets

Tangible assets

Investments

Total

Cost

At 1 October 2015 & at 30 September 2016

9,520

5,271

168,167

182,958

Depreciation

At 1 October 2015

4,100

3,061

7,161

Charge for the year

952

1,540

2,492

At 30 September 2016

5,052

4,601

9,653

Net book value

At 30 September 2016

4,468

670

168,167

173,305

At 30 September 2015

5,420

2,210

168,167

175,797

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Metal Supermarkets UK Limited

England and Wales

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

Metal Supermarkets UK Limited

Operation of Metal Supermarkets' franchisees

291,546

(18,765)

Share capital

2016

2015

Allotted, called up and fully paid

20,000 Ordinary shares of £1 each

20,000

Ultimate parent company

The ultimate parent company is Metal Supermarkets IP Inc., which owns 100% of the issued share capital in Metal Supermarkets Service Company Inc. The company is registered in Ontario, Canada.