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Registration number: 07765351

KRF Metals Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

KRF Metals Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

KRF Metals Limited

Company Information

Directors

Mr Kevin Michael Fegan

Ms Jennie Fegan

Registered office

22 Emery Road
Brislington
Bristol
BS4 5PF

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

KRF Metals Limited

(Registration number: 07765351)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

355,571

269,419

Current assets

   

Stocks

5

2,190

 

2,190

Debtors

6

467,763

 

422,346

Cash at bank and in hand

 

121,306

 

255,305

 

591,259

 

679,841

Creditors: Amounts falling due within one year

7

(225,519)

 

(185,939)

Net current assets

   

365,740

493,902

Total assets less current liabilities

   

721,311

763,321

Provisions for liabilities

 

(21,361)

(14,706)

Net assets

   

699,950

748,615

Capital and reserves

   

Called up share capital

90

 

90

Retained earnings

699,860

 

748,525

Shareholders' funds

   

699,950

748,615

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

 

KRF Metals Limited

(Registration number: 07765351)
Balance Sheet as at 31 March 2024

.........................................

Mr Kevin Michael Fegan
Director

.........................................

Ms Jennie Fegan
Director

 

KRF Metals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
22 Emery Road
Brislington
Bristol
BS4 5PF

These financial statements were authorised for issue by the Board on 27 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

KRF Metals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short Leasehold property

Straight line over 5 years

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

KRF Metals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 18).

 

KRF Metals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Short leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

192,020

100,000

71,553

295,642

Additions

-

-

36,129

78,881

At 31 March 2024

192,020

100,000

107,682

374,523

Depreciation

At 1 April 2023

-

100,000

71,426

218,370

Charge for the year

-

-

814

28,044

At 31 March 2024

-

100,000

72,240

246,414

Carrying amount

At 31 March 2024

192,020

-

35,442

128,109

At 31 March 2023

192,020

-

127

77,272

Total
£

Cost or valuation

At 1 April 2023

659,215

Additions

115,010

At 31 March 2024

774,225

Depreciation

At 1 April 2023

389,796

Charge for the year

28,858

At 31 March 2024

418,654

Carrying amount

At 31 March 2024

355,571

At 31 March 2023

269,419

Included within the net book value of land and buildings above is £192,020 (2023 - £192,020) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

KRF Metals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Other inventories

2,190

2,190

6

Debtors

Current

2024
£

2023
£

Trade debtors

340,214

314,122

Prepayments

22,414

18,391

Other debtors

105,135

89,833

 

467,763

422,346

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

187,935

135,563

Taxation and social security

9,870

20,262

Accruals and deferred income

8,366

7,333

Other creditors

19,348

22,781

225,519

185,939

8

Related party transactions

At the balance sheet date the company was owed £89,833 (2023: £89,833) from other companies under control of the controlling parties of KRF Metals Limited. The loan was interest free and repayable on demand.