IRIS Accounts Production v24.3.0.553 07127262 Board of Directors 1.5.23 30.4.24 30.4.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh071272622023-04-30071272622024-04-30071272622023-05-012024-04-30071272622022-04-30071272622022-05-012023-04-30071272622023-04-3007127262ns15:EnglandWales2023-05-012024-04-3007127262ns14:PoundSterling2023-05-012024-04-3007127262ns10:Director12023-05-012024-04-3007127262ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3007127262ns10:SmallEntities2023-05-012024-04-3007127262ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-3007127262ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3007127262ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3007127262ns10:FullAccounts2023-05-012024-04-3007127262ns10:OrdinaryShareClass12023-05-012024-04-3007127262ns10:Director22023-05-012024-04-3007127262ns10:RegisteredOffice2023-05-012024-04-3007127262ns5:CurrentFinancialInstruments2024-04-3007127262ns5:CurrentFinancialInstruments2023-04-3007127262ns5:Non-currentFinancialInstruments2024-04-3007127262ns5:Non-currentFinancialInstruments2023-04-3007127262ns5:ShareCapital2024-04-3007127262ns5:ShareCapital2023-04-3007127262ns5:RetainedEarningsAccumulatedLosses2024-04-3007127262ns5:RetainedEarningsAccumulatedLosses2023-04-3007127262ns5:PlantMachinery2023-04-3007127262ns5:FurnitureFittings2023-04-3007127262ns5:MotorVehicles2023-04-3007127262ns5:ComputerEquipment2023-04-3007127262ns5:PlantMachinery2023-05-012024-04-3007127262ns5:FurnitureFittings2023-05-012024-04-3007127262ns5:MotorVehicles2023-05-012024-04-3007127262ns5:ComputerEquipment2023-05-012024-04-3007127262ns5:PlantMachinery2024-04-3007127262ns5:FurnitureFittings2024-04-3007127262ns5:MotorVehicles2024-04-3007127262ns5:ComputerEquipment2024-04-3007127262ns5:PlantMachinery2023-04-3007127262ns5:FurnitureFittings2023-04-3007127262ns5:MotorVehicles2023-04-3007127262ns5:ComputerEquipment2023-04-3007127262ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-3007127262ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3007127262ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-04-3007127262ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-04-3007127262ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-04-3007127262ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-04-3007127262ns10:OrdinaryShareClass12024-04-30
REGISTERED NUMBER: 07127262 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

METAL SOLUTIONS LIMITED

METAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07127262)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


METAL SOLUTIONS LIMITED

COMPANY INFORMATION
for the Year Ended 30 April 2024







DIRECTORS: Mr J A Flood
Mrs J M Flood





REGISTERED OFFICE: Opal House
Bentinck Street
Bolton
BL1 4QG





REGISTERED NUMBER: 07127262 (England and Wales)





ACCOUNTANTS: Xeinadin
100 Barbirolli Square
Manchester
M2 3BD

METAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07127262)

STATEMENT OF FINANCIAL POSITION
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 216,372 265,479

CURRENT ASSETS
Stocks 5 2,296,846 2,496,506
Debtors 6 1,209,225 1,178,347
Cash at bank and in hand 1,161,876 805,690
4,667,947 4,480,543
CREDITORS
Amounts falling due within one year 7 2,038,981 1,932,744
NET CURRENT ASSETS 2,628,966 2,547,799
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,845,338

2,813,278

CREDITORS
Amounts falling due after more than one
year

8

(15,000

)

(25,000

)

PROVISIONS FOR LIABILITIES (48,018 ) (59,907 )
NET ASSETS 2,782,320 2,728,371

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 2,782,318 2,728,369
SHAREHOLDERS' FUNDS 2,782,320 2,728,371

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

METAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07127262)

STATEMENT OF FINANCIAL POSITION - continued
30 April 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by:





Mr J A Flood - Director


METAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07127262)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

Metal Solutions Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 07127262 and the registered office and principal place of business is Opal Works, Sofa Street, Bolton, Greater Manchester, BL1 4QE.

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 represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of manufacturing and building services, which are recognised at the point of which the services are earned.

Government grants
Government revenue grants are recognised in the profit and loss account over the period in which the related costs are recognised.

Tangible fixed assets
Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Plant and machinery -25% on reducing balance / 16.67% straight line
Fixtures and fittings -15% on reducing balance
Motor vehicles -25% on reducing balance
Computer equipment -33% on cost

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Costs are based on the method most appropriate to the type of inventory class, usually on a first-in-first-out basis.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


METAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07127262)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. 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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Assets held under finance lease, hire purchase agreements and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities. while the interest elements are charged to the profit and loss account over the period of the lease to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents are represented by cash at bank and in hand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2023 - 42 ) .

METAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07127262)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 417,594 61,727 41,185 41,630 562,136
Additions 2,620 7,346 - 10,016 19,982
Disposals - - - (1,432 ) (1,432 )
At 30 April 2024 420,214 69,073 41,185 50,214 580,686
DEPRECIATION
At 1 May 2023 228,766 18,323 24,395 25,173 296,657
Charge for year 46,262 7,332 4,198 10,101 67,893
Eliminated on disposal - - - (236 ) (236 )
At 30 April 2024 275,028 25,655 28,593 35,038 364,314
NET BOOK VALUE
At 30 April 2024 145,186 43,418 12,592 15,176 216,372
At 30 April 2023 188,828 43,404 16,790 16,457 265,479

5. STOCKS
2024 2023
£    £   
Stocks 2,212,915 2,204,200
Work-in-progress 83,931 292,306
2,296,846 2,496,506

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,097,824 1,070,614
Other debtors 111,401 107,733
1,209,225 1,178,347

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 1,300,262 1,244,889
Tax 163,985 205,094
Social security and other taxes 41,362 39,618
VAT 313,219 292,253
Other creditors 85,841 84,256
Directors' current accounts 249 4,518
Accruals and deferred income 124,063 52,116
2,038,981 1,932,744

METAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07127262)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 5,000 15,000
15,000 25,000

9. SECURED DEBTS

NatWest hold a fixed and floating charge dated 14th March 2012 over the undertaking and all property and assets present and future including goodwill, uncalled capital, fixtures, plant and machinery.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1.00 2 2