Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31112022-01-01falsespecialist suppliers of aluminium fabrications, rainwater systems and bespoke architectural metalsfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12379136 2022-01-01 2022-12-31 12379136 2021-01-01 2021-12-31 12379136 2022-12-31 12379136 2021-12-31 12379136 2021-01-01 12379136 c:Director1 2022-01-01 2022-12-31 12379136 d:PlantMachinery 2022-01-01 2022-12-31 12379136 d:PlantMachinery 2022-12-31 12379136 d:PlantMachinery 2021-12-31 12379136 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12379136 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 12379136 d:MotorVehicles 2022-01-01 2022-12-31 12379136 d:MotorVehicles 2022-12-31 12379136 d:MotorVehicles 2021-12-31 12379136 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12379136 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 12379136 d:OfficeEquipment 2022-01-01 2022-12-31 12379136 d:OfficeEquipment 2022-12-31 12379136 d:OfficeEquipment 2021-12-31 12379136 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12379136 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 12379136 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12379136 d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 12379136 d:CurrentFinancialInstruments 2022-12-31 12379136 d:CurrentFinancialInstruments 2021-12-31 12379136 d:Non-currentFinancialInstruments 2022-12-31 12379136 d:Non-currentFinancialInstruments 2021-12-31 12379136 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12379136 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 12379136 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12379136 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 12379136 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 12379136 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 12379136 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 12379136 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 12379136 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 12379136 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-12-31 12379136 d:ShareCapital 2022-12-31 12379136 d:ShareCapital 2021-12-31 12379136 d:RetainedEarningsAccumulatedLosses 2022-12-31 12379136 d:RetainedEarningsAccumulatedLosses 2021-12-31 12379136 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 12379136 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 12379136 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 12379136 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 12379136 c:FRS102 2022-01-01 2022-12-31 12379136 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 12379136 c:FullAccounts 2022-01-01 2022-12-31 12379136 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 12379136 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 12379136 d:HirePurchaseContracts d:WithinOneYear 2021-12-31 12379136 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 12379136 d:HirePurchaseContracts d:BetweenOneFiveYears 2021-12-31 12379136 2 2022-01-01 2022-12-31 12379136 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 12379136 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 12379136









METAL PROFILES LTD








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
METAL PROFILES LTD
REGISTERED NUMBER: 12379136

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
113,985
125,995

Current assets
  

Stocks
 5 
62,279
48,659

Debtors: amounts falling due within one year
 6 
96,630
139,203

Cash at bank and in hand
 7 
19,887
10,901

  
178,796
198,763

Creditors: amounts falling due within one year
 8 
(217,556)
(218,870)

Net current liabilities
  
 
 
(38,760)
 
 
(20,107)

Total assets less current liabilities
  
75,225
105,888

Creditors: amounts falling due after more than one year
 9 
(65,648)
(91,279)

Provisions for liabilities
  

Deferred tax
 12 
-
(4,163)

Net assets
  
9,577
10,446


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
9,477
10,346

  
9,577
10,446


Page 1

 
METAL PROFILES LTD
REGISTERED NUMBER: 12379136
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 November 2023.






Mr C P Maher
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
METAL PROFILES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Metal Profiles Ltd is a private company limited by shares, incorporated in England, United Kingdom.  The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.  The company's principal activity was that of specialist suppliers of aluminium fabrications, rainwater systems and bespoke architectural metals.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
METAL PROFILES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
METAL PROFILES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

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

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
METAL PROFILES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

Page 6

 
METAL PROFILES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
122,220
34,999
4,547
161,766


Additions
3,439
-
2,526
5,965



At 31 December 2022

125,659
34,999
7,073
167,731



Depreciation


At 1 January 2022
34,016
-
1,755
35,771


Charge for the year on owned assets
2,701
-
1,330
4,031


Charge for the year on financed assets
5,194
8,750
-
13,944



At 31 December 2022

41,911
8,750
3,085
53,746



Net book value



At 31 December 2022
83,748
26,249
3,988
113,985



At 31 December 2021
88,204
34,999
2,792
125,995

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2022
2021
£
£



Plant and machinery
72,205
77,399


5.


Stocks

2022
2021
£
£

Finished goods and goods for resale
62,279
48,659


Page 7

 
METAL PROFILES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Debtors

2022
2021
£
£


Trade debtors
50,775
97,013

Other debtors
43,261
36,151

Prepayments and accrued income
2,594
6,039

96,630
139,203



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
19,887
10,901



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
5,556
5,556

Payments received on account
3,157
-

Trade creditors
133,004
114,837

Other taxation and social security
17,310
20,427

Obligations under finance lease and hire purchase contracts
20,075
21,086

Other creditors
35,761
51,333

Accruals and deferred income
2,693
5,631

217,556
218,870


Page 8

 
METAL PROFILES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
35,650
41,206

Net obligations under finance leases and hire purchase contracts
29,998
50,073

65,648
91,279


The bounce back loan is both interest and repayment free for the first twelve months. After such time it is repayable over 9 years at an interest rate of 2.5%


10.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
5,556
5,556

Amounts falling due 1-2 years

Bank loans
5,556
5,556

Amounts falling due 2-5 years

Bank loans
16,667
16,667

Amounts falling due after more than 5 years

Bank loans
13,427
18,983

41,206
46,762



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2022
2021
£
£


Within one year
20,075
21,086

Between 1-5 years
29,998
50,073

50,073
71,159

Page 9

 
METAL PROFILES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Deferred taxation




2022
2021


£

£






At beginning of year
(4,163)
-


Released/(charged) to profit or loss
4,163
(4,163)



At end of year
-
(4,163)

The deferred taxation balance is made up as follows:

2022
2021
£
£


Accelerated capital allowances
-
(22,860)

Tax losses carried forward
-
18,697

-
(4,163)


13.


Transactions with directors

Included within other debtors is a loan to the director totalling £17,092 (2021 - £9,258). Interest on this loan has been charged at the official rate. The loan has been repaid within nine months of the year end. 


14.


Related party transactions


2022
2021
£
£

Amounts owed by a connected company
-
54,650
Amounts owed to a connected company
33,661
78,860

Loans to and from connected companies are interest free and repayable on demand.

 
Page 10