Company registration number 00500963 (England and Wales)
THE METAL RING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
THE METAL RING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
THE METAL RING COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
205,089
316,314
Current assets
Stocks
300,125
382,340
Debtors
4
544,344
493,985
Cash at bank and in hand
380,440
193,631
1,224,909
1,069,956
Creditors: amounts falling due within one year
5
(390,565)
(341,963)
Net current assets
834,344
727,993
Total assets less current liabilities
1,039,433
1,044,307
Provisions for liabilities
(45,017)
(64,056)
Net assets
994,416
980,251
Capital and reserves
Called up share capital
6
50,050
50,050
Profit and loss reserves
944,366
930,201
Total equity
994,416
980,251

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 December 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.

THE METAL RING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
Mrs S L Lupton
Mr T F Clark
Director
Director
Company registration number 00500963 (England and Wales)
THE METAL RING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

The Metal Ring Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Borwick Rails, Millom, LA18 4JT.

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

The directors have considered the current economic environment in the UK and the wider market but have noted that demand for their products remains high and believe that there is no reason the company will not repeat the success of recenttrue years over the next 12 months and have based their budget for 2025 around this expectation.

 

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. This includes making reference to budgets covering expected financial performance and cash levels for the 2025 calendar year. As a consequence the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods provided in the normal course of business, net of discounts and VAT. Income is recognised when the significant risks and rewards of ownership have passed to the customer. This is normally upon dispatch of the goods to the customer.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold property improvements
- 10% per annum straight line
Plant and machinery
- 10% per annum straight line
Fixtures, fittings & equipment
- 10% - 33% per annum 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.

THE METAL RING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts.

1.8
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.

 

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 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.

Other financial assets

All financial assets are basic financial instruments.

Classification of financial liabilities

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

THE METAL RING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

All financial liabilities are basic financial instruments.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

THE METAL RING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Retirement benefits

The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administration
5
6
Production
14
15
19
21
THE METAL RING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Tangible fixed assets
Leasehold property improvements
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 January 2024
118,880
258,652
321,502
699,034
Additions
-
0
18,826
2,832
21,658
At 31 December 2024
118,880
277,478
324,334
720,692
Depreciation and impairment
At 1 January 2024
24,895
142,040
215,785
382,720
Depreciation charged in the year
11,888
19,578
19,320
50,786
Impairment losses
82,097
-
0
-
0
82,097
At 31 December 2024
118,880
161,618
235,105
515,603
Carrying amount
At 31 December 2024
-
0
115,860
89,229
205,089
At 31 December 2023
93,985
116,612
105,717
316,314
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
496,597
455,109
Other debtors
47,747
38,876
544,344
493,985

Included within the above are amounts due in greater than one year from the balance sheet date of £7,975 (2023: £7,975).

5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
201,961
228,397
Amounts owed to group undertakings
33,024
30,999
Taxation and social security
113,015
47,393
Other creditors
42,565
35,174
390,565
341,963
THE METAL RING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
5,000 Ordinary shares of 1p each
50
50
50,000 Deferred shares of £1 each
50,000
50,000
50,050
50,050
7
Financial commitments, guarantees and contingent liabilities

At the balance sheet date, contributions totalling £5,199 (2023: £5,136) were payable to defined contribution pension schemes and are included within other creditors.

8
Directors' transactions

At the balance sheet date the company had provided a director of the company with an advance of £1,055 (2023: £4,411). The highest advance granted throughout the year was £5,647 (2023: £8,461).

 

This advance is repayable on demand and the company levied interest at the HMRC approved rate.

2024-12-312024-01-01falsefalsefalse01 April 2025CCH SoftwareCCH Accounts Production 2024.301No description of principal activityMrs S L LuptonMr T F ClarkMrs S L Lupton005009632024-01-012024-12-31005009632024-12-31005009632023-12-3100500963core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-12-3100500963core:PlantMachinery2024-12-3100500963core:FurnitureFittings2024-12-3100500963core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3100500963core:PlantMachinery2023-12-3100500963core:FurnitureFittings2023-12-3100500963core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3100500963core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3100500963core:CurrentFinancialInstruments2024-12-3100500963core:CurrentFinancialInstruments2023-12-3100500963core:ShareCapital2024-12-3100500963core:ShareCapital2023-12-3100500963core:RetainedEarningsAccumulatedLosses2024-12-3100500963core:RetainedEarningsAccumulatedLosses2023-12-3100500963core:ShareCapitalOrdinaryShares2024-12-3100500963core:ShareCapitalOrdinaryShares2023-12-3100500963bus:CompanySecretaryDirector12024-01-012024-12-3100500963bus:Director12024-01-012024-12-3100500963core:LandBuildingscore:LongLeaseholdAssets2024-01-012024-12-3100500963core:PlantMachinery2024-01-012024-12-3100500963core:FurnitureFittings2024-01-012024-12-31005009632023-01-012023-12-3100500963core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3100500963core:PlantMachinery2023-12-3100500963core:FurnitureFittings2023-12-31005009632023-12-3100500963core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-01-012024-12-3100500963core:WithinOneYear2024-12-3100500963core:WithinOneYear2023-12-3100500963bus:PrivateLimitedCompanyLtd2024-01-012024-12-3100500963bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3100500963bus:FRS1022024-01-012024-12-3100500963bus:AuditExemptWithAccountantsReport2024-01-012024-12-3100500963bus:Director22024-01-012024-12-3100500963bus:CompanySecretary12024-01-012024-12-3100500963bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP