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REGISTERED NUMBER: 01140058 (England and Wales)














METAL CRAFT INDUSTRIES UK LTD

Unaudited Financial Statements

for the Year Ended 28 February 2023






METAL CRAFT INDUSTRIES UK LTD (REGISTERED NUMBER: 01140058)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


METAL CRAFT INDUSTRIES UK LTD

Company Information
for the Year Ended 28 February 2023







Directors: Mr R P Larkin
Mrs J Larkin





Registered office: Allen House
17-21 Paterson Road
Finedon Road Industrial Estate
Wellingborough
NN8 4BZ





Registered number: 01140058 (England and Wales)





Accountants: Cobley Desborough
Chartered Certified Accountants
Chartered Tax Advisers
Artisans' House
7 Queensbridge
Northampton
Northamptonshire
NN4 7BF

METAL CRAFT INDUSTRIES UK LTD (REGISTERED NUMBER: 01140058)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,760,525 729,018

CURRENT ASSETS
Stocks 316,834 306,138
Debtors 5 363,356 218,897
Cash at bank and in hand 31,775 100,705
711,965 625,740
CREDITORS
Amounts falling due within one year 6 283,053 184,052
NET CURRENT ASSETS 428,912 441,688
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,189,437

1,170,706

PROVISIONS FOR LIABILITIES 143,196 10,718
NET ASSETS 2,046,241 1,159,988

CAPITAL AND RESERVES
Called up share capital 952 952
Share premium 902 902
Revaluation reserve 7 964,856 -
Retained earnings 1,079,531 1,158,134
2,046,241 1,159,988

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

METAL CRAFT INDUSTRIES UK LTD (REGISTERED NUMBER: 01140058)

Balance Sheet - continued
28 February 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





Mr R P Larkin - Director


METAL CRAFT INDUSTRIES UK LTD (REGISTERED NUMBER: 01140058)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. STATUTORY INFORMATION

Metal Craft Industries Uk 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. 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 as modified by the revaluation of certain assets.

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.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 15% 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 Income Statement, 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 CRAFT INDUSTRIES UK LTD (REGISTERED NUMBER: 01140058)

Notes to the Financial Statements - continued
for the Year Ended 28 February 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
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.

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 profit and loss account.

Going concern
The current economic conditions present increased risks for all businesses. In response to such conditions, the director has carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least twelve months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on this assessment, the director considers that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations of external liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the director considers that the Company is not exposed to losses of these assets which would affect their decision to adopt the going concern basis.

The director is therefore satisfied and has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Theses financial statements have therefore been prepared on a going concern basis.

METAL CRAFT INDUSTRIES UK LTD (REGISTERED NUMBER: 01140058)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost or valuation
At 1 March 2022 505,626 1,648,493 2,154,119
Revaluations 894,374 - 894,374
At 28 February 2023 1,400,000 1,648,493 3,048,493
Depreciation
At 1 March 2022 202,759 1,222,342 1,425,101
Charge for year 7,888 65,626 73,514
Revaluation adjustments (210,647 ) - (210,647 )
At 28 February 2023 - 1,287,968 1,287,968
Net book value
At 28 February 2023 1,400,000 360,525 1,760,525
At 28 February 2022 302,867 426,151 729,018

Cost or valuation at 28 February 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 894,374 - 894,374
Cost 505,626 1,648,493 2,154,119
1,400,000 1,648,493 3,048,493

METAL CRAFT INDUSTRIES UK LTD (REGISTERED NUMBER: 01140058)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


4. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 505,626 -
Aggregate depreciation 202,759 -

Freehold land and buildings were valued on an open market basis on 25 July 2023 by Harwoods .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 331,316 188,772
Other debtors 32,040 30,125
363,356 218,897

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 81,631 64,614
Taxation and social security 49,710 36,779
Other creditors 151,712 82,659
283,053 184,052

7. RESERVES
Revaluation
reserve
£   
Property revaluation 1,105,021
Transfer (140,165 )

At 28 February 2023 964,856