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Company registration number: 08415495
C & J METCALF LIMITED
Unaudited filleted financial statements
29 February 2024
C & J METCALF LIMITED
Contents
Statement of financial position
Notes to the financial statements
C & J METCALF LIMITED
Statement of financial position
29 February 2024
29/02/24 28/02/23
Note £ £ £ £
Fixed assets
Tangible assets 5 34,163 42,140
_______ _______
34,163 42,140
Current assets
Debtors 6 189,215 318,815
Cash at bank and in hand 39,094 32,235
_______ _______
228,309 351,050
Creditors: amounts falling due
within one year 7 ( 128,603) ( 129,799)
_______ _______
Net current assets 99,706 221,251
_______ _______
Total assets less current liabilities 133,869 263,391
Creditors: amounts falling due
after more than one year 8 ( 26,309) ( 41,666)
Provisions for liabilities 10 ( 6,622) ( 8,138)
_______ _______
Net assets 100,938 213,587
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 100,838 213,487
_______ _______
Shareholders funds 100,938 213,587
_______ _______
For the period ending 29 February 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Mr Christopher Metcalf
Director
Company registration number: 08415495
C & J METCALF LIMITED
Notes to the financial statements
Period ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is C & J Metcalf Limited, Unit 3 Atlas Mills Business Park, Atlas Mills Road, Brighouse, West Yorkshire, HD6 1ES.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
Office equipment - 33 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 9 (2023: 9 ).
5. Tangible assets
Plant and machinery Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 13,460 4,248 92,323 110,031
Additions 3,409 604 - 4,013
_______ _______ _______ _______
At 29 February 2024 16,869 4,852 92,323 114,044
_______ _______ _______ _______
Depreciation
At 1 March 2023 9,840 3,900 54,151 67,891
Charge for the year 2,050 397 9,543 11,990
_______ _______ _______ _______
At 29 February 2024 11,890 4,297 63,694 79,881
_______ _______ _______ _______
Carrying amount
At 29 February 2024 4,979 555 28,629 34,163
_______ _______ _______ _______
At 28 February 2023 3,620 348 38,172 42,140
_______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 29 February 2024 15,072
_______
At 28 February 2023 20,096
_______
6. Debtors
29/02/24 28/02/23
£ £
Trade debtors 88,288 205,023
Other debtors 100,927 113,792
_______ _______
189,215 318,815
_______ _______
7. Creditors: amounts falling due within one year
29/02/24 28/02/23
£ £
Bank loans and overdrafts 13,601 10,879
Trade creditors 14,847 41,838
Corporation tax - 22,408
Social security and other taxes 12,611 4,579
Other creditors 87,544 50,095
_______ _______
128,603 129,799
_______ _______
8. Creditors: amounts falling due after more than one year
29/02/24 28/02/23
£ £
Bank loans and overdrafts 13,017 23,943
Other creditors 13,292 17,723
_______ _______
26,309 41,666
_______ _______
9. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
29/02/24 28/02/23
£ £
Not later than 1 year 5,759 5,759
Later than 1 year and not later than 5 years 17,279 23,038
_______ _______
23,038 28,797
Less: future finance charges ( 5,315) ( 6,643)
_______ _______
Present value of minimum lease payments 17,723 22,154
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 March 2023 8,138 8,138
Charges against provisions ( 1,516) ( 1,516)
_______ _______
At 29 February 2024 6,622 6,622
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
29/02/24 28/02/23
£ £
Included in provisions (note 10) 6,622 8,138
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
29/02/24 28/02/23
£ £
Accelerated capital allowances 6,622 8,138
_______ _______
12. Related party transactions
During the period the company entered into the following transactions with related parties:
Balance owed by/(owed to)
Year Year
ended ended
29/02/24 28/02/23
£ £
C J Metcalf Property Limited (Co No: 13564416) 94,034 102,351
_______ _______
The above party is related to the company due the controlling interest in the related party by director C Metcalf. The above loan provided to the company is unsecured and repayable on demand. Interest is charged on the loan at a rate of 2.56% per annum.