2023-04-012024-03-312024-03-31false06875919M J Metal Finishers 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M J Metal Finishers Limited

Registered Number
06875919
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

M J Metal Finishers Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

M J Gallagher
F T Headen-Morris

Registered Address

C/O Seftons
135 - 143 Union Street
Oldham
OL1 1TE

Registered Number

06875919 (England and Wales)
M J Metal Finishers Limited
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets310,78923,323
10,78923,323
Current assets
Stocks47,5007,500
Debtors5475,296338,458
Cash at bank and on hand65,01513,765
547,811359,723
Creditors amounts falling due within one year6(324,104)(149,996)
Net current assets (liabilities)223,707209,727
Total assets less current liabilities234,496233,050
Creditors amounts falling due after one year7(24,377)(33,287)
Net assets210,119199,763
Capital and reserves
Called up share capital100100
Profit and loss account210,019199,663
Shareholders' funds210,119199,763
The financial statements were approved and authorised for issue by the Board of Directors on 8 August 2024, and are signed on its behalf by:
F T Headen-Morris
Director
Registered Company No. 06875919
M J Metal Finishers Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery2525
Vehicles2525
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year1415
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 April 2332,41517,75050,165
Disposals(9,977)-(9,977)
At 31 March 2422,43817,75040,188
Depreciation and impairment
At 01 April 2319,8856,95726,842
Charge for year8982,6983,596
On disposals(1,039)-(1,039)
At 31 March 2419,7449,65529,399
Net book value
At 31 March 242,6948,09510,789
At 31 March 2312,53010,79323,323
4.Stocks

2024

2023

££
Finished goods7,5007,500
Total7,5007,500
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables224,228111,136
Other debtors247,369223,653
Prepayments and accrued income3,6993,669
Total475,296338,458
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables25,29321,327
Bank borrowings and overdrafts8,5008,500
Taxation and social security186,64286,182
Other creditors96,23524,663
Accrued liabilities and deferred income7,4349,324
Total324,104149,996
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts24,37733,287
Total24,37733,287
8.Related party transactions
At the balance sheet date the company was owed £246,889 (2023 - £221,553) by companies in which the directors have a controlling interest. At the balance sheet date the company owed £54,428 (2023 - £22,915) to companies in which one of the directors holds a controlling interest.