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Registered number: 06976666
Metals Direct Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06976666
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 22,278 24,207
22,278 24,207
CURRENT ASSETS
Stocks 5 195,707 197,234
Debtors 6 232,413 267,851
Cash at bank and in hand 18 16
428,138 465,101
Creditors: Amounts Falling Due Within One Year 7 (238,269 ) (308,584 )
NET CURRENT ASSETS (LIABILITIES) 189,869 156,517
TOTAL ASSETS LESS CURRENT LIABILITIES 212,147 180,724
Creditors: Amounts Falling Due After More Than One Year 8 (114,811 ) (126,569 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,570 ) (4,599 )
NET ASSETS 91,766 49,556
CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Profit and Loss Account 90,766 48,556
SHAREHOLDERS' FUNDS 91,766 49,556
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr L Gent
Director
25 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Metals Direct Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06976666 . The registered office is Anchors Rest, 21 Kennedy Avenue, Gorleston, Great Yarmouth, Norfolk, NR31 6TB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% on cost
Leasehold 15% on cost
Plant & Machinery 20% on cost
Motor Vehicles 20% on cost
Fixtures & Fittings 15% on cost
Computer Equipment 25% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 9)
10 9
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 January 2023 4,300 27,733 4,817 18,110
Additions - 8,747 - -
As at 31 December 2023 4,300 36,480 4,817 18,110
Depreciation
As at 1 January 2023 4,300 12,870 3,693 14,025
Provided during the period - 5,362 963 3,255
As at 31 December 2023 4,300 18,232 4,656 17,280
Net Book Value
As at 31 December 2023 - 18,248 161 830
As at 1 January 2023 - 14,863 1,124 4,085
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 8,230 25,395 88,585
Additions - 1,841 10,588
As at 31 December 2023 8,230 27,236 99,173
...CONTINUED
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Page 5
Depreciation
As at 1 January 2023 7,350 22,140 64,378
Provided during the period 542 2,395 12,517
As at 31 December 2023 7,892 24,535 76,895
Net Book Value
As at 31 December 2023 338 2,701 22,278
As at 1 January 2023 880 3,255 24,207
5. Stocks
2023 2022
£ £
Stock 195,707 197,234
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 230,619 265,865
Other debtors 1,794 1,986
232,413 267,851
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 1,618 3,670
Trade creditors 79,756 137,084
Bank loans and overdrafts 16,093 44,062
Other creditors 62,634 66,285
Taxation and social security 78,168 57,483
238,269 308,584
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 1,618
Bank loans 14,811 24,951
Other creditors 100,000 100,000
114,811 126,569
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9. Secured Creditors
Of the creditors falling due within one year the following amounts are secured. 
The bank overdraft is secured by a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.
The hire purchase liability is secured on the motor vehicles and the plant and machinery.
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 1,618 5,288
Bank loans and overdrafts 5,953 34,172
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,618 3,670
Later than one year and not later than five years - 1,618
1,618 5,288
1,618 5,288
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
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