Metal Fabrication Supplies Limited - Accounts to registrar (filleted) - small 23.2

REGISTERED NUMBER: 05642561 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

METAL FABRICATION SUPPLIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N E Mole

N P Rooney

M J Bradshaw

SECRETARY:

M J Bradshaw

REGISTERED OFFICE:

Sidney Robinson Business Park

Ascot Drive

Derby

DE24 8EH

REGISTERED NUMBER:

05642561 (England and Wales)

AUDITORS:

Magma Audit LLP

Chartered Accountants

Statutory Auditor

Unit 2, Charnwood Edge Business Park

Syston Road

Leicestershire

LE7 4UZ

FIXED ASSETS

Tangible assets

4

7,687

6,690

CURRENT ASSETS

Debtors

5

1,309,170

1,099,229

CREDITORS

Amounts falling due within one year

6

(66,634

)

(58,167

)

NET CURRENT ASSETS

1,242,536

1,041,062

TOTAL ASSETS LESS CURRENT LIABILITIES

1,250,223

1,047,752

PROVISIONS FOR LIABILITIES

(1,900

)

(1,675

)

NET ASSETS

1,248,323

1,046,077

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,247,323

1,045,077

1,248,323

1,046,077

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 Board of Directors and authorised for issue on 21 September 2023 and were signed on its behalf by:

M J Bradshaw - Director

1.	STATUTORY INFORMATION

Metal Fabrication Supplies 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, valued added tax and other sales taxes.

Revenue is recognised in the period in which the goods are dispatched.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Plant and machinery

15% and 33% straight line

Fixtures, fittings and equipment

15%-20% reducing balance

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

(i) Financial assets

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.

(ii) Financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2022

34,021

8,853

42,874

Additions

2,849

680

3,529

At 31 December 2022

36,870

9,533

46,403

DEPRECIATION

At 1 January 2022

30,375

5,809

36,184

Charge for year

1,166

1,366

2,532

At 31 December 2022

31,541

7,175

38,716

NET BOOK VALUE

At 31 December 2022

5,329

2,358

7,687

At 31 December 2021

3,646

3,044

6,690

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

848,248

697,160

Amounts owed by group undertakings

460,922

402,069

1,309,170

1,099,229

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Tax

57,000

50,201

Social security and other taxes

7,402

7,298

Other creditors

2,232

668

66,634

58,167

7.	LEASING AGREEMENTS

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

2022

2021

£

£

Within one year

26,504

26,624

Between one and five years

39,886

26,868

66,390

53,492

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Orton FCA FCCA (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

9.	RELATED PARTY DISCLOSURES

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102, section 1AC.35.

10.	ULTIMATE CONTROLLING PARTY

The directors consider that the ultimate parent undertaking is Project Greenline Limited, a Company registered in England and Wales. The registered office is Sidney Robinson Business Park, Ascot Drive, Derby, DE24 8EH.

The parent company preparing consolidated accounts for the smallest group of which the Company is a member is D.I.P.T. Limited. Group accounts can be obtained from Sidney Robinson Business Park, Ascot Drive, Derby, DE24 8EH.