Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-313253Roofing contractorsThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue92022-04-019false 03286210 2022-04-01 2023-03-31 03286210 2021-04-01 2022-03-31 03286210 2023-03-31 03286210 2022-03-31 03286210 c:Director1 2022-04-01 2023-03-31 03286210 d:Buildings d:ShortLeaseholdAssets 2022-04-01 2023-03-31 03286210 d:Buildings d:ShortLeaseholdAssets 2023-03-31 03286210 d:Buildings d:ShortLeaseholdAssets 2022-03-31 03286210 d:PlantMachinery 2022-04-01 2023-03-31 03286210 d:PlantMachinery 2023-03-31 03286210 d:PlantMachinery 2022-03-31 03286210 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03286210 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 03286210 d:MotorVehicles 2022-04-01 2023-03-31 03286210 d:MotorVehicles 2023-03-31 03286210 d:MotorVehicles 2022-03-31 03286210 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03286210 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 03286210 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03286210 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 03286210 d:Goodwill 2022-04-01 2023-03-31 03286210 d:Goodwill 2023-03-31 03286210 d:Goodwill 2022-03-31 03286210 d:CurrentFinancialInstruments 2023-03-31 03286210 d:CurrentFinancialInstruments 2022-03-31 03286210 d:CurrentFinancialInstruments 1 2023-03-31 03286210 d:CurrentFinancialInstruments 1 2022-03-31 03286210 d:Non-currentFinancialInstruments 2023-03-31 03286210 d:Non-currentFinancialInstruments 2022-03-31 03286210 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03286210 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03286210 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03286210 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 03286210 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 03286210 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 03286210 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 03286210 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 03286210 d:ShareCapital 2023-03-31 03286210 d:ShareCapital 2022-03-31 03286210 d:RetainedEarningsAccumulatedLosses 2023-03-31 03286210 d:RetainedEarningsAccumulatedLosses 2022-03-31 03286210 c:OrdinaryShareClass1 2022-04-01 2023-03-31 03286210 c:OrdinaryShareClass1 2023-03-31 03286210 c:OrdinaryShareClass1 2022-03-31 03286210 c:OrdinaryShareClass2 2022-04-01 2023-03-31 03286210 c:OrdinaryShareClass2 2023-03-31 03286210 c:OrdinaryShareClass2 2022-03-31 03286210 c:OrdinaryShareClass3 2022-04-01 2023-03-31 03286210 c:OrdinaryShareClass3 2023-03-31 03286210 c:OrdinaryShareClass3 2022-03-31 03286210 c:OrdinaryShareClass4 2022-04-01 2023-03-31 03286210 c:OrdinaryShareClass4 2023-03-31 03286210 c:OrdinaryShareClass5 2022-04-01 2023-03-31 03286210 c:OrdinaryShareClass5 2023-03-31 03286210 c:FRS102 2022-04-01 2023-03-31 03286210 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 03286210 c:FullAccounts 2022-04-01 2023-03-31 03286210 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03286210 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 03286210 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 03286210 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 03286210 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 03286210 2 2022-04-01 2023-03-31 03286210 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03286210 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 03286210 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-03-31 03286210 f:PoundSterling 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03286210









FULL METAL JACKET LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
FULL METAL JACKET LIMITED
REGISTERED NUMBER: 03286210

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
116,457
71,932

Current assets
  

Stocks
 6 
83,194
45,504

Debtors: amounts falling due within one year
 7 
1,112,519
1,126,443

Cash at bank and in hand
 8 
23,722
32,201

  
1,219,435
1,204,148

Creditors: amounts falling due within one year
 9 
(894,945)
(1,057,302)

Net current assets
  
 
 
324,490
 
 
146,846

Total assets less current liabilities
  
440,947
218,778

Creditors: amounts falling due after more than one year
 10 
(32,528)
(84,977)

Provisions for liabilities
  

Deferred tax
 13 
(17,273)
-

Net assets
  
391,146
133,801


Capital and reserves
  

Called up share capital 
 14 
100
100

Profit and loss account
  
391,046
133,701

  
391,146
133,801


Page 1

 
FULL METAL JACKET LIMITED
REGISTERED NUMBER: 03286210
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider 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 directors acknowledge their 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 15 January 2024.






P D Rawlinson
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
FULL METAL JACKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Full Metal Jacket Limited is a private company limited by shares, incorporated in England, United Kingdom. The address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex RM3 8EN. The company's principal place of business is Arnolds Farm Business Centre, 221 Ongar Road, Essex RM4 1RH. The company’s principal activity during the year was that of roofing contractors.

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:

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.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit or loss in the same period as the related expenditure.

 
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.

Page 3

 
FULL METAL JACKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

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.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
FULL METAL JACKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

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, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20 years
Plant and machinery
-
25%
Motor vehicles
-
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.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an average basis.

 
2.12

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.

 
2.13

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.

 
2.14

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

 
FULL METAL JACKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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.

 
2.17

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 9 (2022 - 9).

Page 6

 
FULL METAL JACKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Goodwill

£





At 1 April 2022
27,339


Disposals
(27,339)



At 31 March 2023

-





At 1 April 2022
27,339


On disposals
(27,339)



At 31 March 2023

-



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 7

 
FULL METAL JACKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost


At 1 April 2022
65,045
200,622
67,272
332,939


Additions
-
37,633
35,938
73,571



At 31 March 2023

65,045
238,255
103,210
406,510



Depreciation


At 1 April 2022
14,428
183,934
62,645
261,007


Charge for the year on owned assets
3,253
12,182
3,630
19,065


Charge for the year on financed assets
-
-
9,981
9,981



At 31 March 2023

17,681
196,116
76,256
290,053



Net book value



At 31 March 2023
47,364
42,139
26,954
116,457



At 31 March 2022
50,617
16,688
4,627
71,932




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short-term leasehold property
47,364
50,617


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


2023
2022
£
£



Motor vehicles
16,064
4,627

Page 8

 
FULL METAL JACKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Stocks

2023
2022
£
£

Raw materials and consumables
83,194
45,504



7.


Debtors

2023
2022
£
£


Trade debtors excluding factored debts
792,183
953,307

Factored debts
103,012
89,305

Other debtors
214,158
71,554

Prepayments and accrued income
3,166
12,277

1,112,519
1,126,443









8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
23,722
32,201


Page 9

 
FULL METAL JACKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,953
56,503

Other loans
46,993
43,176

Trade creditors
425,681
378,350

Corporation tax
73,610
24,008

Other taxation and social security
201,180
377,011

Obligations under finance lease and hire purchase contracts
4,486
9,052

Proceeds of factored debts
117,783
102,950

Other creditors
9,049
23,826

Accruals and deferred income
6,210
42,426

894,945
1,057,302


The factor company have in place a fixed and floating charge over all the assets of the company dated 16 March 2015. The bank loan is secured by a personal guarantee from the directors.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
22,434
32,387

Other loans
-
52,590

Net obligations under finance leases and hire purchase contracts
10,094
-

32,528
84,977


Page 10

 
FULL METAL JACKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,953
56,503

Other loans
46,993
43,176

Amounts falling due 1-2 years

Bank loans
10,204
9,953

Other loans
-
52,590

Amounts falling due 2-5 years

Bank loans
12,230
22,435


79,380
184,657



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
4,486
9,953

Between 1-5 years
10,094
-

14,580
9,953

Page 11

 
FULL METAL JACKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Deferred taxation



2023


£






Charged to profit or loss
(17,273)



At end of year
(17,273)

The deferred taxation balance is made up as follows:

2023
£


Accelerated capital allowances
(17,273)


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



55 (2022 - 80) Ordinary shares of £1 each
55
80
10 (2022 - 10) Ordinary A shares of £1 each
10
10
10 (2022 - 10) Ordinary B shares of £1 each
10
10
20 (2022 - 0) Ordinary C shares of £1 each
20
-
5 (2022 - 0) Ordinary D shares of £1 each
5
-

100

100

During the year, 25 Ordinary shares of £1 each were re-designated as 20 Ordinary C shares of £1 each and 5 Ordinary D shares of £1 each. The rights of the Ordinary A, Ordinary B, Ordinary C and Ordinary D shares have been varied to have equal rights to vote, capital on winding up and rank pari passu with Ordinary shares except for independent dividend rights which will be entirely at the discretion of the company.



15.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,704 (2022 - £9,087). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


16.


Transactions with directors

Included in other debtors is a loan to a director totalling £92,270. Interest was charged at 2%.

Page 12

 
FULL METAL JACKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Related party transactions


2023
2022
£
£

Amounts owed to entity under common control in creditors
46,993
95,766
Amounts owed from connected parties
55,120
-
Purchases from connected parties
30,000
-

Interest is charged on loans with related parties at 4% per annum.
 
Page 13