Metal Office Equipment Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02125717 (England and Wales)

Unaudited Financial Statements For The Year Ended 30 September 2020

for

Metal Office Equipment Limited

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

Directors:

Mrs J Y Hunt

S J Pomfret

Secretary:

Ms S A Hunt

Registered office:

Chiswick Avenue

Mildenhall

Suffolk

IP28 7AY

Registered number:

02125717 (England and Wales)

Accountants:

SMD Accounts LLP

Chartered Certified Accountants

Suite 11, Manchester House

113 Northgate Street

Bury St Edmunds

Suffolk

IP33 1HP

Fixed assets

Tangible assets

4

1,331,147

1,504,117

Current assets

Stocks

347,699

523,209

Debtors

5

360,031

1,149,461

Cash at bank and in hand

1,142,985

361,569

1,850,715

2,034,239

Creditors

Amounts falling due within one year

6

610,688

691,195

Net current assets

1,240,027

1,343,044

Total assets less current liabilities

2,571,174

2,847,161

Creditors

Amounts falling due after more than one year

7

(179,305

)

(239,974

)

Provisions for liabilities

9

(245,970

)

(248,134

)

Net assets

2,145,899

2,359,053

Capital and reserves

Called up share capital

10

20,000

20,000

Retained earnings

2,125,899

2,339,053

Shareholders' funds

2,145,899

2,359,053

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 and authorised for issue on 3 June 2021 and were signed on its behalf by:

S J Pomfret - Director

1.	Statutory information

Metal Office Equipment 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 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.

Going concern

The directors have reviewed the financial situation of the company in light of the Covid 19 pandemic and feel it is appropriate to prepare the financial statements on the going concern basis. The directors believe there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. The company has sufficient cash balances and has taken advantage of government grant assistance where available.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of he goods), the amount of revenue can be measured reliably, it is probable that the economic benefit associate with the transaction will flow to the entity and the costs incurred or to be incurred of the transaction can be measured reliably.

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

-

15% on reducing balance

Stocks

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

Stocks are stated at the lower of costs and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment, Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term.

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 35 (2019 - 55 ) .

4.	Tangible fixed assets

Plant and

machinery

etc

£

Cost

At 1 October 2019

3,563,472

Additions

57,262

At 30 September 2020

3,620,734

Depreciation

At 1 October 2019

2,059,355

Charge for year

230,232

At 30 September 2020

2,289,587

Net book value

At 30 September 2020

1,331,147

At 30 September 2019

1,504,117

5.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

307,365

1,030,609

Other debtors

52,666

118,852

360,031

1,149,461

6.

Creditors: amounts falling due within one year

2020

2019

£

£

Trade creditors

134,182

355,092

Taxation and social security

269,451

106,324

Other creditors

207,055

229,779

610,688

691,195

Included in other creditors above are £94,336 (2019: £126,594) of obligations under hire purchase contracts which are secured by fixed charged on the assets concerned.

7.

Creditors: amounts falling due after more than one year

2020

2019

£

£

Other creditors

179,305

239,974

Other creditors above consist of obligations under hire purchase contracts which are secured by fixed charges on the assets concerned.

8.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

130,000

130,000

Between one and five years

520,000

520,000

In more than five years

422,500

552,500

1,072,500

1,202,500

9.	Provisions for liabilities

2020

2019

£

£

Deferred tax

Accelerated capital allowances

245,970

248,134

Deferred

tax

£

Balance at 1 October 2019

248,134

Credit to Income statement during year

(2,164

)

Balance at 30 September 2020

245,970

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

20,000

Ordinary

£1

20,000

20,000