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COMPANY REGISTRATION NUMBER: 04399565
Metmachex Engineering Limited
Filleted Unaudited Abridged Financial Statements
30 April 2022
Metmachex Engineering Limited
Abridged Financial Statements
Year Ended 30 April 2022
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 6
Metmachex Engineering Limited
Abridged Statement of Financial Position
30 April 2022
2022
2021
Note
£
£
£
Fixed Assets
Tangible assets
5
70,433
92,781
Current Assets
Stocks
35,000
20,000
Debtors
126,644
82,727
Cash at bank and in hand
206,922
89,394
---------
---------
368,566
192,121
Creditors: amounts falling due within one year
106,098
54,512
---------
---------
Net Current Assets
262,468
137,609
---------
---------
Total Assets Less Current Liabilities
332,901
230,390
Creditors: amounts falling due after more than one year
6
32,813
40,000
Provisions
Taxation including deferred tax
12,212
---------
---------
Net Assets
287,876
190,390
---------
---------
Metmachex Engineering Limited
Abridged Statement of Financial Position (continued)
30 April 2022
2022
2021
Note
£
£
£
Capital and Reserves
Called up share capital
7
1,000
1,000
Profit and loss account
286,876
189,390
---------
---------
Shareholders Funds
287,876
190,390
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 1 September 2022 , and are signed on behalf of the board by:
Mr W Ryde
Director
Company registration number: 04399565
Metmachex Engineering Limited
Notes to the Abridged Financial Statements
Year Ended 30 April 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 93-97 Saltergate, Chesterfield, Derbyshire, S40 1LA. The company's place of business is Unit 9, Monk Road Industrial Estate, Alfreton, Derbyshire, DE55 7RL.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, except for the modification to a fair value basis for certain fixed assets as specified in the accounting policies below. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover in the profit and loss account represents amounts earned during the year, exclusive of VAT.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset.
Plant and machinery
-
25% reducing balance
Office equipment
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fixtures
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 profit and loss account in other administrative expenses .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2021: 8 ).
5. Tangible assets
£
Cost
At 1 May 2021
438,651
Additions
868
---------
At 30 April 2022
439,519
---------
Depreciation
At 1 May 2021
345,870
Charge for the year
23,216
---------
At 30 April 2022
369,086
---------
Carrying amount
At 30 April 2022
70,433
---------
At 30 April 2021
92,781
---------
6. Creditors: amounts falling due after more than one year
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £10,000) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
7. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary A shares of £ 1 each
380
380
380
380
Ordinary B shares of £ 1 each
380
380
380
380
Ordinary C shares of £ 1 each
240
240
240
240
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
8. Directors' advances, credits and guarantees
There are no directors advances, credits or guarantees requiring disclosure.