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 2018

for

Metsi Technologies Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

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

5,968

2,502

CURRENT ASSETS

Stocks

16,363

16,363

Debtors

5

587,596

462,352

Cash at bank

158,895

70,540

762,854

549,255

CREDITORS

Amounts falling due within one year

6

332,796

326,546

NET CURRENT ASSETS

430,058

222,709

TOTAL ASSETS LESS CURRENT LIABILITIES

436,026

225,211

CREDITORS

Amounts falling due after more than one year

7

(320,198

)

(354,698

)

ACCRUALS AND DEFERRED INCOME

-

28,576

NET ASSETS/(LIABILITIES)

115,828

(100,911

)

CAPITAL AND RESERVES

Called up share capital

8

85

85

Retained earnings

9

115,743

(100,996

)

SHAREHOLDERS' FUNDS

115,828

(100,911

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 12 December 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2017 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

11,112

Additions

8,600

At 31 March 2018

19,712

DEPRECIATION

At 1 April 2017

8,610

Charge for year

5,134

At 31 March 2018

13,744

NET BOOK VALUE

At 31 March 2018

5,968

At 31 March 2017

2,502

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

479,268

327,854

Amounts owed by associates

6,327

-

Other debtors

10,829

-

Directors' current accounts

-

5,906

Corporation tax

87,559

124,178

Prepayments

3,613

4,414

587,596

462,352

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade creditors

207,920

250,446

Social security and other taxes

22,336

1,156

VAT

49,680

48,661

Other creditors

31,991

24,583

Directors' current accounts

29

-

Accrued expenses

20,840

1,700

332,796

326,546

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Directors' loan accounts

320,198

354,698

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

8,500

Ordinary

1p

85

85

9.

RESERVES

Retained

earnings

£

At 1 April 2017

(100,996

)

Profit for the year

216,739

At 31 March 2018

115,743

10.	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 £105,600 (2017 - £114,400). This is

included within subcontractors costs in the profit and loss account. £105,600 (2017 - £116,160) was payable to

TSS at the year end. This is included within trade creditors.

The company received services from MoveIT which shares a director with Metsi Technologies Limited. Total

services received in the year amounted to 105,990 (2017 - £100,197). This is included within subcontractors

costs in the profit and loss account. £70,966 (2017 - £111,897) was payable to MoveIT at the year end. This is

included within trade creditors.

The company owes £320,198 (2017 - £354,698) to two directors. This is split as follows: £160,099 (2017 -

£177,349) to Mr P Thompson and £160,099 (2017 - £177,349) to Mr S James. These amounts are shown in

creditors falling due after more than one year.

11.	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 94% of the share capital of Metsi

Group Limited.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Metsi Technologies Limited for the year ended 31 March 2018 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Metsi Technologies Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Metsi Technologies Limited and state those matters that we have agreed to state to the Board of Directors of Metsi Technologies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Metsi Technologies Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Metsi Technologies 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 profit of Metsi Technologies Limited. You consider that Metsi Technologies 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 Metsi Technologies 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.

M Ahmed & Co

Chartered Accountants

83 Park Road

Chilwell

Nottingham

NG9 4DE

12 December 2018