Registered number
08412958
Full Blown Metals Limited
Filleted Accounts
30 September 2023
Full Blown Metals Limited
Registered number: 08412958
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 136,296 105,478
Current assets
Stocks 25,000 55,000
Debtors 5 5,500 5,500
Cash at bank and in hand 284,215 193,139
314,715 253,639
Creditors: amounts falling due within one year 6 (76,989) (86,623)
Net current assets 237,726 167,016
Total assets less current liabilities 374,022 272,494
Creditors: amounts falling due after more than one year 7 (29,931) (38,166)
Net assets 344,091 234,328
Capital and reserves
Called up share capital 2 2
Profit and loss account 344,089 234,326
Shareholders' funds 344,091 234,328
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms L McDonnell
Director
Approved by the board on 25 September 2024
Full Blown Metals Limited
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2022 20,000
At 30 September 2023 20,000
Amortisation
At 1 October 2022 20,000
At 30 September 2023 20,000
Net book value
At 30 September 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2022 186,525 4,000 190,525
Additions 41,818 - 41,818
At 30 September 2023 228,343 4,000 232,343
Depreciation
At 1 October 2022 81,047 4,000 85,047
Charge for the year 11,000 - 11,000
At 30 September 2023 92,047 4,000 96,047
Net book value
At 30 September 2023 136,296 - 136,296
At 30 September 2022 105,478 - 105,478
5 Debtors 2023 2022
£ £
Other debtors 5,500 5,500
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,000 6,000
Corporation tax 6,396 -
Other taxes and social security costs 16,788 13,299
Other creditors 47,805 67,324
76,989 86,623
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 29,931 38,166
8 Related party transactions
At the balance sheet date the directors were owed £26,905 (2022 £46,427) by the company
9 Controlling party
The company is under the control of the directors
10 Other information
Full Blown Metals Limited is a private company limited by shares and incorporated in England. Its registered office is:
Studio 20 The Biscuit Factory
Stoddart Street
Newcastle upon Tyne
NE2 1AN
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