Registered number
03450576
Metallon (Derby) Limited
Filleted Accounts
30 November 2023
Metallon (Derby) Limited
Registered number: 03450576
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets - -
Tangible assets 4 426,413 458,182
Investments - -
426,413 458,182
Current assets
Stocks 97,922 123,404
Debtors 5 842,608 879,839
Investments held as current assets - -
Cash at bank and in hand 77,785 99,148
1,018,315 1,102,391
Creditors: amounts falling due within one year 6 (698,924) (836,868)
Net current assets 319,391 265,523
Total assets less current liabilities 745,804 723,705
Creditors: amounts falling due after more than one year 7 (157,435) (225,365)
Provisions for liabilities 9 (105,552) (86,089)
Net assets 482,817 412,251
Capital and reserves
Called up share capital 10 100 100
Share premium - -
Profit and loss account 11 482,717 412,151
Shareholders' funds 482,817 412,251
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
William C Legg
Director
Approved by the board on 23 August 2024
Metallon (Derby) Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
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).
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% on cost
Fixtures, fittings, tools and equipment 15% on reducing balance
Motor vehicles 25% on reducing balance
Computer equipment 33% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to the profit and loss account in the period in which they relate
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 18
3 Taxation
Analysis of the tax charge
The tax charge on the profit on ordinary activities for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 60,998 37,040
Deferred Tax 19,472 25,526
Tax on profit on ordinary activities 80,470 62,566
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 - 427,904 511,949 939,853
Additions - 39,915 26,617 66,532
Surplus on revaluation - - - -
Disposals - - (17,945) (17,945)
At 30 November 2023 - 467,819 520,621 988,440
Depreciation
At 1 December 2022 - 289,890 191,781 481,671
Charge for the year - 17,551 77,651 95,202
Surplus on revaluation - - - -
On disposals - - (14,846) (14,846)
At 30 November 2023 - 307,441 254,586 562,027
Net book value
At 30 November 2023 - 160,378 266,035 426,413
At 30 November 2022 - 138,014 320,168 458,182
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