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REGISTERED NUMBER: 08851003 (England and Wales)


















METAL & MODULAR FABRICATION
SERVICES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023






METAL & MODULAR FABRICATION
SERVICES LTD (REGISTERED NUMBER: 08851003)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


METAL & MODULAR FABRICATION
SERVICES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTOR: Irene Brown





REGISTERED OFFICE: Sovereign House
15 Towcester Road
Old Stratford
Milton Keynes
MK19 6AN





REGISTERED NUMBER: 08851003 (England and Wales)





ACCOUNTANTS: Thompson Balch Limited
Chartered Accountants
Sovereign House
15 Towcester Road
Old Stratford
Milton Keynes
MK19 6AN

METAL & MODULAR FABRICATION
SERVICES LTD (REGISTERED NUMBER: 08851003)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 40,469 34,561
Tangible assets 5 79,438 111,437
119,907 145,998

CURRENT ASSETS
Stocks 677,500 447,500
Debtors 6 597,611 450,497
Cash at bank and in hand 807 70,321
1,275,918 968,318
CREDITORS
Amounts falling due within one year 7 1,056,806 458,762
NET CURRENT ASSETS 219,112 509,556
TOTAL ASSETS LESS CURRENT
LIABILITIES

339,019

655,554

CREDITORS
Amounts falling due after more than one
year

8

608,055

566,531
NET (LIABILITIES)/ASSETS (269,036 ) 89,023

CAPITAL AND RESERVES
Called up, fully paid share capital 100 100
Retained earnings (269,136 ) 88,923
SHAREHOLDERS' FUNDS (269,036 ) 89,023

METAL & MODULAR FABRICATION
SERVICES LTD (REGISTERED NUMBER: 08851003)

BALANCE SHEET - continued
31 JANUARY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 6 September 2023 and were signed by:





Irene Brown - Director


METAL & MODULAR FABRICATION
SERVICES LTD (REGISTERED NUMBER: 08851003)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Metal & Modular Fabrication Services 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 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.


METAL & MODULAR FABRICATION
SERVICES LTD (REGISTERED NUMBER: 08851003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued
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
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.

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 17 (2022 - 16 ) .

METAL & MODULAR FABRICATION
SERVICES LTD (REGISTERED NUMBER: 08851003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2022 45,016
Additions 11,557
At 31 January 2023 56,573
AMORTISATION
At 1 February 2022 10,455
Charge for year 5,649
At 31 January 2023 16,104
NET BOOK VALUE
At 31 January 2023 40,469
At 31 January 2022 34,561

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2022 164,398 51,654 79,115 23,119 318,286
Additions 10,722 172 - 117 11,011
At 31 January 2023 175,120 51,826 79,115 23,236 329,297
DEPRECIATION
At 1 February 2022 115,980 37,684 35,410 17,775 206,849
Charge for year 24,860 3,538 10,926 3,685 43,009
Reclassification/transfer - - 1 - 1
At 31 January 2023 140,840 41,222 46,337 21,460 249,859
NET BOOK VALUE
At 31 January 2023 34,280 10,604 32,778 1,776 79,438
At 31 January 2022 48,418 13,970 43,705 5,344 111,437

METAL & MODULAR FABRICATION
SERVICES LTD (REGISTERED NUMBER: 08851003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2022 98,281 58,500 156,781
Transfer to ownership (36,898 ) (15,500 ) (52,398 )
At 31 January 2023 61,383 43,000 104,383
DEPRECIATION
At 1 February 2022 69,865 22,266 92,131
Charge for year 17,179 8,752 25,931
Transfer to ownership (29,988 ) (13,431 ) (43,419 )
Reclassification/transfer - 1,226 1,226
At 31 January 2023 57,056 18,813 75,869
NET BOOK VALUE
At 31 January 2023 4,327 24,187 28,514
At 31 January 2022 28,416 36,234 64,650

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 409,127 227,484
Other debtors 2,170 222,569
Directors' loan accounts 2,158 -
Tax 182,723 -
VAT 989 -
Prepayments 444 444
597,611 450,497

METAL & MODULAR FABRICATION
SERVICES LTD (REGISTERED NUMBER: 08851003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 18,204 -
Hire purchase contracts and finance leases (see note 9)
8,155

22,332
Trade creditors 572,684 274,895
Social security and other taxes 48,343 34,420
VAT - 28,476
Other creditors 120,363 95,139
Factoring account 285,557 -
Accruals and deferred income 3,500 3,500
1,056,806 458,762

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 96,666 214,670
Hire purchase contracts and finance leases (see note 9)
25,084

34,044
Other creditors 486,305 317,817
608,055 566,531

Included within Other Creditors is a loan from Panel Fast Limited for an amount of £464,672 (2022: £317,817) which has an agreement in place stating the loan does not have to be repaid within 12 months and will not be charged interest.

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase
contracts
Finance leases
2023 2022 2023 2022
£    £    £    £   
Net obligations repayable:
Within one year 7,167 7,167 988 15,165
Between one and five years 25,084 32,250 - 1,794
32,251 39,417 988 16,959

METAL & MODULAR FABRICATION
SERVICES LTD (REGISTERED NUMBER: 08851003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 116,600 116,600

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts and finance leases 33,239 56,376

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year under review the Directors Loan Accounts was overdrawn by £2,158 (2022: £nil). This amount is repayable upon demand and interest free.