Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-31492024-01-01falseNo description of principal activity53falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01380188 2024-01-01 2024-12-31 01380188 2023-01-01 2023-12-31 01380188 2024-12-31 01380188 2023-12-31 01380188 c:Director3 2024-01-01 2024-12-31 01380188 d:Buildings 2024-01-01 2024-12-31 01380188 d:Buildings 2024-12-31 01380188 d:Buildings 2023-12-31 01380188 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01380188 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 01380188 d:PlantMachinery 2024-01-01 2024-12-31 01380188 d:MotorVehicles 2024-01-01 2024-12-31 01380188 d:OfficeEquipment 2024-01-01 2024-12-31 01380188 d:ComputerEquipment 2024-01-01 2024-12-31 01380188 d:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 01380188 d:OtherPropertyPlantEquipment 2024-12-31 01380188 d:OtherPropertyPlantEquipment 2023-12-31 01380188 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01380188 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01380188 d:CurrentFinancialInstruments 2024-12-31 01380188 d:CurrentFinancialInstruments 2023-12-31 01380188 d:Non-currentFinancialInstruments 2024-12-31 01380188 d:Non-currentFinancialInstruments 2023-12-31 01380188 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 01380188 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01380188 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 01380188 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01380188 d:ShareCapital 2024-12-31 01380188 d:ShareCapital 2023-12-31 01380188 d:RetainedEarningsAccumulatedLosses 2024-12-31 01380188 d:RetainedEarningsAccumulatedLosses 2023-12-31 01380188 c:FRS102 2024-01-01 2024-12-31 01380188 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 01380188 c:FullAccounts 2024-01-01 2024-12-31 01380188 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01380188 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 01380188 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 01380188 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 01380188 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 01380188 2 2024-01-01 2024-12-31 01380188 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 01380188 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01380188 d:OtherDeferredTax 2024-12-31 01380188 d:OtherDeferredTax 2023-12-31 01380188 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 01380188










DAVENTRY METAL PRODUCTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
DAVENTRY METAL PRODUCTS LIMITED
REGISTERED NUMBER:01380188

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,200,257
1,192,356

Current assets
  

Stocks
 5 
454,027
525,417

Debtors: amounts falling due within one year
 6 
1,439,169
755,668

Cash at bank and in hand
 7 
1,681,109
1,521,376

  
3,574,305
2,802,461

Creditors: amounts falling due within one year
 8 
(812,908)
(725,867)

Net current assets
  
 
 
2,761,397
 
 
2,076,594

Total assets less current liabilities
  
3,961,654
3,268,950

Creditors: amounts falling due after more than one year
 10 
-
(35,670)

Provisions for liabilities
  

Deferred tax
 12 
(244,007)
(231,466)

  
 
 
(244,007)
 
 
(231,466)

Net assets
  
3,717,647
3,001,814


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,717,547
3,001,714

  
3,717,647
3,001,814

Page 1

 
DAVENTRY METAL PRODUCTS LIMITED
REGISTERED NUMBER:01380188
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






W L Childs
Director

Date: 25 March 2025


The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
DAVENTRY METAL PRODUCTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Daventry Metal Products Limited is a private company, limited by shares. It is incorporated in England and Wales, registered number 01380188. Its registered office and principal place of business is at 17 Low March Industrial Estate, Low March, Daventry, NN11 4SD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
DAVENTRY METAL PRODUCTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 the goods sold;
the amount of revenue 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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
DAVENTRY METAL PRODUCTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short term leasehold property
-
over 10 years straight line
Plant and machinery
-
over 10 years straight line
Motor vehicles
-
over 5 years straight line
Office equipment
-
over 3 - 10 years straight line
Computer equipment
-
over 3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
DAVENTRY METAL PRODUCTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Page 6

 
DAVENTRY METAL PRODUCTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 7

 
DAVENTRY METAL PRODUCTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 49 (2023 - 53).

Page 8

 
DAVENTRY METAL PRODUCTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Land and buildings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2024
349,116
3,128,994
3,478,110


Additions
11,514
201,920
213,434


Disposals
-
(465)
(465)



At 31 December 2024

360,630
3,330,449
3,691,079



Depreciation


At 1 January 2024
242,498
2,043,256
2,285,754


Charge for the year on owned assets
6,061
199,472
205,533


Disposals
-
(465)
(465)



At 31 December 2024

248,559
2,242,263
2,490,822



Net book value



At 31 December 2024
112,071
1,088,186
1,200,257



At 31 December 2023
106,618
1,085,738
1,192,356


5.


Stocks

2024
2023
£
£

Raw materials and consumables
309,479
406,861

Work in progress (goods to be sold)
144,548
118,556

454,027
525,417


Page 9

 
DAVENTRY METAL PRODUCTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
699,152
608,952

Amounts owed by group undertakings
500,000
-

Other debtors
141,362
75,373

Prepayments and accrued income
98,655
71,343

1,439,169
755,668



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,681,109
1,521,376



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
157,237
178,137

Corporation tax
238,586
37,585

Other taxation and social security
304,658
251,738

Obligations under finance lease and hire purchase contracts
35,670
123,329

Other creditors
11,278
9,849

Accruals and deferred income
65,479
125,229

812,908
725,867


The amounts owed under hire purchase agreements are secured against the assets to which they relate.


9.


Financial instruments

All debtors and creditors are basic financial instruments and are held at amortised cost.

Page 10

 
DAVENTRY METAL PRODUCTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
35,670


The amounts owed under hire purchase agreements are secured against the assets to which they relate.


11.


Hire purchase and finance leases


2024
2023
£
£


Within one year
35,670
123,329

Between 1-5 years
-
35,670

35,670
158,999


12.


Deferred taxation




2024


£






At beginning of year
231,466


Charged to profit or loss
12,541



At end of year
244,007

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
245,113
232,464

Short term timing differences
(1,106)
(998)

244,007
231,466

Page 11

 
DAVENTRY METAL PRODUCTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Capital commitments


At 31 December 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
382,950
-


14.


Pension commitments

The Company contributes to employee personal pension schemes and operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £11,278 (2023 - £9,849) were payable to the funds at the Balance Sheet date, included in other creditors.


15.


Transactions with directors

During the year advances totalling £3,500 were made to a Director. At the year end date £3,500 was due from the Director.

 
Page 12