7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,400,602 435,969 48,232 484,201 916,401 964,633 xbrli:pure xbrli:shares iso4217:GBP 06514956 2023-07-01 2024-06-30 06514956 2024-06-30 06514956 2023-06-30 06514956 2022-07-01 2023-06-30 06514956 2023-06-30 06514956 2022-06-30 06514956 core:PlantMachinery 2023-07-01 2024-06-30 06514956 bus:Director1 2023-07-01 2024-06-30 06514956 bus:Director2 2023-07-01 2024-06-30 06514956 bus:Director3 2023-07-01 2024-06-30 06514956 core:PlantMachinery 2023-06-30 06514956 core:PlantMachinery 2024-06-30 06514956 core:WithinOneYear 2024-06-30 06514956 core:WithinOneYear 2023-06-30 06514956 core:ShareCapital 2024-06-30 06514956 core:ShareCapital 2023-06-30 06514956 core:RevaluationReserve 2024-06-30 06514956 core:RevaluationReserve 2023-06-30 06514956 core:RetainedEarningsAccumulatedLosses 2024-06-30 06514956 core:RetainedEarningsAccumulatedLosses 2023-06-30 06514956 core:PlantMachinery 2023-06-30 06514956 bus:SmallEntities 2023-07-01 2024-06-30 06514956 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 06514956 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 06514956 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 06514956 bus:FullAccounts 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 06514956
Copper Alloy Products Limited
Filleted Unaudited Financial Statements
30 June 2024
Copper Alloy Products Limited
Financial Statements
Year ended 30 June 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Copper Alloy Products Limited
Balance Sheet
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
916,401
964,633
Current assets
Debtors
6
181,648
172,686
Cash at bank and in hand
55,222
65,665
---------
---------
236,870
238,351
Creditors: amounts falling due within one year
7
87,031
82,557
---------
---------
Net current assets
149,839
155,794
------------
------------
Total assets less current liabilities
1,066,240
1,120,427
Provisions
Taxation including deferred tax
222,000
239,000
------------
------------
Net assets
844,240
881,427
------------
------------
Capital and reserves
Called up share capital
90
90
Revaluation reserve
143,624
153,809
Profit and loss account
700,526
727,528
---------
---------
Shareholders funds
844,240
881,427
---------
---------
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 profit and loss has not been delivered.
For the year ending 30 June 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 year 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 .
Copper Alloy Products Limited
Balance Sheet (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 9 October 2024 , and are signed on behalf of the board by:
Mr J Dudley
Mr M J Hemus
Director
Director
Mr S J Gregory
Director
Company registration number: 06514956
Copper Alloy Products Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. Company number 06514956 . The address of the registered office is Glendale Street, Burslem, Stoke-on-Trent, Staffordshire, ST6 2EP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
The turnover shown in the profit and loss account represents finance income and operating lease income credited during the year, exclusive of Value Added Tax. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 material 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Under previous UK GAAP, assets were revalued at each year end, however, on transition to FRS102, assets that had previously been recorded at fair value are now recorded at deemed cost.
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 & machinery
-
5% reducing balance
Depreciation is charged on additions from the month of acquisition and for disposals to the month prior to disposal.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 8 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 July 2023 and 30 June 2024
1,400,602
1,400,602
------------
------------
Depreciation
At 1 July 2023
435,969
435,969
Charge for the year
48,232
48,232
------------
------------
At 30 June 2024
484,201
484,201
------------
------------
Carrying amount
At 30 June 2024
916,401
916,401
------------
------------
At 30 June 2023
964,633
964,633
------------
------------
Included within the net book value of £995,752 is £916,401 (2023 - £964,633) relating to assets leased out on a operating lease basis, with leased income being included in turnover. The depreciation charge to the financial statement in the year in respect of such assets amounted to £48,232 (2023 - £52,408).
6. Debtors
2024
2023
£
£
Trade debtors
50,518
42,085
Other debtors
131,130
130,601
---------
---------
181,648
172,686
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,377
17,438
Corporation tax
51,444
38,999
Social security and other taxes
13,146
14,222
Other creditors
8,064
11,898
--------
--------
87,031
82,557
--------
--------