Metals Technology (Testing) Limited 02159849 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is metallurgical testing. Digita Accounts Production Advanced 6.30.9574.0 true true 02159849 2022-10-01 2023-09-30 02159849 2023-09-30 02159849 bus:OrdinaryShareClass1 2023-09-30 02159849 bus:OrdinaryShareClass2 2023-09-30 02159849 core:CurrentFinancialInstruments 2023-09-30 02159849 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 02159849 core:FurnitureFittings 2023-09-30 02159849 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 02159849 core:MotorVehicles 2023-09-30 02159849 core:PlantMachinery 2023-09-30 02159849 bus:SmallEntities 2022-10-01 2023-09-30 02159849 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 02159849 bus:FullAccounts 2022-10-01 2023-09-30 02159849 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 02159849 bus:RegisteredOffice 2022-10-01 2023-09-30 02159849 bus:Director1 2022-10-01 2023-09-30 02159849 bus:Director3 2022-10-01 2023-09-30 02159849 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 02159849 bus:OrdinaryShareClass2 2022-10-01 2023-09-30 02159849 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 02159849 core:FurnitureFittings 2022-10-01 2023-09-30 02159849 core:LandBuildings 2022-10-01 2023-09-30 02159849 core:LandBuildings core:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02159849 core:MotorCars 2022-10-01 2023-09-30 02159849 core:MotorVehicles 2022-10-01 2023-09-30 02159849 core:OfficeEquipment 2022-10-01 2023-09-30 02159849 core:PlantMachinery 2022-10-01 2023-09-30 02159849 countries:AllCountries 2022-10-01 2023-09-30 02159849 2022-09-30 02159849 core:FurnitureFittings 2022-09-30 02159849 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-30 02159849 core:MotorVehicles 2022-09-30 02159849 core:PlantMachinery 2022-09-30 02159849 2021-10-01 2022-09-30 02159849 2022-09-30 02159849 bus:OrdinaryShareClass1 2022-09-30 02159849 bus:OrdinaryShareClass2 2022-09-30 02159849 core:CurrentFinancialInstruments 2022-09-30 02159849 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 02159849 core:FurnitureFittings 2022-09-30 02159849 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-30 02159849 core:MotorVehicles 2022-09-30 02159849 core:PlantMachinery 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02159849

Metals Technology (Testing) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Metals Technology (Testing) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Metals Technology (Testing) Limited

Company Information

Directors

Mr Gary Richard Tinker

Mrs Wendy Anne Tinker

Registered office

40 Longford Road
Bradway
Sheffield
South Yorkshire
S17 4LQ

Accountants

Thorntons Accountants Limited
Chartered Certified Accountants
213 Derbyshire Lane
Norton Lees
Sheffield
South Yorkshire
S8 8SA

 

Metals Technology (Testing) Limited

(Registration number: 02159849)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

856,252

913,943

Current assets

 

Debtors

6

167,198

170,910

Cash at bank and in hand

 

1,474,843

1,388,484

 

1,642,041

1,559,394

Creditors: Amounts falling due within one year

7

(122,552)

(105,282)

Net current assets

 

1,519,489

1,454,112

Total assets less current liabilities

 

2,375,741

2,368,055

Provisions for liabilities

(17,515)

(8,173)

Net assets

 

2,358,226

2,359,882

Capital and reserves

 

Called up share capital

8

115

115

Capital redemption reserve

5

5

Retained earnings

2,358,106

2,359,762

Shareholders' funds

 

2,358,226

2,359,882

For the financial year ending 30 September 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 

 

Metals Technology (Testing) Limited

(Registration number: 02159849)
Balance Sheet as at 30 September 2023

.........................................
Mr Gary Richard Tinker
Director

 

Metals Technology (Testing) Limited

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

1

General information

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

The address of its registered office is:
40 Longford Road
Bradway
Sheffield
South Yorkshire
S17 4LQ

The principal place of business is:
6 Finchwell Close
Handsworth
Sheffield
South Yorkshire
S13 9DF
England

These financial statements were authorised for issue by the Board on 8 April 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Metals Technology (Testing) Limited

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

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.

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

Leasehold property

25 years straight line

Laboratory equipment

25% reducing balance

Office equipment

20% reducing balance and 3 years straight line

Motor vehicles

25% reducing balance

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.

 

Metals Technology (Testing) Limited

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

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.

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.

 

Metals Technology (Testing) Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 21).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 October 2022

920,287

57,312

1,095,131

102,331

Additions

-

-

6,537

-

Disposals

-

-

-

(26,408)

At 30 September 2023

920,287

57,312

1,101,668

75,923

Depreciation

At 1 October 2022

192,464

53,271

951,424

63,959

Charge for the year

12,067

1,562

37,292

8,355

Eliminated on disposal

-

-

-

(21,456)

At 30 September 2023

204,531

54,833

988,716

50,858

Carrying amount

At 30 September 2023

715,756

2,479

112,952

25,065

At 30 September 2022

727,823

4,041

143,707

38,372

 

Metals Technology (Testing) Limited

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

Total
£

Cost or valuation

At 1 October 2022

2,175,061

Additions

6,537

Disposals

(26,408)

At 30 September 2023

2,155,190

Depreciation

At 1 October 2022

1,261,118

Charge for the year

59,276

Eliminated on disposal

(21,456)

At 30 September 2023

1,298,938

Carrying amount

At 30 September 2023

856,252

At 30 September 2022

913,943

Included within the net book value of land and buildings above is £715,757 (2022 - £727,823) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

6

Debtors

2023
£

2022
£

Trade debtors

148,738

129,686

Other debtors

9,650

32,144

Prepayments

8,810

9,080

167,198

170,910

 

Metals Technology (Testing) Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

51,964

50,075

Taxation and social security

54,272

40,375

Accruals and deferred income

7,850

7,850

Other creditors

8,466

6,982

122,552

105,282

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £4529, (2018 £4970)

Creditors: amounts falling due after more than one year

2023
£

2022
£

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £9878 (2018 - £nil).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

95

95

95

95

"B" Ordinary of £1 each

20

20

20

20

 

115

115

115

115

9

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £1.00 (2022 - £2.00) per ordinary share

 

-

 

-

Interim dividend of £3.00 (2022 - £4.00) per ordinary share

 

40,000

 

-

   

40,000

 

-

         
 

Metals Technology (Testing) Limited

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

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

19,200

19,200