Metal Supermarkets UK Limited - Accounts to registrar (filleted) - small 18.2
Metal Supermarkets UK Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
| FOR |
| METAL SUPERMARKETS UK LIMITED |
| METAL SUPERMARKETS UK LIMITED (REGISTERED NUMBER: 03160902) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| METAL SUPERMARKETS UK LIMITED |
| COMPANY INFORMATION |
| for the year ended 30 September 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Unit 2 |
| Charnwood Edge Business Park |
| Syston Road |
| Leicester |
| LE7 4UZ |
| METAL SUPERMARKETS UK LIMITED (REGISTERED NUMBER: 03160902) |
| BALANCE SHEET |
| 30 September 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 Board of Directors and authorised for issue on |
| METAL SUPERMARKETS UK LIMITED (REGISTERED NUMBER: 03160902) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2021 |
| 1. | STATUTORY INFORMATION |
| Metal Supermarkets UK Limited is a limited company, limited by shares, registered in England and Wales. Its registered office address is Suites 1 & 2 Blaby Business Centre, 33 Leicester Road, Blaby, Leicestershire, LE8 4GR and the registered number is 03160902. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future despite the global pandemic. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Sales are recognised on the despatch of goods. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: |
| Leasehold property | 10% straight line basis |
| Plant and Machinery | 10% straight line basis |
| Equipment | 10% straight line basis |
| Motor Vehicles | 25% reducing balance basis |
| Stocks and work in progress |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stocks. |
| Financial instruments |
| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Debtors |
| Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
| METAL SUPERMARKETS UK LIMITED (REGISTERED NUMBER: 03160902) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| Creditors |
| Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
| Taxation |
| The tax expense for the year comprises current and deferred tax. |
| Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: |
| - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
| - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
| Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Operating leases |
| Assets obtained under hire purchase contracts are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
| 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. |
| Provisions |
| Provisions for dilapidations are recognised on a lease by lease basis and are based on the companies best estimate of the likely committed cash flow. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| METAL SUPERMARKETS UK LIMITED (REGISTERED NUMBER: 03160902) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2021 |
| 4. | TANGIBLE FIXED ASSETS |
| Short |
| leasehold | Fixtures |
| land & | Plant and | and | Motor |
| buildings | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2021 |
| DEPRECIATION |
| At 1 October 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2021 |
| NET BOOK VALUE |
| At 30 September 2021 |
| At 30 September 2020 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| Hire purchase contracts totalling £33,187 (2020- £40,895) are secured on the assets concerned. |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Hire purchase contracts |
| Hire purchase contracts totalling £65,872 (2020 - £99,059) are secured on the assets concerned. |
| METAL SUPERMARKETS UK LIMITED (REGISTERED NUMBER: 03160902) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2021 |
| 8. | PROVISIONS FOR LIABILITIES |
| 2021 | 2020 |
| £ | £ |
| Other provisions |
| Dilapidations | 98,642 | 81,574 |
| 9. | FINANCIAL COMMITMENTS |
| Operating lease commitments not included in the balance sheet amount to £1,148,402 (2020 - £1,324,791) |