Metwire Belts Limited - Accounts to registrar (filleted) - small 23.1.2
Metwire Belts Limited - Accounts to registrar (filleted) - small 23.1.2
REGISTERED NUMBER: |
Financial Statements For The Year Ended 31 December 2022 |
for |
Metwire Belts Limited |
Metwire Belts Limited (Registered number: 01238875) |
Contents of the Financial Statements |
For The Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Metwire Belts Limited |
Company Information |
For The Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Montague Place |
Quayside |
Chatham Maritime |
Chatham |
ME4 4QU |
Metwire Belts Limited (Registered number: 01238875) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements |
For The Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Metwire Belts Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Metwire Belts Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Wire Belt Company Limited, Castle Road, Eurolink Industrial Estate, Sittingbourne, Kent. ME10 3RF. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make judgements and estimates based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these estimates and judgements have been made are: |
a) Useful economic lives of tangible fixed assets |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives are re-assessed annually. They are amended where necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
b) Stock and work in progress provisions |
It is necessary to consider the recoverability of the cost of stocks and work in progress. When calculating any provision required, management consider the nature and condition of the items as well as assessing the saleability of finished goods and the future usage of raw materials. |
c) Impairment of debtors |
The company make a judgement of the recoverability of trade and other debtors. When assessing any potential impairment, factors such as the ageing profile and historical experience are considered. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the cost incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and office equipment | - |
Tangible fixed assets are stated under the cost model at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it be capable of operating. |
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or there is an indication of a significant change since the last reporting date. |
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised within 'operating profit' in the income statement. |
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 items. |
Cost is calculated using the first in, first out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition. |
Work in progress and finished goods includes the cost of direct materials and labour plus attributable overheads based on normal levels of activity. |
Net realisable value is based on estimated selling price less any further costs expected to be incurred for completion and sale. Any impairment loss is recognised in the income statement. |
Current and deferred tax |
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. |
Foreign currencies |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Exchange differences are taken into account in arriving at the operating result. |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
The apportionment between the finance charge and the reduction of the outstanding liability uses the effective interest method. |
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. |
A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations. |
Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Employee benefits |
When employees have rendered services to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses. |
Impairment |
Assets not valued at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of comprehensive income. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event and it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. The provision is charged to the income statement in the year that the company becomes aware of the obligation taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties. |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value. |
Going concern basis |
The company meets its day to day working capital requirements through its bank facilities. The company's forecasts and projections show that the company should be able to operate within the level of its current facilities. In addition, the parent undertaking, Wire Belt Company Limited, has confirmed that it intends to continue to support the company should the need arise. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. |
Investment in subsidiary undertaking |
Investments in wholly owned subsidiary undertakings are measured at cost less accumulated impairment losses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
Plant and | office |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2022 |
Transfer to ownership | (7,750 | ) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Transfer to ownership | (3,100 | ) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Interest |
in |
subsidiary |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
On 31 October 2016, Metwire Belts Limited acquired 100% of the share capital of Digwoods Limited. This investment is stated at cost, and there has been no impairment in its value. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Davies Woven Wire Limited loan account | 149,037 | 163,334 |
Tax |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Digwoods Limited loan account | 302,105 | 307,613 |
Hire purchase contracts (see note 8) |
Trade creditors |
Corporation tax |
Social security and other |
taxes |
Accrued expenses |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
8. | LEASING AGREEMENTS - continued |
Non-cancellable operating | leases |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Hire purchase contracts | - | 1,871 |
Hire purchase contracts are secured on the asset to which the contract relates. |
10. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 7,187 | 4,913 |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Charge to Statement of Income and Retained Earnings during year |
Balance at 31 December 2022 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 32,000 | 32,000 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption from disclosing related party transactions with its fellow group members provided by paragraph 33.1A of Financial Reporting Standard 102 as it is a wholly owned subsidiary undertaking of Wire Belt Company Limited. |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is Davies Woven Wire Limited. |
The ultimate controlling party is |