General Metal Fabrications Limited
Unaudited Financial Statements
For the year ended 31 October 2023
Pages for Filing with Registrar
Company Registration No. 11035443 (England and Wales)
General Metal Fabrications Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
General Metal Fabrications Limited
Balance Sheet
As at 31 October 2023
31 October 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
122,938
172,053
Current assets
Debtors
5
47,249
45,419
Cash at bank and in hand
18,263
4,054
65,512
49,473
Creditors: amounts falling due within one year
6
(162,964)
(170,912)
Net current liabilities
(97,452)
(121,439)
Total assets less current liabilities
25,486
50,614
Creditors: amounts falling due after more than one year
7
(73,583)
(149,433)
Net liabilities
(48,097)
(98,819)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(48,098)
(98,820)
Total equity
(48,097)
(98,819)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
General Metal Fabrications Limited
Balance Sheet (Continued)
As at 31 October 2023
31 October 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 31 October 2024
Mr G Park-Ross
Director
Company Registration No. 11035443
General Metal Fabrications Limited
Notes to the Financial Statements
For the year ended 31 October 2023
Page 3
1
Accounting policies
Company information
General Metal Fabrications Limited is a private company limited by shares incorporated in England and Wales. The registered office is Court House Farm, Framewood Road, Wexham, Slough, United Kingdom, SL2 4QU.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company made a profit for the year of £true66,857 (2022: £98,976 loss) and had net liabilities of £31,962 (2022: £98,819) as at 31 October 2023. The directors of the company have confirmed they will provide financial support to the company for at least 12 months from the signing of the accounts.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% straight line method
Computers
33% straight line method
Motor vehicles
25% reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
General Metal Fabrications Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
1
Accounting policies
(Continued)
Page 4
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(4,046)
General Metal Fabrications Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
Page 5
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
239,146
Additions
2,437
At 31 October 2023
241,583
Depreciation and impairment
At 1 November 2022
67,093
Depreciation charged in the year
51,552
At 31 October 2023
118,645
Carrying amount
At 31 October 2023
122,938
At 31 October 2022
172,053
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
20,907
20,333
Other debtors
3,459
3,096
Prepayments and accrued income
22,883
21,990
47,249
45,419
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
19,876
28,836
Corporation tax
22,297
Other taxation and social security
55,692
55,619
Other creditors
74,646
53,410
Accruals and deferred income
2,750
750
162,964
170,912
General Metal Fabrications Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
Page 6
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,833
50,833
Other creditors
57,750
98,600
73,583
149,433
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1