Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-3082023-10-01falsesteel fabrication and welding8truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04301476 2023-10-01 2024-09-30 04301476 2022-10-01 2023-09-30 04301476 2024-09-30 04301476 2023-09-30 04301476 c:Director2 2023-10-01 2024-09-30 04301476 d:PlantMachinery 2023-10-01 2024-09-30 04301476 d:PlantMachinery 2024-09-30 04301476 d:PlantMachinery 2023-09-30 04301476 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04301476 d:MotorVehicles 2023-10-01 2024-09-30 04301476 d:MotorVehicles 2024-09-30 04301476 d:MotorVehicles 2023-09-30 04301476 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04301476 d:FurnitureFittings 2023-10-01 2024-09-30 04301476 d:FurnitureFittings 2024-09-30 04301476 d:FurnitureFittings 2023-09-30 04301476 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04301476 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04301476 d:Goodwill 2024-09-30 04301476 d:Goodwill 2023-09-30 04301476 d:CurrentFinancialInstruments 2024-09-30 04301476 d:CurrentFinancialInstruments 2023-09-30 04301476 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 04301476 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 04301476 d:ShareCapital 2024-09-30 04301476 d:ShareCapital 2023-09-30 04301476 d:CapitalRedemptionReserve 2024-09-30 04301476 d:CapitalRedemptionReserve 2023-09-30 04301476 d:RetainedEarningsAccumulatedLosses 2024-09-30 04301476 d:RetainedEarningsAccumulatedLosses 2023-09-30 04301476 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-09-30 04301476 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-09-30 04301476 c:FRS102 2023-10-01 2024-09-30 04301476 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 04301476 c:FullAccounts 2023-10-01 2024-09-30 04301476 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04301476 2 2023-10-01 2024-09-30 04301476 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 04301476









METALTEC LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
METALTEC LIMITED
REGISTERED NUMBER: 04301476

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
24,516
22,278

  
24,516
22,278

Current assets
  

Stocks
 6 
47,900
50,000

Debtors: amounts falling due within one year
 7 
467,477
432,361

Cash at bank and in hand
 8 
375,597
353,663

  
890,974
836,024

Creditors: amounts falling due within one year
 9 
(279,137)
(342,794)

Net current assets
  
 
 
611,837
 
 
493,230

Total assets less current liabilities
  
636,353
515,508

  

Net assets
  
636,353
515,508


Capital and reserves
  

Called up share capital 
  
1,118
1,118

Capital redemption reserve
  
732
732

Profit and loss account
  
634,503
513,658

  
636,353
515,508


Page 1

 
METALTEC LIMITED
REGISTERED NUMBER: 04301476
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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 on 15 April 2025.




................................................
Mark Smith
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
METALTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Metaltec Limited is a private company limited by shares, incorporated in England and Wales. The principal activity throughout the year was that of steel fabrication and welding.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

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

Sale of goods

Turnover 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 turnover 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.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
METALTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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.

 
2.8

Taxation

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.

Page 4

 
METALTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

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.

 
2.11

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.

 
2.12

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.

Page 5

 
METALTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

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.

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.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).

Page 6

 
METALTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 October 2023
36,000



At 30 September 2024

36,000



Amortisation


At 1 October 2023
36,000



At 30 September 2024

36,000



Net book value



At 30 September 2024
-



At 30 September 2023
-



Page 7

 
METALTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 October 2023
109,771
41,359
18,513
169,643


Additions
8,450
-
1,964
10,414



At 30 September 2024

118,221
41,359
20,477
180,057



Depreciation


At 1 October 2023
103,114
31,966
12,285
147,365


Charge for the year on owned assets
3,778
2,348
2,050
8,176



At 30 September 2024

106,892
34,314
14,335
155,541



Net book value



At 30 September 2024
11,329
7,045
6,142
24,516



At 30 September 2023
6,657
9,393
6,228
22,278


6.


Stocks

2024
2023
£
£

Stock and work in progress
47,900
50,000

47,900
50,000


Page 8

 
METALTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
458,649
419,019

Other debtors
1,188
9,476

Prepayments and accrued income
7,640
3,866

467,477
432,361



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
375,597
353,663

Less: bank overdrafts
-
(7)

375,597
353,656



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
7

Trade creditors
105,051
151,883

Corporation tax
147,719
179,670

Other taxation and social security
22,493
7,827

Other creditors
449
132

Accruals and deferred income
3,425
3,275

279,137
342,794



10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
375,597
353,663




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 9

 
METALTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Pension commitments

The Company operates a defined contributions pension scheme in respect of the employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,268 (2023 - £54,690). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date.


12.


Related party transactions

Metaltec Holding Limited, is a company who owns 100% of the issued shares and in which director, Mark Smith,  is a director and shareholder.
During the year dividends of £322,118 (2023 - £1,764,789) were paid to Metaltec Holding Limited. At the end of the year £Nil (2023 - £Nil) was due to Metaltec Holding Limited.


13.


Controlling party

The Company is controlled by a parent company, Metaltec Holding Limited, who owns 100% of the issued shares and in which director, Mark Smith,  is a director and shareholder.

 
Page 10