Coventry Metalcraft Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 08961897 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

COVENTRY METALCRAFT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr B J O'Toole

REGISTERED OFFICE:

Unit 5-6 Key Park,

Bayton Road

Coventry

Warwickshire

CV7 9EL

REGISTERED NUMBER:

08961897 (England and Wales)

ACCOUNTANTS:

TGFP

Chartered Accountants

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

FIXED ASSETS

Tangible assets

4

275,478

257,790

CURRENT ASSETS

Stocks

611,800

861,800

Debtors

5

1,080,194

479,388

Cash at bank and in hand

104,411

21,741

1,796,405

1,362,929

CREDITORS

Amounts falling due within one year

6

1,345,487

931,613

NET CURRENT ASSETS

450,918

431,316

TOTAL ASSETS LESS CURRENT LIABILITIES

726,396

689,106

CREDITORS

Amounts falling due after more than one year

7

220,414

302,585

NET ASSETS

505,982

386,521

CAPITAL AND RESERVES

Called up and paid share capital

1

1

Retained earnings

505,981

386,520

505,982

386,521

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 February 2023 and were signed by:

Mr B J O'Toole - Director

1.	STATUTORY INFORMATION

Coventry Metalcraft 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.

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 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.

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% 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.

Financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 30 (2021 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2022

231,509

71,466

13,958

Additions

18,435

32,405

13,533

At 31 December 2022

249,944

103,871

27,491

DEPRECIATION

At 1 January 2022

41,246

16,152

8,606

Charge for year

26,277

18,481

13,413

At 31 December 2022

67,523

34,633

22,019

NET BOOK VALUE

At 31 December 2022

182,421

69,238

5,472

At 31 December 2021

190,263

55,314

5,352

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2022

3,200

22,630

342,763

Additions

14,595

3,832

82,800

At 31 December 2022

17,795

26,462

425,563

DEPRECIATION

At 1 January 2022

2,173

16,796

84,973

Charge for year

2,628

4,313

65,112

At 31 December 2022

4,801

21,109

150,085

NET BOOK VALUE

At 31 December 2022

12,994

5,353

275,478

At 31 December 2021

1,027

5,834

257,790

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

448,923

309,324

Other debtors

113,151

90,664

Tax

449,150

-

Prepayments and accrued income

68,970

79,400

1,080,194

479,388

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

32,362

31,628

Other loans

49,383

50,412

Hire purchase contracts

26,259

39,732

Trade creditors

358,515

418,528

Social security and other taxes

185,210

101,238

VAT

409,218

59,894

Other creditors

35,653

30,926

Directors' current accounts

161,367

196,055

Accruals and deferred income

87,520

3,200

1,345,487

931,613

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

67,421

99,783

Other loans

131,687

181,070

Hire purchase contracts

21,306

21,732

220,414

302,585

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Other loans

181,070

231,482

Hire purchase contracts

47,565

61,464

228,635

292,946

Other loans are secured by way of a fixed and floating charge over all the property or undertaking of the company.