Company registration number 04022491 (England and Wales)
Cromar Metal Products Limited
Unaudited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Cromar Metal Products Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Cromar Metal Products Limited
Statement of financial position
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
123,407
99,799
Current assets
Stocks
18,550
17,210
Debtors
4
206,328
249,899
Cash at bank and in hand
322,878
425,798
547,756
692,907
Creditors: amounts falling due within one year
5
(313,931)
(244,205)
Net current assets
233,825
448,702
Total assets less current liabilities
357,232
548,501
Provisions for liabilities
(18,277)
(13,360)
Net assets
338,955
535,141
Capital and reserves
Called up share capital
6
400
400
Profit and loss reserves
338,555
534,741
Total equity
338,955
535,141
Cromar Metal Products Limited
Statement of financial position (continued)
as at 31 December 2023
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 February 2024 and are signed on its behalf by:
B T Crowther
Director
Company Registration No. 04022491
Cromar Metal Products Limited
Notes to the financial statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised upon provision of goods and services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Cromar Metal Products Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2022 - 12).
2023
2022
Number
Number
Total
12
12
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
242,731
21,768
108,081
372,580
Additions
5,175
41,055
46,230
At 31 December 2023
247,906
21,768
149,136
418,810
Depreciation and impairment
At 1 January 2023
192,944
19,711
60,126
272,781
Depreciation charged in the year
7,533
536
14,553
22,622
At 31 December 2023
200,477
20,247
74,679
295,403
Carrying amount
At 31 December 2023
47,429
1,521
74,457
123,407
At 31 December 2022
49,787
2,057
47,955
99,799
Cromar Metal Products Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
198,309
229,725
Other debtors
32
Prepayments and accrued income
7,987
20,174
206,328
249,899
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
50,444
56,022
Amounts due to group undertakings
86,442
57,153
Corporation tax
78,828
55,076
Other taxation and social security
40,233
40,267
Other creditors
53,600
29,443
Accruals and deferred income
4,384
6,244
313,931
244,205
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Non-voting A Ordinary shares of £1 each
100
100
100
100
Non-voting B Ordinary shares of £1 each
100
100
100
100
Non-voting C Ordinary shares of £1 each
100
100
100
100
400
400
400
400
7
Parent company
The parent company of Cromar Metal Products Limited is Cromar Holdings Limited and its registered office is Unit 3, Hill View Trading Estate. Guards Road, Colstream, Berwickshire, TD12 4EE.
8
Company information
Cromar Metal Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 Hill View Trading Estate, Guards Road, Coldstream, Berwickshire, TD12 4EE.