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2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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02145002
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02145002
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02145002
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02145002
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02145002
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02145002
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02145002
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COMPANY REGISTRATION NUMBER:
02145002
Birmingham Metal Co Limited |
|
Filleted Abridged Financial Statements |
|
Birmingham Metal Co Limited |
|
Abridged Financial Statements |
|
Year Ended 31 December 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Birmingham Metal Co Limited |
|
Abridged Statement of Financial Position |
|
31 December 2023
Fixed Assets
Tangible assets |
5 |
|
25,990 |
39,281 |
|
|
|
|
|
Current Assets
Stocks |
213,496 |
|
315,433 |
Debtors |
220,525 |
|
278,776 |
Cash at bank and in hand |
35,796 |
|
45,064 |
|
--------- |
|
--------- |
|
469,817 |
|
639,273 |
|
|
|
|
Creditors: amounts falling due within one year |
844,916 |
|
823,420 |
|
--------- |
|
--------- |
Net Current Liabilities |
|
375,099 |
184,147 |
|
|
--------- |
--------- |
Total Assets Less Current Liabilities |
|
(
349,109) |
(
144,866) |
|
|
--------- |
--------- |
Net Liabilities |
|
(
349,109) |
(
144,866) |
|
|
--------- |
--------- |
|
|
|
|
Capital and Reserves
Called up share capital |
8 |
|
102 |
102 |
Share premium account |
|
124,898 |
124,898 |
Other reserves |
|
98 |
98 |
Profit and loss account |
|
(
474,207) |
(
269,964) |
|
|
--------- |
--------- |
Shareholders Deficit |
|
(
349,109) |
(
144,866) |
|
|
--------- |
--------- |
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Birmingham Metal Co Limited |
|
Abridged Statement of Financial Position (continued) |
|
31 December 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
17 September 2024
, and are signed on behalf of the board by:
Company registration number:
02145002
Birmingham Metal Co Limited |
|
Notes to the Abridged Financial Statements |
|
Year Ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 100 Saltley Road, Birmingham, B7 4TE.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis
. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern The company has made a loss for the year and has net liabilities at the balance sheet date. The directors have carefully considered the position of the company and the challenges facing the business together with the ability to take mitigating action in response to those challenges. The directors have concluded that, with their full financial support, they have a reasonable expectation of having sufficient cash to meet their liabilities as they fall due throughout the period. In reaching this conclusion, however, the directors recognise that it is reliant on inherent uncertainties relating to the company's ability to operate. These include major disruption/disaster within the market and negative financial trends, particularly exchange rates with major markets. The directors are satisfied that the company has adequate resources to continue to operate for the foreseeable future. For this reason, they continue to adopt the going concern basis of accounts preparation in the financial statements.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of income and retained earnings.
Revenue recognition
Turnover represents the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
10%/25% straight line
|
|
Fixtures and fittings |
- |
12.5% straight line
|
|
Equipment |
- |
25% straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses
.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2022:
10
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
518,132 |
|
--------- |
Depreciation |
|
At 1 January 2023 |
478,851 |
Charge for the year |
13,291 |
|
--------- |
At 31 December 2023 |
492,142 |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
25,990 |
|
--------- |
At 31 December 2022 |
39,281 |
|
--------- |
|
|
6.
Investment in subsidiaries
The company is the sole subscriber to its subsidiary company, Birmingham Metal LLC. During the year Birmingham Metal LLC made a loss of £19,335, and it has net liabilities at the balance sheet date of £59,513.
The company has taken advantage of the exemptions under the Companies Act 2006 s398 and s399 not to prepare consolidated financial statements on the grounds of it being a small group.
7.
Securities
There is a first legal charge and an unlimited debenture incorporating a fixed and floating charge over the property and assets of the company in respect of a cross guarantee between
Birmingham Metal Co Limited
and Birmingham Metal Holdings Limited.
8.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
102 |
102 |
102 |
102 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
4,318 |
4,318 |
Later than 1 year and not later than 5 years |
3,664 |
7,982 |
|
------- |
-------- |
|
7,982 |
12,300 |
|
------- |
-------- |
|
|
|
10.
Summary audit opinion
The auditor's report dated
17 September 2024
was
unqualified
, however, the auditor drew attention to the following by way of emphasis.
The company has made a loss in the financial year and has net liabilities at the balance sheet date. We draw attention to the going concern accounting policy and basis of preparation of the financial statements, which sets out the directors' basis for adopting the going concern basis in the preparation of the financial statements.
The senior statutory auditor was
David Waining FCA
, for and on behalf of
MCABA Limited t/a Mitchells
.
11.
Directors' advances, credits and guarantees
Birmingham Metal Trading Birmingham Metal Trading is a personal business of
Terence Roberts
, a director and shareholder in Birmingham Metal Co Limited
. During the year the sole trader business made sales to the company of £363,819 (2022: £76,558). There is an inter-company trading balance between the two entities, and at the year end Birmingham Metal Co Limited
owed £114,297 to (2022: was owed £57,686 by) Birmingham Metal Trading, which is included within other creditors/debtors respectively.
12.
Related party transactions
Birmingham Metal LLC Birmingham Metal LLC is a company incorporated in the USA. The company operates in Carson City, Nevada. Terence Roberts is a shareholder and director of Birmingham Metal Co Limited, which is the sole subscriber in Birmingham Metal LLC. There is an outstanding amount due to the company of £33,437 (2022: £32,659) at the year end in relation to office costs that were paid on behalf of Birmingham Metal LLC. Birmingham Metal Holdings Limited Terence Roberts is a director and shareholder in Birmingham Metal Holdings Limited. During the year rent was paid to Birmingham Metal Holdings Limited of £35,000 (2022: £32,083). There is an outstanding amount owed to Birmingham Metal Holdings Limited of £534,016 (2022: £473,016) at the year end in relation to an inter-company loan account. All trade related transactions between Birmingham Metal Co Limited, Birmingham Metal Holdings Limited and Birmingham Metal LLC were conducted under normal market conditions. Other There is a loan outstanding at the year end of £15,000 (2022: £15,000) due to a close family member of a director of the company. This amount is unsecured, interest free and repayable on demand.