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Registered number: 07999177
Metal-Pro Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Goringe Accountants Ltd
1650 Arlington Business Park
Theale
Reading
Berkshire
RG7 4SA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07999177
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 118,232 4,408
118,232 4,408
CURRENT ASSETS
Stocks 6 62,719 15,000
Debtors 7 119,283 108,274
Cash at bank and in hand 214,144 106,702
396,146 229,976
Creditors: Amounts Falling Due Within One Year 8 (207,261 ) (165,284 )
NET CURRENT ASSETS (LIABILITIES) 188,885 64,692
TOTAL ASSETS LESS CURRENT LIABILITIES 307,117 69,100
NET ASSETS 307,117 69,100
CAPITAL AND RESERVES
Called up share capital 9 3 3
Profit and Loss Account 307,114 69,097
SHAREHOLDERS' FUNDS 307,117 69,100
Page 1
Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Duhig
Director
29/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Metal-Pro Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07999177 . The registered office is C/O Goringe Accountants Ltd, Waterside, 1650 Arlington Business Park, Reading, Berkshire, RG7 4SA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery straight line over 3 years
Motor Vehicles straight line over 3 years
Fixtures & Fittings straight line over 3 years
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 6)
7 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 35,217
As at 30 September 2024 35,217
Amortisation
As at 1 October 2023 35,217
As at 30 September 2024 35,217
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 October 2023 58,976 45,052 1,310 105,338
Additions 36,754 92,967 - 129,721
As at 30 September 2024 95,730 138,019 1,310 235,059
Depreciation
As at 1 October 2023 54,947 45,053 930 100,930
Provided during the period 8,403 7,209 285 15,897
As at 30 September 2024 63,350 52,262 1,215 116,827
Net Book Value
As at 30 September 2024 32,380 85,757 95 118,232
As at 1 October 2023 4,029 (1 ) 380 4,408
Page 4
Page 5
6. Stocks
2024 2023
£ £
Stock 17,000 15,000
Work in progress 45,719 -
62,719 15,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 102,325 92,545
Other debtors 16,958 15,729
119,283 108,274
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 21,654 66,463
Other creditors 89,825 67,308
Taxation and social security 95,782 31,513
207,261 165,284
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 3
10. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to the company by the directors:
As at 1 October 2023 Amounts advanced Amounts repaid Amounts written off As at 30 September 2024
£ £ £ £ £
Mr Richard Duhig (65,466 ) (69,312 ) 44,953 - (89,825 )
The above loan is unsecured, interest free and repayable on demand.
11. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 69,000 27,000
12. Controlling Party
The company's controlling party is Richard Duhig by virtue of his ownership of majority of the issued share capital in the company.
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