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REGISTERED NUMBER: 08065601 (England and Wales)















Advanced Metalcraft Limited

Unaudited Financial Statements for the Year Ended 31 May 2024






Advanced Metalcraft Limited (Registered number: 08065601)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Advanced Metalcraft Limited

Company Information
for the Year Ended 31 May 2024







Directors: K Barnes
Mrs V Barnes





Registered office: Unit 14, 15 Francis Way
Bowthorpe
Norwich
Norfolk
NR5 9JA





Registered number: 08065601 (England and Wales)





Accountants: Fairhead Bradford
5 Queen Street
Great Yarmouth
Norfolk
NR30 2QP

Advanced Metalcraft Limited (Registered number: 08065601)

Statement of Financial Position
31 May 2024

31/5/24 31/5/23
Notes £    £    £    £   
Fixed assets
Tangible assets 4 76,642 67,598

Current assets
Stocks 122,500 115,000
Debtors 5 2,299,437 1,078,401
Cash at bank 443,929 547,590
2,865,866 1,740,991
Creditors
Amounts falling due within one year 6 1,683,679 755,140
Net current assets 1,182,187 985,851
Total assets less current liabilities 1,258,829 1,053,449

Creditors
Amounts falling due after more than one
year

7

(36,963

)

(85,265

)

Provisions for liabilities (16,663 ) (10,824 )
Net assets 1,205,203 957,360

Capital and reserves
Called up share capital 2 2
Retained earnings 1,205,201 957,358
1,205,203 957,360

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Advanced Metalcraft Limited (Registered number: 08065601)

Statement of Financial Position - continued
31 May 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2024 and were signed on its behalf by:





K Barnes - Director


Advanced Metalcraft Limited (Registered number: 08065601)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. Statutory information

Advanced Metalcraft Limited 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 recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be readily measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised.

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over goods sold;
- the amount of turnover can be measured reliably
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 16.67% on cost
Plant and machinery - 20% on reducing balance
Office equipment - 20% on reducing balance
Motor vehicles - 20% on reducing balance
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.

Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Advanced Metalcraft Limited (Registered number: 08065601)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. Accounting policies - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 59 (2023 - 57 ) .

4. Tangible fixed assets
Improvements
to Plant and Office
property machinery equipment
£    £    £   
Cost
At 1 June 2023 30,898 175,609 514
Additions 6,393 17,789 1,709
At 31 May 2024 37,291 193,398 2,223
Depreciation
At 1 June 2023 30,898 125,084 395
Charge for year 1,597 17,080 458
At 31 May 2024 32,495 142,164 853
Net book value
At 31 May 2024 4,796 51,234 1,370
At 31 May 2023 - 50,525 119

Advanced Metalcraft Limited (Registered number: 08065601)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. Tangible fixed assets - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 June 2023 83,661 13,586 304,268
Additions - 8,704 34,595
At 31 May 2024 83,661 22,290 338,863
Depreciation
At 1 June 2023 66,707 13,586 236,670
Charge for year 4,239 2,177 25,551
At 31 May 2024 70,946 15,763 262,221
Net book value
At 31 May 2024 12,715 6,527 76,642
At 31 May 2023 16,954 - 67,598

5. Debtors
31/5/24 31/5/23
£    £   
Amounts falling due within one year:
Trade debtors 1,165,090 124,975
Amounts owed by associates 46,101 25,079
Other debtors 365,030 134,416
1,576,221 284,470

Amounts falling due after more than one year:
Trade debtors 723,216 793,931

Aggregate amounts 2,299,437 1,078,401

6. Creditors: amounts falling due within one year
31/5/24 31/5/23
£    £   
Bank loans and overdrafts 32,727 32,727
Hire purchase contracts 15,575 23,955
Trade creditors 1,280,651 626,609
Taxation and social security (2,097 ) 19,124
Other creditors 356,823 52,725
1,683,679 755,140

Advanced Metalcraft Limited (Registered number: 08065601)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. Creditors: amounts falling due after more than one year
31/5/24 31/5/23
£    £   
Bank loans 35,455 68,182
Hire purchase contracts 1,508 17,083
36,963 85,265