Registered number
04142410
Dawley Metals Limited
Filleted Accounts
31 January 2024
Dawley Metals Limited
Registered number: 04142410
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 42,136 21,297
Current assets
Stocks 30,050 24,336
Debtors 4 323,681 420,468
Cash at bank and in hand 50,368 138,537
404,099 583,341
Creditors: amounts falling due within one year 5 (297,263) (410,533)
Net current assets 106,836 172,808
Total assets less current liabilities 148,972 194,105
Creditors: amounts falling due after more than one year 6 (36,216) (23,333)
Provisions for liabilities (10,066) (3,613)
Net assets 102,690 167,159
Capital and reserves
Called up share capital 189 189
Profit and loss account 102,501 166,970
Shareholders' funds 102,690 167,159
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Walker
Director
Approved by the board on 29 October 2024
Dawley Metals Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings and office equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 10
3 Tangible fixed assets
Plant and machinery etc Fixtures Fittings & Office Equipment Total
£ £ £
Cost
At 1 February 2023 156,659 23,574 180,233
Additions 34,885 - 34,885
At 31 January 2024 191,544 23,574 215,118
Depreciation
At 1 February 2023 139,754 19,182 158,936
Charge for the year 12,948 1,098 14,046
At 31 January 2024 152,702 20,280 172,982
Net book value
At 31 January 2024 38,842 3,294 42,136
At 31 January 2023 16,905 4,392 21,297
4 Debtors 2024 2023
£ £
Trade debtors 320,183 417,624
Other debtors 3,498 2,844
323,681 420,468
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 80,374 16,242
Obligations under finance lease and hire purchase contracts 5,107 -
Trade creditors 181,565 327,063
Taxation and social security costs 28,071 55,644
Other creditors 2,146 11,584
297,263 410,533
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,333 23,333
Obligations under finance lease and hire purchase contracts 22,883 -
36,216 23,333
7 Other information
Dawley Metals Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit B Wartell Bank
Dawley Brook
Kingswinford
West Midlands
DY6 7AS
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