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Registration number: 03858795

Allmet Fabrications Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Allmet Fabrications Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Allmet Fabrications Limited

Company Information

Directors

PN Wood

S Willis

N W Shelley

S Wood

Registered office

Unit 3, Oldfield Court
Oldfield Business Park
Fenton
Stoke on Trent
Staffordshire
ST4 3ES

 

Allmet Fabrications Limited

(Registration number: 03858795)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

55,743

27,953

Current assets

 

Stocks

6

11,855

13,590

Debtors

7

208,961

254,619

Cash at bank and in hand

 

730,491

546,498

 

951,307

814,707

Creditors: Amounts falling due within one year

8

(228,333)

(344,614)

Net current assets

 

722,974

470,093

Total assets less current liabilities

 

778,717

498,046

Provisions for liabilities

(13,935)

(7,262)

Net assets

 

764,782

490,784

Capital and reserves

 

Called up share capital

9

150,050

150,050

Retained earnings

614,732

340,734

Shareholders' funds

 

764,782

490,784

For the financial year ending 31 October 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.

Approved and authorised by the Board on 12 February 2024 and signed on its behalf by:
 

 

Allmet Fabrications Limited

(Registration number: 03858795)
Balance Sheet as at 31 October 2023

.........................................
PN Wood
Director

.........................................
S Willis
Director

 
     
 

Allmet Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Unit 3, Oldfield Court
Oldfield Business Park
Fenton
Stoke on Trent
Staffordshire
ST4 3ES

These financial statements were authorised for issue by the Board on 12 February 2024.

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.

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.

 

Allmet Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

15% straight line basis

Fixtures and fittings

5% straight line basis

Office equipment

15% straight line basis

Motor vehicles

25% straight line basis

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.

 

Allmet Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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.

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.

 

Allmet Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 10).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

13,817

13,765

 

Allmet Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

51,642

57,282

219,003

327,927

Additions

-

-

41,605

41,605

At 31 October 2023

51,642

57,282

260,608

369,532

Depreciation

At 1 November 2022

35,191

57,281

207,502

299,974

Charge for the year

2,186

-

11,629

13,815

At 31 October 2023

37,377

57,281

219,131

313,789

Carrying amount

At 31 October 2023

14,265

1

41,477

55,743

At 31 October 2022

16,451

1

11,501

27,953

6

Stocks

2023
£

2022
£

Raw materials and consumables

4,660

4,790

Work in progress

7,195

8,800

11,855

13,590

7

Debtors

Current

2023
£

2022
£

Trade debtors

153,253

245,512

Prepayments

9,948

9,107

Other debtors

45,760

-

 

208,961

254,619

8

Creditors

Creditors: amounts falling due within one year

 

Allmet Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2023
£

2022
£

Due within one year

Trade creditors

108,639

72,813

Taxation and social security

112,628

103,691

Accruals and deferred income

5,984

6,300

Other creditors

1,082

161,810

228,333

344,614

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

50

50

50

50

Preference shares of £1 each

150,000

150,000

150,000

150,000

 

150,050

150,050

150,050

150,050