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REGISTERED NUMBER: 06462160 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

The Metal Works Limited

The Metal Works Limited (Registered number: 06462160)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Metal Works Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S M Quirk
S G Lynch





REGISTERED OFFICE: Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW





REGISTERED NUMBER: 06462160 (England and Wales)





ACCOUNTANTS: torr waterfield
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

The Metal Works Limited (Registered number: 06462160)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 460,446 516,338

CURRENT ASSETS
Stocks 107,798 96,160
Debtors 5 694,409 701,712
Cash at bank 195,174 193,873
997,381 991,745
CREDITORS
Amounts falling due within one year 6 (451,630 ) (388,686 )
NET CURRENT ASSETS 545,751 603,059
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,006,197

1,119,397

CREDITORS
Amounts falling due after more than one
year

7

(120,220

)

(222,315

)

PROVISIONS FOR LIABILITIES (103,876 ) (119,110 )
NET ASSETS 782,101 777,972

CAPITAL AND RESERVES
Called up share capital 100 100
Capital redemption reserve 50 50
Retained earnings 781,951 777,822
SHAREHOLDERS' FUNDS 782,101 777,972

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The Metal Works Limited (Registered number: 06462160)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





S M Quirk - Director


The Metal Works Limited (Registered number: 06462160)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

The Metal Works Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% or 25% on reducing balance
Motor vehicles - 20% on reducing balance
Office equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate.

The Metal Works Limited (Registered number: 06462160)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.
Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Government grants
Government grants received in relation to expenditure are credited when the expenditure is incurred to the profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 27 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Office
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 1,133,094 121,080 49,568 1,303,742
Additions 27,407 15,899 1,674 44,980
Disposals (11,738 ) - (8,580 ) (20,318 )
At 31 December 2023 1,148,763 136,979 42,662 1,328,404
DEPRECIATION
At 1 January 2023 722,551 31,159 33,694 787,404
Charge for year 75,960 18,277 5,557 99,794
Eliminated on disposal (10,660 ) - (8,580 ) (19,240 )
At 31 December 2023 787,851 49,436 30,671 867,958
NET BOOK VALUE
At 31 December 2023 360,912 87,543 11,991 460,446
At 31 December 2022 410,543 89,921 15,874 516,338

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 665,995 535,872
Other debtors 28,414 165,840
694,409 701,712

Other debtors include prepayments and accrued income of £26,364 (2022 - £22,914).

The Metal Works Limited (Registered number: 06462160)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 56,868 54,100
Hire purchase contracts 45,228 42,789
Trade creditors 124,746 91,084
Taxation and social security 160,680 165,839
Other creditors 64,108 34,874
451,630 388,686

Other creditors include accruals and deferred income of £19,267 (2022 - £13,758).

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 75,193 132,061
Hire purchase contracts 45,027 90,254
120,220 222,315

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 90,255 133,043

The hire purchase contracts and finance leases are secured on the assets so acquired.

9. OTHER FINANCIAL COMMITMENTS

The amount of financial commitments, guarantees and contingencies that are not included in the balance sheet is £379,518 (2022: £499,452).

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
S M Quirk
Balance outstanding at start of year 135,244 154,815
Amounts advanced 10,080 143,726
Amounts repaid (145,324 ) (163,297 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 135,244

The Metal Works Limited (Registered number: 06462160)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

S G Lynch
Balance outstanding at start of year 6,282 9,728
Amounts advanced 14,700 13,282
Amounts repaid (20,982 ) (16,728 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 6,282

The loans were interest free and repayable on demand.