Metallic Fabrications Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03148243 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020

FOR

METALLIC FABRICATIONS LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DIRECTORS:

Mr D A Crossley

Mr K Rayiru

Mr S Henderson

SECRETARY:

Mr D A Crossley

REGISTERED OFFICE:

212 Street 7

Thorp Arch Estate

Wetherby

Yorkshire

LS23 7FL

REGISTERED NUMBER:

03148243 (England and Wales)

ACCOUNTANTS:

G L Barker & Co LLP

Chartered Certified Accountants

49 Austhorpe Road

Cross Gates

Leeds

LS15 8BA

FIXED ASSETS

Tangible assets

4

185,713

193,417

CURRENT ASSETS

Stocks

209,047

289,490

Debtors

468,676

558,383

Cash at bank

295,797

217,052

973,520

1,064,925

CREDITORS

Amounts falling due within one year

740,648

859,462

NET CURRENT ASSETS

232,872

205,463

TOTAL ASSETS LESS CURRENT LIABILITIES

418,585

398,880

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

418,485

398,780

SHAREHOLDERS' FUNDS

418,585

398,880

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2020 and were signed on its behalf by:

Mr D A Crossley - Director

Mr K Rayiru - Director

Mr S Henderson - Director

1.	STATUTORY INFORMATION

Metallic Fabrications 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents net invoiced sales of goods and services, excluding value added tax, except in respect of

service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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 41 (2019 - 45 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2019

542,946

Additions

57,965

Disposals

(13,460

)

At 31 January 2020

587,451

DEPRECIATION

At 1 February 2019

349,529

Charge for year

62,475

Eliminated on disposal

(10,266

)

At 31 January 2020

401,738

NET BOOK VALUE

At 31 January 2020

185,713

At 31 January 2019

193,417

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 February 2019

289,827

Additions

52,520

At 31 January 2020

342,347

DEPRECIATION

At 1 February 2019

124,076

Charge for year

54,570

At 31 January 2020

178,646

NET BOOK VALUE

At 31 January 2020

163,701

At 31 January 2019

165,751

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2020 and

31 January 2019:

31.1.20

31.1.19

£

£

Mr K Rayiru

Balance outstanding at start of year

178

16,761

Amounts advanced

-

178

Amounts repaid

(178

)

(16,761

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

178

During 2016 Mr Rayiru, a director, received a loan of £40,200 from the company. He started making regular

repayments from January 2017. The amount outstanding at the year end was nil (2019 - £178). Interest was

charged at the official HMRC beneficial loan rate.

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 Metallic Fabrications Ltd for the year ended 31 January 2020 which comprise the Profit and Loss

Account, Abridged 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Metallic Fabrications Ltd, 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 Metallic Fabrications Ltd and state those matters that we have agreed to state to the Board of Directors of Metallic Fabrications Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Metallic Fabrications 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 Metallic Fabrications Ltd. You consider that Metallic Fabrications 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 Metallic Fabrications 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.

G L Barker & Co LLP

Chartered Certified Accountants

49 Austhorpe Road

Cross Gates

Leeds

LS15 8BA

30 April 2020