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Registration number: 03467672

Metaldance Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Metaldance Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Metaldance Limited

Company Information

Directors

Mr A Williams

Miss C R Williams

Registered office

Unit 20 Bridgemead Close
Westmead Industrial Estate
Swindon
SN5 7YT

 

Metaldance Limited

(Registration number: 03467672)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

15,000

18,000

Tangible assets

5

59,822

126,568

 

74,822

144,568

Current assets

 

Stocks

6

93,699

85,549

Debtors

7

230,155

326,290

Cash at bank and in hand

 

258,426

277,434

 

582,280

689,273

Creditors: Amounts falling due within one year

8

(422,447)

(459,265)

Net current assets

 

159,833

230,008

Total assets less current liabilities

 

234,655

374,576

Creditors: Amounts falling due after more than one year

8

(87,198)

(165,778)

Net assets

 

147,457

208,798

Capital and reserves

 

Called up share capital

2

2

Retained earnings

147,455

208,796

Shareholders' funds

 

147,457

208,798

 

Metaldance Limited

(Registration number: 03467672)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 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 1 August 2024 and signed on its behalf by:
 

.........................................
Mr A Williams
Director

   
     
 

Metaldance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 20 Bridgemead Close
Westmead Industrial Estate
Swindon
SN5 7YT
England

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.

Prior period errors

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 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.

 

Metaldance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

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 & Machinery

25% reducing balance

Motor Vehicles

25% reducing balance

Office Equipment

25% reducing balance

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 & Licence Fee

10 years straight line

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.

 

Metaldance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

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.

 

Metaldance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 13).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

30,000

30,000

At 31 December 2023

30,000

30,000

Amortisation

At 1 January 2023

12,000

12,000

Amortisation charge

3,000

3,000

At 31 December 2023

15,000

15,000

Carrying amount

At 31 December 2023

15,000

15,000

At 31 December 2022

18,000

18,000

 

Metaldance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

55,032

96,280

236,490

387,802

Additions

1,595

2,645

-

4,240

Disposals

-

-

(15,945)

(15,945)

At 31 December 2023

56,627

98,925

220,545

376,097

Depreciation

At 1 January 2023

53,551

92,282

115,401

261,234

Charge for the year

1,548

3,744

64,993

70,285

Eliminated on disposal

-

-

(15,244)

(15,244)

At 31 December 2023

55,099

96,026

165,150

316,275

Carrying amount

At 31 December 2023

1,528

2,899

55,395

59,822

At 31 December 2022

1,481

3,998

121,089

126,568

 

Metaldance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Stocks

2023
£

2022
£

Raw materials and consumables

93,699

85,549

7

Debtors

Current

2023
£

2022
£

Trade debtors

206,903

301,424

Prepayments

23,252

24,866

 

230,155

326,290

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

104,589

99,122

Trade creditors

 

136,624

165,613

Taxation and social security

 

76,354

41,693

Accruals and deferred income

 

30,861

62,424

Other creditors

 

74,019

90,413

 

422,447

459,265

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

87,198

165,778

 

Metaldance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

41,518

83,542

HP and finance lease liabilities

45,680

82,236

87,198

165,778

Current loans and borrowings

2023
£

2022
£

Bank borrowings

42,025

39,069

Directors current account

26,008

26,010

Hire purchase liabilities

36,556

34,043

104,589

99,122

10

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 £20,000 (2022 - £35,700). The financial commitments being the rental of premises occupied by the company.

11

Related party transactions

Summary of transactions with other related parties

AW Hydraulic Services Ltd, Macbeth 12 Ltd, Pirtek (Watford) Ltd, Hydraulic Solutions Ltd and Berkshire Hydraulic Solutions Ltd

The companies listed above were under the common control of Mr A and Mrs A Williams.

 During the year there were outstanding loans from AW Hydraulic Services Ltd.

All sales and purchases made with the other related parties were concluded under normal market conditions.

 

 

Metaldance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

11

Related party transactions (continued)

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

24,000

24,000

At end of period

24,000

24,000

2022

Other related parties
£

Total
£

At start of period

25,000

25,000

Repaid

(1,000)

(1,000)

At end of period

24,000

24,000

Terms of loans from related parties

There are no terms of repayment or interest charged on loans from other related parties. These loans are both repayable on demand.