IRIS Accounts Production v23.3.0.418 05560387 Board of Directors Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh055603872022-03-31055603872023-03-31055603872022-04-012023-03-31055603872021-03-31055603872021-04-012022-03-31055603872022-03-3105560387ns10:Originalns15:EnglandWales2022-04-012023-03-3105560387ns14:PoundSterlingns10:Original2022-04-012023-03-3105560387ns10:Originalns10:Director12022-04-012023-03-3105560387ns10:Original2022-04-012023-03-3105560387ns10:Originalns10:Director22022-04-012023-03-3105560387ns10:Original2023-03-3105560387ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3105560387ns10:Originalns10:SmallEntities2022-04-012023-03-3105560387ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3105560387ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3105560387ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3105560387ns10:Originalns10:FullAccounts2022-04-012023-03-3105560387ns10:Originalns10:Director32022-04-012023-03-3105560387ns10:Originalns10:Director42022-04-012023-03-3105560387ns10:Originalns10:Director52022-04-012023-03-3105560387ns10:CompanySecretary1ns10:Original2022-04-012023-03-3105560387ns10:Originalns10:RegisteredOffice2022-04-012023-03-3105560387ns10:Original2022-03-3105560387ns10:Originalns5:CurrentFinancialInstruments2023-03-3105560387ns10:Originalns5:CurrentFinancialInstruments2022-03-3105560387ns10:Originalns5:Non-currentFinancialInstruments2023-03-3105560387ns10:Originalns5:Non-currentFinancialInstruments2022-03-3105560387ns5:ShareCapitalns10:Original2023-03-3105560387ns5:ShareCapitalns10:Original2022-03-3105560387ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3105560387ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3105560387ns10:Originalns5:LandBuildings2022-04-012023-03-3105560387ns10:Originalns5:PlantMachinery2022-04-012023-03-3105560387ns10:Original2021-04-012022-03-3105560387ns10:Originalns5:LandBuildings2022-03-3105560387ns10:Originalns5:PlantMachinery2022-03-3105560387ns10:Original2022-03-3105560387ns10:Originalns5:LandBuildings2023-03-3105560387ns10:Originalns5:PlantMachinery2023-03-3105560387ns10:Originalns5:LandBuildings2022-03-3105560387ns10:Originalns5:PlantMachinery2022-03-3105560387ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3105560387ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3105560387ns5:Securedns10:Original2023-03-3105560387ns5:Securedns10:Original2022-03-3105560387ns10:Original1ns10:Director12022-03-3105560387ns10:Original1ns10:Director12021-03-3105560387ns10:Original1ns10:Director12022-04-012023-03-3105560387ns10:Original1ns10:Director12021-04-012022-03-3105560387ns10:Original1ns10:Director12023-03-3105560387ns10:Original1ns10:Director12022-03-3105560387ns10:Originalns10:Director222022-03-3105560387ns10:Originalns10:Director222021-03-3105560387ns10:Originalns10:Director222022-04-012023-03-3105560387ns10:Originalns10:Director222021-04-012022-03-3105560387ns10:Originalns10:Director222023-03-3105560387ns10:Originalns10:Director222022-03-3105560387ns10:Originalns10:Director332022-03-3105560387ns10:Originalns10:Director332021-03-3105560387ns10:Originalns10:Director332022-04-012023-03-3105560387ns10:Originalns10:Director332021-04-012022-03-3105560387ns10:Originalns10:Director332023-03-3105560387ns10:Originalns10:Director332022-03-31
REGISTERED NUMBER: 05560387 (England and Wales)















Metalfab Engineering Ltd

Unaudited Financial Statements for the Year Ended 31 March 2023






Metalfab Engineering Ltd (Registered number: 05560387)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Metalfab Engineering Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: G Robinson
Mrs C A Robinson
M A Smith
Mrs A Robinson
Mrs A Smith





SECRETARY: Mrs C A Robinson





REGISTERED OFFICE: 5 London Road
Rainham
Gillingham
Kent
ME8 7RG





BUSINESS ADDRESS: Unit 5 & 6 Ballard Court
Off Cooks Lane
Sittingbourne
Kent
ME10 2QF





REGISTERED NUMBER: 05560387 (England and Wales)





ACCOUNTANTS: Aggarwal & Co Limited
Chartered Accountants
5 London Road
Rainham
Gillingham
Kent
ME8 7RG

Metalfab Engineering Ltd (Registered number: 05560387)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,512,050 1,186,805

CURRENT ASSETS
Inventories 10,000 3,000
Debtors 5 609,103 648,469
Cash at bank 914,048 776,959
1,533,151 1,428,428
CREDITORS
Amounts falling due within one year 6 920,201 903,597
NET CURRENT ASSETS 612,950 524,831
TOTAL ASSETS LESS CURRENT LIABILITIES 2,125,000 1,711,636

CREDITORS
Amounts falling due after more than one
year

7

(687,721

)

(621,290

)

PROVISIONS FOR LIABILITIES (58,376 ) (47,670 )
NET ASSETS 1,378,903 1,042,676

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,378,803 1,042,576
SHAREHOLDERS' FUNDS 1,378,903 1,042,676

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Metalfab Engineering Ltd (Registered number: 05560387)

Statement of Financial Position - continued
31 March 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 9 November 2023 and were signed on its behalf by:




G Robinson - Director



M A Smith - Director


Metalfab Engineering Ltd (Registered number: 05560387)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Metalfab Engineering 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

Income recognition
Income represents the fair value of consideration received or receivable derived from the provision of goods and services to customers during the period (excluding value added tax) and is recognised when the company becomes entitled to it, usually on the rendering of an invoice.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - Straight line over 50 years
Plant and machinery etc - 25% on reducing balance

Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.
In respect of work in progress and finished goods, cost includes an appropriate proportion of attributable overheads according to the stage of manufacture/completion.

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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 statement of financial position date.


Metalfab Engineering Ltd (Registered number: 05560387)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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 statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 1,039,379 338,954 1,378,333
Additions 295,810 180,692 476,502
Disposals - (86,445 ) (86,445 )
At 31 March 2023 1,335,189 433,201 1,768,390
DEPRECIATION
At 1 April 2022 64,708 126,820 191,528
Charge for year 28,003 89,906 117,909
Eliminated on disposal - (53,097 ) (53,097 )
At 31 March 2023 92,711 163,629 256,340
NET BOOK VALUE
At 31 March 2023 1,242,478 269,572 1,512,050
At 31 March 2022 974,671 212,134 1,186,805

Metalfab Engineering Ltd (Registered number: 05560387)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 479,336 468,828
Other debtors 129,767 179,641
609,103 648,469

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 36,753 36,295
Finance leases (see note 8) 17,655 11,479
Trade creditors 682,050 609,343
Taxation and social security 146,830 65,518
Other creditors 36,913 180,962
920,201 903,597

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 529,875 562,552
Finance leases (see note 8) 157,846 58,738
687,721 621,290

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 389,128 415,453

8. LEASING AGREEMENTS

The company has total other operating lease commitments at 31 March 2023 of £91,043.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Finance leases 175,501 70,217
Bank loans 533,422 555,955
708,923 626,172

The bank loan is secured by a fixed and floating charge over all the property or undertaking of the company.

The finance leases are secured against the relevant assets.

Metalfab Engineering Ltd (Registered number: 05560387)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
G Robinson
Balance outstanding at start of year 12,681 9,752
Amounts advanced 4,325 12,681
Amounts repaid (12,681 ) (9,752 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,325 12,681

M A Smith
Balance outstanding at start of year 1,433 -
Amounts advanced 2,214 1,433
Amounts repaid (1,433 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,214 1,433

Mrs C A Robinson
Balance outstanding at start of year 32,662 21,664
Amounts advanced 26,319 32,662
Amounts repaid (32,662 ) (21,664 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 26,319 32,662

Interest is charged at the HMRC official rate on loans to directors that exceed the HMRC exempt amount. The loans are repayable on demand.