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Registration number: 11568765

Metcraft Group Ltd

Unaudited Financial Statements

for the Period from 1 October 2022 to 31 March 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Metcraft Group Ltd

Statement of Financial Position as at 31 March 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

4

1,033,481

207,279

Current assets

 

Stocks

5

154,245

151,243

Debtors

6

1,490,929

1,130,506

Cash at bank and in hand

 

220,826

789,842

 

1,866,000

2,071,591

Creditors: Amounts falling due within one year

7

(1,057,819)

(675,794)

Net current assets

 

808,181

1,395,797

Total assets less current liabilities

 

1,841,662

1,603,076

Creditors: Amounts falling due after more than one year

7

(22,869)

(26,667)

Provisions for liabilities

(258,370)

(51,820)

Net assets

 

1,560,423

1,524,589

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,560,323

1,524,489

Shareholders' funds

 

1,560,423

1,524,589

For the financial period ending 31 March 2024 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 period 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Metcraft Group Ltd

Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

.........................................

Mr R China

Director

Company registration number: 11568765

 

Metcraft Group Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

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:
4 Old Mill Lane
Aylesford
Maidstone
Kent
ME20 7DT

The principal activity of the company is that of the manufacture of metal tanks, reservoirs and containers.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.


Long period of account

The financial statements relate to the 18 month period from 1 October 2022 to 31 March 2024. The comparatives relate to the year ended 30 September 2022.

Going concern

The company made a profit for the period ended 31 March 2024 and had net assets at 31 March 2024 amounting to £1,560,423 including cash at bank of £220,826.

The company has continued to trade profitably subsequent to 31 March 2024.

Having made sufficient enquires, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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 from the manufacture of tanks, reservoirs and containers based upon the contractual stage of completion of the manufacturing process once the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity.

 

Metcraft Group Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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 statement of financial position 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 and machinery

20% and 25% straight line

Furniture, fittings and equipment

25% straight line

Motor vehicles

25% straight line

Leasehold improvements

7 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.

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.

 

Metcraft Group Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

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 income statement 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.

Finance leases and hire purchase

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 Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Metcraft Group Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024


Research and development

Research and development expenditure is written off to the statement of income and retained earnings as incurred.

3

Staff numbers

The average number of persons employed by the company during the period, was 30 (2022 - 31).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

54,446

38,519

285,960

378,925

Additions

100,016

110,677

778,652

989,345

Disposals

-

-

(13,000)

(13,000)

At 31 March 2024

154,462

149,196

1,051,612

1,355,270

Depreciation

At 1 October 2022

32,055

3,075

136,516

171,646

Charge for the period

24,881

25,756

108,732

159,369

Eliminated on disposal

-

-

(9,226)

(9,226)

At 31 March 2024

56,936

28,831

236,022

321,789

Carrying amount

At 31 March 2024

97,526

120,365

815,590

1,033,481

At 30 September 2022

22,391

35,444

149,444

207,279

5

Stocks

2024
£

2022
£

Raw materials and consumables

154,245

151,243

6

Debtors

2024
£

2022
£

Trade debtors

1,396,887

1,116,296

Amounts owed by group undertakings

650

-

Other debtors

93,392

14,210

1,490,929

1,130,506

 

Metcraft Group Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2022
£

Loans and borrowings

8

16,720

10,000

Trade creditors

 

531,607

415,502

Amounts owed to group undertakings

624

17,597

Taxation and social security

 

451,287

197,832

Accruals and deferred income

 

48,484

25,944

Other creditors

 

9,097

8,919

 

1,057,819

675,794

Creditors: amounts falling due after more than one year

Note

2024
£

2022
£

Loans and borrowings

8

22,869

26,667

8

Loans and borrowings

2024
£

2022
£

Current loans and borrowings

Bank loans

10,045

10,000

Hire purchase obligations

6,675

-

16,720

10,000

2024
£

2022
£

Non-current loans and borrowings

Bank loans

12,500

26,667

Hire purchase obligations

10,369

-

22,869

26,667

Obligations under hire purchase contracts were secured on the assets involved.

9

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the statement of financial position is £1,071,666 (2022: £184,750).