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Company registration number: 08368639
B & Z Metalcraft Ltd
Unaudited filleted financial statements
31 March 2024
B & Z Metalcraft Ltd
Contents
Directors report
Statement of financial position
Notes to the financial statements
B & Z Metalcraft Ltd
Directors report
Year ended 31st March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31st March 2024.
Directors
The directors who served the company during the year were as follows:
Mr A Viard
Mr R B Pastrone
Mr D Clark
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 26 September 2024 and signed on behalf of the board by:
Mr A Viard
Director
B & Z Metalcraft Ltd
Statement of financial position
31st March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 492 -
Tangible assets 6 1,174,576 1,221,233
_______ _______
1,175,068 1,221,233
Current assets
Stocks 36,500 35,500
Debtors 7 217,736 198,840
Cash at bank and in hand 89,864 90,624
_______ _______
344,100 324,964
Creditors: amounts falling due
within one year 8 ( 189,939) ( 198,813)
_______ _______
Net current assets 154,161 126,151
_______ _______
Total assets less current liabilities 1,329,229 1,347,384
Provisions for liabilities ( 177,470) ( 181,939)
_______ _______
Net assets 1,151,759 1,165,445
_______ _______
Capital and reserves
Called up share capital 3 3
Revaluation reserve 628,385 647,618
Profit and loss account 523,371 517,824
_______ _______
Shareholders funds 1,151,759 1,165,445
_______ _______
For the year ending 31 March 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.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr A Viard
Director
Company registration number: 08368639
B & Z Metalcraft Ltd
Notes to the financial statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is B & Z Metalcraft Ltd, Unit O2, Cherrycourt Way, Stanbridge Road, Leighton Buzzard, Beds, LU7 4UH.
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 25 % straight line
Fittings fixtures and equipment - 25 % 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.
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 year amounted to 10 (2023: 11 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1st April 2023 40,000 - 40,000
Additions - 500 500
_______ _______ _______
At 31st March 2024 40,000 500 40,500
_______ _______ _______
Amortisation
At 1st April 2023 40,000 - 40,000
Charge for the year - 8 8
_______ _______ _______
At 31st March 2024 40,000 8 40,008
_______ _______ _______
Carrying amount
At 31st March 2024 - 492 492
_______ _______ _______
At 31st March 2023 - - -
_______ _______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1st April 2023 1,200,000 158,829 18,120 28,867 1,405,816
Additions - 11,253 2,366 - 13,619
_______ _______ _______ _______ _______
At 31st March 2024 1,200,000 170,082 20,486 28,867 1,419,435
_______ _______ _______ _______ _______
Depreciation
At 1st April 2023 28,571 136,753 13,722 5,538 184,584
Charge for the year 28,571 23,545 2,327 5,832 60,275
_______ _______ _______ _______ _______
At 31st March 2024 57,142 160,298 16,049 11,370 244,859
_______ _______ _______ _______ _______
Carrying amount
At 31st March 2024 1,142,858 9,784 4,437 17,497 1,174,576
_______ _______ _______ _______ _______
At 31st March 2023 1,171,429 22,076 4,398 23,329 1,221,232
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 167,954 163,638
Other debtors 49,782 35,202
_______ _______
217,736 198,840
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 22,000
Trade creditors 85,075 76,635
Social security and other taxes 85,316 85,810
Other creditors 19,548 14,368
_______ _______
189,939 198,813
_______ _______
9. Controlling party
The directors each own 33.3% of the ordinary share capital and as such there is no controlling interest of the company.