Metal Clay Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05035403 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Metal Clay Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Ms P Cameron

REGISTERED OFFICE:

1-2 Omega Centre

Sandford Lane

Wareham

Dorset

BH20 4DY

REGISTERED NUMBER:

05035403 (England and Wales)

ACCOUNTANTS:

Fizz Accounting Limited

6a St Andrews Court

Wellington Street

Thame

Oxfordshire

OX9 3WT

FIXED ASSETS

Tangible assets

4

4,185

6,277

CURRENT ASSETS

Stocks

668,347

411,802

Debtors

36,302

25,056

Cash at bank and in hand

314,220

447,585

1,018,869

884,443

CREDITORS

Amounts falling due within one year

269,942

278,819

NET CURRENT ASSETS

748,927

605,624

TOTAL ASSETS LESS CURRENT LIABILITIES

753,112

611,901

PROVISIONS FOR LIABILITIES

795

1,247

NET ASSETS

752,317

610,654

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

752,217

610,554

SHAREHOLDERS' FUNDS

752,317

610,654

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 15 November 2019 and were signed by:

Ms P Cameron - Director

1.	STATUTORY INFORMATION

Metal Clay Ltd 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.

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.

Plant and machinery etc

-

33% on cost and 25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 8 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

22,178

Additions

526

Disposals

(1,299

)

At 31 March 2019

21,405

DEPRECIATION

At 1 April 2018

15,901

Charge for year

2,618

Eliminated on disposal

(1,299

)

At 31 March 2019

17,220

NET BOOK VALUE

At 31 March 2019

4,185

At 31 March 2018

6,277

5.	GUARANTEES, CONTINGENCIES AND OTHER FINANCIAL COMMITMENTS

The company had total guarantees, contingencies and commitments at the year end of £32,682 (2018: £47,766).