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REGISTERED NUMBER: 01315576 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

METALWAYS LIMITED

METALWAYS LIMITED (REGISTERED NUMBER: 01315576)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


METALWAYS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr T Tugwell
Mr S Scott
Ms L M Tugwell





REGISTERED OFFICE: 20 Churchill Way
Fleckney
Leicestershire
LE8 8UD





REGISTERED NUMBER: 01315576 (England and Wales)





ACCOUNTANTS: TGFP
Chartered Accountants
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

METALWAYS LIMITED (REGISTERED NUMBER: 01315576)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 735,220 801,869
Investment property 5 695,000 690,000
1,430,220 1,491,869

CURRENT ASSETS
Stocks 45,000 20,000
Debtors 6 132,437 200,058
Investments 7 14,272 13,907
Cash at bank and in hand 174,874 164,522
366,583 398,487
CREDITORS
Amounts falling due within one year 8 202,297 194,758
NET CURRENT ASSETS 164,286 203,729
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,594,506

1,695,598

CREDITORS
Amounts falling due after more than one
year

9

(16,500

)

(25,500

)

PROVISIONS FOR LIABILITIES (76,424 ) (87,170 )
NET ASSETS 1,501,582 1,582,928

CAPITAL AND RESERVES
Called up and paid share capital 1,001 1,001
Revaluation reserve 11 365,070 413,353
Retained earnings 1,135,511 1,168,574
1,501,582 1,582,928

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.

METALWAYS LIMITED (REGISTERED NUMBER: 01315576)

BALANCE SHEET - 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2025 and were signed on its behalf by:





Mr S Scott - Director


METALWAYS LIMITED (REGISTERED NUMBER: 01315576)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Metalways 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions 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.
Land and buildings - No depreciation
Plant and machinery etc - 25% on cost, 20% on cost, 15% on cost and 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

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.

Financial instruments
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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.


METALWAYS LIMITED (REGISTERED NUMBER: 01315576)

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 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.

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 9 (2023 - 9 ) .

METALWAYS LIMITED (REGISTERED NUMBER: 01315576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 June 2023 760,000 301,044 1,061,044
Additions - 34,500 34,500
Disposals (12,443 ) - (12,443 )
Revaluations (67,557 ) - (67,557 )
At 31 May 2024 680,000 335,544 1,015,544
DEPRECIATION
At 1 June 2023 - 259,175 259,175
Charge for year - 21,149 21,149
At 31 May 2024 - 280,324 280,324
NET BOOK VALUE
At 31 May 2024 680,000 55,220 735,220
At 31 May 2023 760,000 41,869 801,869

Included in cost or valuation of land and buildings is freehold land of £ 680,000 (2023 - £ 760,000 ) which is not depreciated.

Cost or valuation at 31 May 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2016 410,483 - 410,483
Valuation in 2018 25,000 - 25,000
Valuation in 2022 25,000 - 25,000
Valuation in 2023 (15,000 ) - (15,000 )
Valuation in 2024 (67,557 ) - (67,557 )
Cost 302,074 335,544 637,618
680,000 335,544 1,015,544

METALWAYS LIMITED (REGISTERED NUMBER: 01315576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. TANGIBLE FIXED ASSETS - continued

If freehold property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 302,074 314,517

Value of land in freehold land and buildings 302,074 314,517

Freehold land and buildings were valued on an open market basis on 31 May 2024 by the directors .

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 690,000
Revaluations 5,000
At 31 May 2024 695,000
NET BOOK VALUE
At 31 May 2024 695,000
At 31 May 2023 690,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2022 55,040
Valuation in 2024 5,000
Cost 634,960
695,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 120,792 159,894
Other debtors 11,645 40,164
132,437 200,058

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments 14,272 13,907

METALWAYS LIMITED (REGISTERED NUMBER: 01315576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,000 9,000
Hire purchase contracts - 2,409
Trade creditors 113,642 80,731
Taxation and social security 31,024 41,164
Other creditors 48,631 61,454
202,297 194,758

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 16,500 25,500

10. SECURED DEBTS

Lloyds Bank have a fixed and floating charge over the assets of the company.

11. RESERVES

The revaluation reserve is a non-distributable reserve relating to unrealised gains or losses on the revaluation of freehold property and investment property, net of related deferred tax.