Special Metric Materials Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13650650 (England and Wales)

Unaudited Financial Statements

for the period

29 September 2021 to 31 December 2022

for

SPECIAL METRIC MATERIALS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

L Buckley

A Forth

Secretary:

M L Buckley

Registered office:

Unit 12 Shepley Industrial Estate North

Audenshaw

Manchester

M34 5DW

Registered number:

13650650 (England and Wales)

Accountants:

Haines Watts Manchester Limited

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Fixed assets

Tangible assets

5

5,919

Current assets

Stocks

1,228,913

Debtors

6

805,395

Cash at bank and in hand

34,674

2,068,982

Creditors

Amounts falling due within one year

7

2,251,811

Net current liabilities

(182,829

)

Total assets less current liabilities

(176,910

)

Provisions for liabilities

1,480

Net liabilities

(178,390

)

Capital and reserves

Called up share capital

8

1,800

Retained earnings

(180,190

)

Shareholders' funds

(178,390

)

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2022 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2023 and were signed on its behalf by:

L Buckley - Director

1.	Statutory information

Special Metric Materials Ltd 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.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The company made a loss for the period ended 31 December 2022 and at that date, had net liabilities. The company is dependent, in the absence of other funding, on the continued support of two related companies under common control..

On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that might be necessary if the related companies did not provide support.

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.

Office equipment

-

25% straight line

Computer equipment

-

33% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Stocks

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

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 period 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.

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.

4.	Employees and directors

The average number of employees during the period was 4 .

5.	Tangible fixed assets

Office

Computer

equipment

equipment

Totals

£

£

£

Cost

Additions

6,845

1,179

8,024

At 31 December 2022

6,845

1,179

8,024

Depreciation

Charge for period

1,711

394

2,105

At 31 December 2022

1,711

394

2,105

Net book value

At 31 December 2022

5,134

785

5,919

6.

Debtors: amounts falling due within one year

£

Trade debtors

795,663

Other debtors

9,732

805,395

7.

Creditors: amounts falling due within one year

£

Trade creditors

1,863,245

Taxation and social security

27,353

Other creditors

361,213

2,251,811

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

1,600

A Ordinary

£1

1,600

200

B Ordinary

£1

200

1,800

The following shares were issued during the period for cash at par :

630 A Ordinary shares of £1

170 B Ordinary shares of £1

On incorporation of the company the initial share capital was 1,000 Ordinary £1 shares each. These shares were reclassified on 28 September 2022 as 970 Ordinary A £1 shares and 30 Ordinary B £1 shares.

9.	Related party disclosures

At 31 December 2022 the company owed £1,406,269 to Special Piping Materials Ltd and £222,488 to Special Piping Materials Holdings Ltd, companies under common control. During the period the company purchased goods to the value of £1,212,073 from Special Piping Materials Limited.

The company was owed £257,098 by Special Piping Materials Ltd and sold goods to the value of £210,648.