Metals Focus Data Limited Accounts

METALS FOCUS DATA LIMITED - Company Information






Metals Focus Data Limited
	Company No. 08722708
		Information for Filing with The Registrar
		31 December 2017

The Directors present their report and the accounts for the year ended 31 December 2017.

Principal activities
The principal activity of the company during the year under review was research into precious metals.




Directors

The Directors who served at any time during the year were as follows:

N. Dempster
N. Kavalis
L.S. Mitchell
P.E. Newman
































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

N. Dempster
Director
24 May 2018

at	31 December 2017

Company No.		08722708	Notes	2017	2016
				£	£






Current assets

	Debtors		2	78,426	22,424

	Cash at bank and in hand			160,200	131,088
				238,626	153,512
Creditors: Amount falling due within one year			3	(151,984)	(90,402)
Net current assets				86,642	63,110
Total assets less current liabilities				86,642	63,110




Net assets				86,642	63,110

Capital and reserves
	Called up share capital			2	2
	Share premium account		4	1,998	1,998


	Profit and loss account		4	84,642	61,110

Total equity				86,642	63,110


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 December 2017 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 24 May 2018

And signed on its behalf by:

P.E. Newman
Director

for the year ended 31 December 2017

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2	Debtors
			2017	2016
			£	£
		Trade debtors	16,500	15,061
		Amounts owed by group undertakings	51,604	-




		Other debtors	1,741	716
		Prepayments and accrued income	8,581	6,647
			78,426	22,424

3	Creditors:
		amounts falling due within one year
			2017	2016
			£	£




		Trade creditors	11,888	9,827

		Corporation tax	5,605	7,244
		Other taxes and social security	33,894	26,340


		Accruals and deferred income	100,597	46,991
			151,984	90,402

Reserves

Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account - includes all current and prior period retained profits and losses.

Related party disclosures

Controlling parties

Immediate controlling parties

World Gold Council (UK) Limited and Metals Focus Limited

Ultimate controlling party

World Gold Council (UK) Limited and Metals Focus Limited

Additional information

Its registered number is:

08722708

Its registered office is:

Unit T

Reliance Wharf

2-10 Hertford Road

London

N1 5ET