Company registration number 1905643 (England and Wales)
METRO METALS (BURNLEY) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
METRO METALS (BURNLEY) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
METRO METALS (BURNLEY) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,777,185
3,978,684
Current assets
Stocks
1,405,679
1,241,213
Debtors
5
391,689
413,641
Cash at bank and in hand
608,158
418,707
2,405,526
2,073,561
Creditors: amounts falling due within one year
6
(1,178,217)
(917,084)
Net current assets
1,227,309
1,156,477
Total assets less current liabilities
5,004,494
5,135,161
Creditors: amounts falling due after more than one year
7
(208,176)
(442,896)
Provisions for liabilities
(434,497)
(460,919)
Net assets
4,361,821
4,231,346
Capital and reserves
Called up share capital
8
57
57
Revaluation reserve
9
869,716
886,898
Other reserves
50
50
Capital redemption reserve
146,993
146,993
Profit and loss reserves
3,345,005
3,197,348
Total equity
4,361,821
4,231,346
METRO METALS (BURNLEY) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 April 2024
Mr R A E Shekleton
Director
Company Registration No. 1905643
METRO METALS (BURNLEY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Metro Metals (Burnley) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Widow Hill Court, Heasandford Industrial Estate, Burnley, Lancashire, BB10 2TJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The director is not aware of any material uncertainties affecting the company and considers that the company will have sufficient resources to continue trading for the foreseeable future. As a result the director has continued to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% Straight line
Plant and machinery
15% and 20% Reducing balance and 10% straight line
Fixtures, fittings & equipment
20% Straight line
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
METRO METALS (BURNLEY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
METRO METALS (BURNLEY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
15,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
15,000
Carrying amount
At 31 December 2023
At 31 December 2022
METRO METALS (BURNLEY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2023
2,295,448
3,478,805
5,774,253
Additions
30,796
30,796
At 31 December 2023
2,295,448
3,509,601
5,805,049
Depreciation and impairment
At 1 January 2023
219,329
1,576,240
1,795,569
Depreciation charged in the year
42,812
189,483
232,295
At 31 December 2023
262,141
1,765,723
2,027,864
Carrying amount
At 31 December 2023
2,033,307
1,743,878
3,777,185
At 31 December 2022
2,076,119
1,902,565
3,978,684
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
1,063,064
1,302,020
1,063,064
1,302,020
Depreciation charge for the year in respect of leased assets
97,199
129,035
The freehold land and buildings at Widow Hill Court were valued on 6 April 2023 by Brent Forbes Chartered Surveyors, Kingfisher Business Centre, Burnley Road, Rawtenstall on an open market value basis, at £2,000,000.
Included within land and buildings is an additional piece of land stated at its historic cost of £91,846 (net book value - £74,282).
The gross book value of freehold land and buildings includes £155,044 (2022 - £155,044) of non-depreciable assets.
METRO METALS (BURNLEY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Tangible fixed assets
(Continued)
- 7 -
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2023
2022
£
£
Cost
1,529,115
1,529,115
Accumulated depreciation
(365,524)
(339,894)
Carrying value
1,163,591
1,189,221
The revaluation surplus is disclosed in note 9.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
161,182
58,686
Other debtors
169,364
292,377
Prepayments and accrued income
61,143
62,578
391,689
413,641
Other debtors includes an amount of £23,974 (2022 - £1,758) owed to the company by the director in respect of monies which are held on loan account.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
234,719
267,233
Trade creditors
779,524
515,635
Corporation tax
87,106
115,229
Other taxation and social security
62,337
9,195
Accruals and deferred income
14,531
9,792
1,178,217
917,084
Obligations under finance leases are secured by a charge over the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
208,176
442,896
METRO METALS (BURNLEY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
570
570
57
57
9
Revaluation reserve
2023
2022
£
£
At beginning of year
886,898
107,029
Revaluation surplus arising in the year
781,423
Transfer to retained earnings
(17,182)
(1,554)
At end of year
869,716
886,898
10
Related party transactions
Transactions with related parties
During the year the company operated a loan account with Widow Hill Court Developments Limited, a company under common control. At the financial period end the company was owed £145,390 (2022 - £145,390) by Widow Hill Court Developments Limited.
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