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PINBALL METALS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






PINBALL METALS LTD (REGISTERED NUMBER: 11279449)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PINBALL METALS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: Mrs J Pearce





REGISTERED OFFICE: Unit 2 First Avenue
Greasley Street
Bulwell
Nottingham
NG6 8NF





REGISTERED NUMBER: 11279449 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

PINBALL METALS LTD (REGISTERED NUMBER: 11279449)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,383,258 1,445,733

CURRENT ASSETS
Stocks 280,000 494,000
Debtors 5 542,302 628,712
Cash at bank and in hand 33,829 246,215
856,131 1,368,927
CREDITORS
Amounts falling due within one year 6 719,812 772,650
NET CURRENT ASSETS 136,319 596,277
TOTAL ASSETS LESS CURRENT LIABILITIES 1,519,577 2,042,010

CREDITORS
Amounts falling due after more than one
year

7

(552,840

)

(713,773

)

PROVISIONS FOR LIABILITIES 10 (244,000 ) -
NET ASSETS 722,737 1,328,237

CAPITAL AND RESERVES
Called up share capital 11 10 10
Retained earnings 722,727 1,328,227
SHAREHOLDERS' FUNDS 722,737 1,328,237

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PINBALL METALS LTD (REGISTERED NUMBER: 11279449)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 November 2024 and were signed by:





Mrs J Pearce - Director


PINBALL METALS LTD (REGISTERED NUMBER: 11279449)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Pinball Metals Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 historical cost convention.

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.
Short leasehold - 20% on cost
Plant and machinery - 20% on cost, 10% on cost and 5% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 33% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PINBALL METALS LTD (REGISTERED NUMBER: 11279449)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 22 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 March 2023 117,963 2,129,233 2,193
Additions 9,500 289,227 -
At 29 February 2024 127,463 2,418,460 2,193
DEPRECIATION
At 1 March 2023 30,094 786,654 1,207
Charge for year 23,831 330,640 382
At 29 February 2024 53,925 1,117,294 1,589
NET BOOK VALUE
At 29 February 2024 73,538 1,301,166 604
At 28 February 2023 87,869 1,342,579 986

PINBALL METALS LTD (REGISTERED NUMBER: 11279449)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 25,000 6,971 2,281,360
Additions - 4,004 302,731
At 29 February 2024 25,000 10,975 2,584,091
DEPRECIATION
At 1 March 2023 13,063 4,609 835,627
Charge for year 8,333 2,020 365,206
At 29 February 2024 21,396 6,629 1,200,833
NET BOOK VALUE
At 29 February 2024 3,604 4,346 1,383,258
At 28 February 2023 11,937 2,362 1,445,733

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 248,095 350,122
Other debtors 294,207 278,590
542,302 628,712

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,140 9,890
Hire purchase contracts (see note 8) 344,416 349,802
Trade creditors 131,520 73,068
Taxation and social security 141,878 247,125
Other creditors 91,858 92,765
719,812 772,650

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 14,813 24,953
Hire purchase contracts (see note 8) 538,027 688,820
552,840 713,773

PINBALL METALS LTD (REGISTERED NUMBER: 11279449)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 344,416 349,802
Between one and five years 538,027 688,820
882,443 1,038,622

Non-cancellable operating leases
2024 2023
£    £   
Within one year 171,575 200,704
Between one and five years 123,446 212,576
295,021 413,280

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 882,443 1,038,622

Assets financed under hire purchase agreements are secured on the individual assets concerned.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 244,000 -

Deferred
tax
£   
Provided during year (57,000 )
Prior year adjustment 301,000
Balance at 29 February 2024 244,000

PINBALL METALS LTD (REGISTERED NUMBER: 11279449)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
9 Ordinary A £1 9 9
1 Ordinary B £1 1 1
10 10

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 29 February 2024 and the period ended 28 February 2023:

2024 2023
£    £   
Mrs J Pearce
Balance outstanding at start of year 106,886 94,933
Amounts advanced 203,494 107,953
Amounts repaid (111,328 ) (96,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 199,052 106,886

Interest is charged by the company on loans made to directors, at HMRC approved rates. The interest charged and included in the accounts amounted to £2,681 (2023: £1,380).