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Registration number: 04739742

Metal Developments Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Metal Developments Limited
(Registration number: 04739742)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Metal Developments Limited
(Registration number: 04739742)

Company Information

Directors

S D C Beard

A R Virgin

D M Steele

S Moore

Registered office

Victor House
Greenham Business Park
Wellington
Somerset
TA21 0LR

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Metal Developments Limited
(Registration number: 04739742)

Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

1,741,425

1,747,477

Investments

6

2,001

2,001

 

1,743,426

1,749,478

Current assets

 

Stocks

7

485,451

434,244

Debtors

8

655,852

787,784

Cash at bank and in hand

 

353,758

458,684

 

1,495,061

1,680,712

Creditors: Amounts falling due within one year

9

(845,916)

(916,280)

Net current assets

 

649,145

764,432

Total assets less current liabilities

 

2,392,571

2,513,910

Creditors: Amounts falling due after more than one year

9

(626,218)

(778,619)

Provisions for liabilities

(154,063)

(149,709)

Net assets

 

1,612,290

1,585,582

Capital and reserves

 

Called up share capital

830

890

Capital redemption reserve

190

130

Profit and loss account

1,611,270

1,584,562

Total equity

 

1,612,290

1,585,582

 

Metal Developments Limited
(Registration number: 04739742)

Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 November 2023 and signed on its behalf by:
 

.........................................
S D C Beard
Director

 

Metal Developments Limited
(Registration number: 04739742)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Victor House
Greenham Business Park
Wellington
Somerset
TA21 0LR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Metal Developments Limited
(Registration number: 04739742)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% or 25% straight line basis

Motor vehicles

25% straight line basis

Leasehold properties

Straight line over the life of the lease

Land and buildings

2% straight line basis - no depreciation is provided on land

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

 

Metal Developments Limited
(Registration number: 04739742)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Metal Developments Limited
(Registration number: 04739742)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Metal Developments Limited
(Registration number: 04739742)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 42 (2022 - 39).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

24,000

24,000

At 30 April 2023

24,000

24,000

Amortisation

At 1 May 2022

24,000

24,000

At 30 April 2023

24,000

24,000

Carrying amount

At 30 April 2023

-

-

 

Metal Developments Limited
(Registration number: 04739742)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 May 2022

1,498,366

176,734

1,218,805

2,893,905

Additions

20,272

-

132,500

152,772

At 30 April 2023

1,518,638

176,734

1,351,305

3,046,677

Depreciation

At 1 May 2022

216,951

132,382

797,095

1,146,428

Charge for the year

28,095

16,023

114,706

158,824

At 30 April 2023

245,046

148,405

911,801

1,305,252

Carrying amount

At 30 April 2023

1,273,592

28,329

439,504

1,741,425

At 30 April 2022

1,281,415

44,352

421,710

1,747,477

Land of £98,000 (2022: £98,000) at cost is not depreciated.

6

Investments

2023
£

2022
£

Investments in subsidiaries

2,001

2,001

Subsidiaries

£

Cost or valuation

At 1 May 2022

62,041

At 30 April 2023

62,041

Provision for impairment

At 1 May 2022

60,040

At 30 April 2023

60,040

Carrying amount

At 30 April 2023

2,001

At 30 April 2022

2,001

 

Metal Developments Limited
(Registration number: 04739742)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Stocks

2023
£

2022
£

Finished goods and goods for resale

485,451

434,244

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

466,380

534,199

Amounts owed by group undertakings and undertakings in which the company has a participating interest

13

57,500

100,000

Other debtors

 

125,431

147,590

Prepayments and accrued income

 

6,541

5,995

Total current trade and other debtors

 

655,852

787,784

 

Metal Developments Limited
(Registration number: 04739742)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

216,319

191,102

Trade creditors

 

442,037

470,330

Taxation and social security

 

132,833

173,178

Other creditors

 

44,284

68,147

Accrued expenses

 

10,443

13,523

 

845,916

916,280

Due after one year

 

Loans and borrowings

10

626,218

778,619

The loans and borrowings are secured on the land and buildings of the company.

The finance lease and hire purchase liabilities are secured on the assets to which they relate.

 

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

98,415

93,039

Hire purchase contracts

117,904

98,063

216,319

191,102

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

491,786

594,609

Finance lease liabilities

134,432

184,010

626,218

778,619

 

Metal Developments Limited
(Registration number: 04739742)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

After more than five years by instalments

223,189

264,311

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £43,860 (2022 - £46,200), of which £16,140 (2022 - £36,960) is payable within one year.

12

Non adjusting events after the financial period

Subsequent to the year end, the company shares were transferred to a new holding company, VIBEST Limited.

 

Metal Developments Limited
(Registration number: 04739742)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

13

Related party transactions

Transactions with directors

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Director 1 - Interest free unsecured loan repayable on demand

40,897

24,448

(30,850)

34,495

Director 3 - Interest free unsecured loan repayable on demand

29,790

18,650

(30,000)

18,440

Director 5 - Interest free unsecured loan repayable on demand

-

1,064

-

1,064

 

70,687

44,162

(60,850)

53,999

       

 

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

Written off
£

At 30 April 2022
£

Director 1 - Interest free unsecured loan repayable on demand

33,222

41,008

(33,333)

-

40,897

Director 3 - Interest free unsecured loan repayable on demand

10,258

50,611

(31,079)

-

29,790

Director 4 - Interest free unsecured loan repayable on demand

2,614

-

-

(2,614)

-

 

46,094

91,619

(64,412)

(2,614)

70,687

       

 

 

Metal Developments Limited
(Registration number: 04739742)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

14

Parent and ultimate parent undertaking

The company's immediate parent is Vibest Limited, incorporated in England and Wales.