Company registration number 01823306 (England and Wales)
A. M. C. SHEET METAL FABRICATIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
A. M. C. SHEET METAL FABRICATIONS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
A. M. C. SHEET METAL FABRICATIONS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF A. M. C. SHEET METAL FABRICATIONS LIMITED FOR THE YEAR ENDED 31 MAY 2024
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A. M. C. Sheet Metal Fabrications Limited for the year ended 31 May 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of A. M. C. Sheet Metal Fabrications Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of A. M. C. Sheet Metal Fabrications Limited and state those matters that we have agreed to state to the board of directors of A. M. C. Sheet Metal Fabrications Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A. M. C. Sheet Metal Fabrications Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that A. M. C. Sheet Metal Fabrications Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A. M. C. Sheet Metal Fabrications Limited. You consider that A. M. C. Sheet Metal Fabrications Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of A. M. C. Sheet Metal Fabrications Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
24 February 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
A. M. C. SHEET METAL FABRICATIONS LIMITED
BALANCE SHEET
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2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,320,194
1,138,848
Current assets
Stocks
6,634
5,166
Debtors
5
663,799
615,611
Cash at bank and in hand
1,804,414
1,650,918
2,474,847
2,271,695
Creditors: amounts falling due within one year
6
(562,724)
(564,087)
Net current assets
1,912,123
1,707,608
Total assets less current liabilities
3,232,317
2,846,456
Creditors: amounts falling due after more than one year
7
(216,437)
(115,857)
Provisions for liabilities
(329,900)
(284,500)
Net assets
2,685,980
2,446,099
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
2,685,880
2,445,999
Total equity
2,685,980
2,446,099
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
A. M. C. SHEET METAL FABRICATIONS LIMITED
BALANCE SHEET (CONTINUED)
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The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
Mr A R Twigger
Mrs P L Twigger
Director
Director
Company registration number 01823306 (England and Wales)
A. M. C. SHEET METAL FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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1
Accounting policies
Company information
A. M. C. Sheet Metal Fabrications Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Willows, Mill Lane, Worthing, West Sussex, BN13 3DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue earned under contracts is recognised where a right to consideration has accrued by reference to the fair value of work done, reflecting any uncertainties as to outcome or recoverability. Revenue contingent on events outside the control of the business is recognised when the contingent event occurs.
Amounts recoverable on contracts are included in debtors, less foreseeable losses and amounts received as progress payments on account. Payments on account received in excess of revenue are included in creditors.
Costs attributable to revenue are included in cost of sales. Costs not attributable to revenue are included in work in progress.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings leasehold
10% p.a. straight line
Plant, machinery, fixtures and fittings
10% - 20% p.a. straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell.
A. M. C. SHEET METAL FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and overdrafts, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under hire purchase contracts are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
A. M. C. SHEET METAL FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
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2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 35 (2023 - 37).
3
Intangible fixed assets
Patent
£
Cost
At 1 June 2023 and 31 May 2024
10,224
Amortisation and impairment
At 1 June 2023 and 31 May 2024
10,224
Carrying amount
At 31 May 2024
At 31 May 2023
4
Tangible fixed assets
Land and buildings leasehold
Plant, machinery, fixtures and fittings
Total
£
£
£
Cost
At 1 June 2023
40,408
2,545,263
2,585,671
Additions
368,521
368,521
Disposals
(85,367)
(85,367)
At 31 May 2024
40,408
2,828,417
2,868,825
Depreciation and impairment
At 1 June 2023
39,886
1,406,937
1,446,823
Depreciation charged in the year
(58)
178,716
178,658
Eliminated in respect of disposals
(76,850)
(76,850)
At 31 May 2024
39,828
1,508,803
1,548,631
Carrying amount
At 31 May 2024
580
1,319,614
1,320,194
At 31 May 2023
522
1,138,326
1,138,848
A. M. C. SHEET METAL FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
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5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
617,886
591,058
Other debtors
45,913
24,553
663,799
615,611
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,299
2,019
Trade creditors
161,612
199,286
Taxation and social security
187,614
185,555
Other creditors
212,199
177,227
562,724
564,087
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
216,437
115,857
Included within other creditors under notes 6 and 7, are amounts of £112,090 (2023 - £87,128) and £216,437 (2023 - £115,857) respectively, which relate to hire purchase agreements and are secured over the capitalised assets to which they relate.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
121,200
110,200