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X-MET METALS LIMITED

Registered Number
08062684
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

X-MET METALS LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

BARDSLEY, Mark Frederick

Registered Address

Suite 312 Atlas House Caxton Close
Wigan
WN3 6XU

Registered Number

08062684 (England and Wales)
X-MET METALS LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3365,691169,717
365,691169,717
Current assets
Stocks498,70044,700
Debtors702,865397,451
Cash at bank and on hand1,158,2861,300,873
1,959,8511,743,024
Creditors amounts falling due within one year5(636,240)(477,252)
Net current assets (liabilities)1,323,6111,265,772
Total assets less current liabilities1,689,3021,435,489
Provisions for liabilities6(94,325)(30,402)
Net assets1,594,9771,405,087
Capital and reserves
Called up share capital22
Profit and loss account1,594,9751,405,085
Shareholders' funds1,594,9771,405,087
The financial statements were approved and authorised for issue by the Director on 26 February 2025, and are signed on its behalf by:
BARDSLEY, Mark Frederick
Director
Registered Company No. 08062684
X-MET METALS LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery5
Vehicles4
Office Equipment4
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year1515
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 June 23-74,065252,6226,167332,854
Additions110,00099,56461,7957,697279,056
At 31 May 24110,000173,629314,41713,864611,910
Depreciation and impairment
At 01 June 23-31,277126,5905,270163,137
Charge for year-20,58861,3191,17583,082
At 31 May 24-51,865187,9096,445246,219
Net book value
At 31 May 24110,000121,764126,5087,419365,691
At 31 May 23-42,788126,032897169,717
4.Stocks

2024

2023

££
Other stocks98,70044,700
Total98,70044,700
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables4,8957,568
Taxation and social security628,102466,771
Other creditors1,6041,604
Accrued liabilities and deferred income1,6391,309
Total636,240477,252
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)94,32530,402
Total94,32530,402