Company registration number: NI037496
Unaudited financial statements
for the year ended 31 December 2023
for
Metal Tech Engineering Ltd
Pages for filing with the Registrar
Company registration number: NI037496
Metal Tech Engineering Ltd
Balance sheet
as at 31 December 2023
31 Dec 23 31 Dec 22
Note £ £ £ £
Fixed assets
Tangible assets 4 525,266 541,454
525,266 541,454
Current assets
Stocks 90,400 97,000
Debtors 405,244 262,451
Cash at bank and in hand 48,555 256,218
544,199 615,669
Creditors: amounts falling due within
one year
(62,385) (65,667)
Net current assets 481,814 550,002
Total assets less current liabilities 1,007,080 1,091,456
Creditors: Amounts falling due after
more than one year
5 (154,430) (248,917)
NET ASSETS 852,650 842,539
Capital and reserves
Called up share capital 2 2
Revaluation reserve 89,024 89,024
Profit and loss account 763,624 753,513
TOTAL EQUITY 852,650 842,539
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 December 2023.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: NI037496
Metal Tech Engineering Ltd
Balance sheet - continued
as at 31 December 2023
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
Signed by:
Mr N Stewart, Director
28 November 2024
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Metal Tech Engineering Ltd
Notes to the financial statements
for the year ended 31 December 2023
1 Company information
Metal Tech Engineering Ltd is a private company registered in Northern Ireland. Its registered number is NI037496. The company is limited by shares. Its registered office is Unit 21 City Business Park, Dunmurry, Belfast, BT17 9HY.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the director has assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the director takes into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The director considers that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings:
Freehold property - 0% reducing balance
Plant and machinery etc.:
Plant and machinery - 15% reducing balance
Fixtures & fittings - 15% reducing balance
Motor vehicles - 15% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
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Metal Tech Engineering Ltd
Notes to the financial statements - continued
for the year ended 31 December 2023
2 Accounting policies - continued
Taxation
Taxation for the year comprises current taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 5 (2022 - 8).
4 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 January 2023 414,898 490,463 905,361
Disposals - (29,500) (29,500)
At 31 December 2023 414,898 460,963 875,861
Depreciation
At 1 January 2023 - 363,907 363,907
Charge for year - 8,813 8,813
Eliminated on disposal - (22,125) (22,125)
At 31 December 2023 - 350,595 350,595
Net book value
At 31 December 2023 414,898 110,368 525,266
At 31 December 2022 414,898 126,556 541,454
5 Creditors: amounts falling due after more than five years
31 Dec 23 31 Dec 22
£ £
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Metal Tech Engineering Ltd
Notes to the financial statements - continued
for the year ended 31 December 2023
5 Creditors: amounts falling due after more than five years - continued
31 Dec 23 31 Dec 22
£ £
Repayable by instalments
Bank loans 154,430 248,917
154,430 248,917
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