Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30falsefalse2023-05-01secondary metal recycling68truefalse 08093234 2023-05-01 2024-04-30 08093234 2022-05-01 2023-04-30 08093234 2024-04-30 08093234 2023-04-30 08093234 2022-05-01 08093234 c:Director2 2023-05-01 2024-04-30 08093234 d:PlantMachinery 2023-05-01 2024-04-30 08093234 d:PlantMachinery 2024-04-30 08093234 d:PlantMachinery 2023-04-30 08093234 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08093234 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 08093234 d:MotorVehicles 2023-05-01 2024-04-30 08093234 d:MotorVehicles 2024-04-30 08093234 d:MotorVehicles 2023-04-30 08093234 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08093234 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 08093234 d:OfficeEquipment 2023-05-01 2024-04-30 08093234 d:OfficeEquipment 2024-04-30 08093234 d:OfficeEquipment 2023-04-30 08093234 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08093234 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 08093234 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08093234 d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 08093234 d:CurrentFinancialInstruments 2024-04-30 08093234 d:CurrentFinancialInstruments 2023-04-30 08093234 d:Non-currentFinancialInstruments 2024-04-30 08093234 d:Non-currentFinancialInstruments 2023-04-30 08093234 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 08093234 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 08093234 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 08093234 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 08093234 d:ShareCapital 2024-04-30 08093234 d:ShareCapital 2023-04-30 08093234 d:RetainedEarningsAccumulatedLosses 2024-04-30 08093234 d:RetainedEarningsAccumulatedLosses 2023-04-30 08093234 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 08093234 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 08093234 c:OrdinaryShareClass1 2023-05-01 2024-04-30 08093234 c:OrdinaryShareClass1 2024-04-30 08093234 c:OrdinaryShareClass1 2023-04-30 08093234 c:FRS102 2023-05-01 2024-04-30 08093234 c:Audited 2023-05-01 2024-04-30 08093234 c:FullAccounts 2023-05-01 2024-04-30 08093234 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08093234 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 08093234 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 08093234 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 08093234 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 08093234 d:HirePurchaseContracts d:MoreThanFiveYears 2024-04-30 08093234 d:HirePurchaseContracts d:MoreThanFiveYears 2023-04-30 08093234 c:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 08093234 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-04-30 08093234 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-30 08093234 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-04-30 08093234 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 08093234 d:LeasedAssetsHeldAsLessee 2024-04-30 08093234 d:LeasedAssetsHeldAsLessee 2023-04-30 08093234 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08093234









CONCORDE METALS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
CONCORDE METALS LIMITED
REGISTERED NUMBER: 08093234

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
367,571
241,354

Current assets
  

Stocks
 5 
2,157,471
1,372,954

Debtors: amounts falling due within one year
 6 
4,671,481
3,442,232

Cash at bank and in hand
 7 
129,449
17,876

  
6,958,401
4,833,062

Creditors: amounts falling due within one year
 8 
(3,892,350)
(2,335,130)

Net current assets
  
 
 
3,066,051
 
 
2,497,932

Total assets less current liabilities
  
3,433,622
2,739,286

Creditors: amounts falling due after more than one year
  
(60,000)
(18,563)

Provisions for liabilities
  

Deferred tax
 11 
(80,988)
(68,147)

Net assets
  
3,292,634
2,652,576


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
3,292,633
2,652,575

  
3,292,634
2,652,576


The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.




 
Page 1

 
CONCORDE METALS LIMITED
REGISTERED NUMBER: 08093234
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr P A Hyams
Director

Date: 24 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
CONCORDE METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Concorde Metals Limited is a private company limited by shares and incorporated in England and Wales. The registered office of the company is Plantation Works, Eurolink Way, Sittingbourne, Kent, ME10 3HH. The principal activity of the company during the year has been that of secondary metal recycling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
CONCORDE METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
CONCORDE METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.9

Debt factoring

The company factors its trade debts.  The accounting policy is to include trade debtors factored with recourse within trade debtors due within one year and the returnable element of proceeds is recorded within bank overdrafts due within one year.  Factoring fees and interest are charged to the statement of comprehensive income when paid.  Bad debts are borne by the company and are charged to the statement of comprehensive income when incurred.

 
2.10

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 5

 
CONCORDE METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.13

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 6

 
CONCORDE METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3



Staff
3
5

6
8


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
176,105
233,760
44,170
454,035


Additions
67,373
147,975
-
215,348



At 30 April 2024

243,478
381,735
44,170
669,383



Depreciation


At 1 May 2023
63,201
105,310
44,170
212,681


Charge for the year on owned assets
11,581
26,790
-
38,371


Charge for the year on financed assets
9,986
40,774
-
50,760



At 30 April 2024

84,768
172,874
44,170
301,812



Net book value



At 30 April 2024
158,710
208,861
-
367,571



At 30 April 2023
112,904
128,450
-
241,354

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
56,590
66,576

Motor vehicles
128,487
21,286
Page 7

 
CONCORDE METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           4.Tangible fixed assets (continued)


185,077
87,862


5.


Stocks

2024
2023
£
£

Raw materials
2,157,471
1,372,954

2,157,471
1,372,954



6.


Debtors

2024
2023
£
£


Trade debtors
3,913,154
3,121,763

Amounts owed by group undertakings
1
1

Other debtors
623,703
165,141

Prepayments and accrued income
134,623
155,327

4,671,481
3,442,232



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
129,449
17,876

Less: bank overdrafts
(1,987,808)
(153,142)

(1,858,359)
(135,266)


Page 8

 
CONCORDE METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
1,987,808
153,142

Trade creditors
1,401,214
398,479

Amounts owed to group undertakings
487,434
1,603,646

Other taxation and social security
1,118
2,231

Obligations under finance lease and hire purchase contracts
34,876
20,250

Accruals and deferred income
(20,100)
157,382

3,892,350
2,335,130


Bank loans and overdrafts are secured by way of a debenture including a fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, and first floating charge over all assets and undertakings both present and future.
Assets held under hire purchase contracts are secured against the assets to which they relate.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
60,000
18,563

60,000
18,563



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
34,875
20,250

Between 1-5 years
18,000
18,563

Over 5 years
42,000
-

94,875
38,813

Page 9

 
CONCORDE METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(68,147)
(18,375)


Charged to profit or loss
(12,841)
(49,772)



At end of year
(80,988)
(68,147)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
80,988
68,147

80,988
68,147


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



13.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,467 (2023: £1,906)


14.


Controlling party

The ultimate parent company is A.P.M Holdings Limited, a company incorporated in England and Wales, which is controlled by Mr P A Hyams by virtue of his majority shareholding.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 25 October 2024 by Duncan Stannett (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 10