Company Registration No. 13550278 (England and Wales)
METAL SURGERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
The Old Carriage Works
Moresk Road
Truro
Cornwall
United Kingdom
TR1 1DG
METAL SURGERY LIMITED
CONTENTS
Page
Company information
1
Directors' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 9
The following pages do not form part of the financial statements
Accountants' report
10
Detailed profit and loss account
11 - 13
METAL SURGERY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr C Ormesher
Mr G Wal
Company number
13550278
Registered office
The Mill, Mount Wellington Mine
Fernsplatt
Chacewater
Truro
Cornwall
England
TR4 8RJ
Accountants
TC Group
The Old Carriage Works
Moresk Road
Truro
Cornwall
United Kingdom
TR1 1DG
METAL SURGERY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company continued to be that of manufacture of metal structures and parts of structures.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C Ormesher
Mr G Wal
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr C Ormesher
Mr G Wal
Director
Director
9 June 2025
METAL SURGERY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
2024
2023
£
£
Turnover
662,461
884,058
Cost of sales
(199,034)
(423,034)
Gross profit
463,427
461,024
Administrative expenses
(352,046)
(386,248)
Operating profit
111,381
74,776
Interest payable and similar expenses
(11,109)
(4,814)
Profit before taxation
100,272
69,962
Tax on profit
9,819
(13,308)
Profit for the financial year
110,091
56,654

The profit and loss account has been prepared on the basis that all operations are continuing operations.

METAL SURGERY LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
123,369
149,287
Current assets
Debtors
5
205,620
120,053
Cash at bank and in hand
65,721
166,761
271,341
286,814
Creditors: amounts falling due within one year
6
(177,350)
(274,686)
Net current assets
93,991
12,128
Total assets less current liabilities
217,360
161,415
Creditors: amounts falling due after more than one year
(32,877)
(43,412)
Provisions for liabilities
(29,578)
-
0
Net assets
154,905
118,003
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
154,805
117,903
Total equity
154,905
118,003

For the financial year ended 31 August 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 in accordance with the provisions applicable to companies subject to the small companies regime.

METAL SURGERY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 5 -
The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
Mr G Wal
Director
Company registration number 13550278 (England and Wales)
METAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
1
Accounting policies
Company information

Metal Surgery Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Mill, Mount Wellington Mine, Fernsplatt, Chacewater, Truro, Cornwall, England, TR4 8RJ.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

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

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

Leasehold improvements
Over the lease term
Plant and equipment
25% reducing balance
Fixtures and fittings
15% straight line
Computers
25% straight line
Motor vehicles
25% 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.

METAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 7 -
1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

METAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
3
Employees

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

2024
2023
Number
Number
Total
7
8
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Other asset
Total
£
£
£
£
Cost
At 1 September 2023
4,423
219,434
14,000
237,857
Additions
-
0
30,334
-
0
30,334
Disposals
-
0
(2,550)
(14,000)
(16,550)
At 31 August 2024
4,423
247,218
-
0
251,641
Depreciation and impairment
At 1 September 2023
737
87,833
-
0
88,570
Depreciation charged in the year
737
40,081
-
0
40,818
Eliminated in respect of disposals
-
0
(1,116)
-
0
(1,116)
At 31 August 2024
1,474
126,798
-
0
128,272
Carrying amount
At 31 August 2024
2,949
120,420
-
0
123,369
At 31 August 2023
3,686
131,601
14,000
149,287

Assets purchased using Hire Purchase have carrying values of £49,810 at 31 August 2024. (2023: £51,053.) Depreciation charged on the assets totalled £16,603. (2023: £17,018)

METAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,192
11,191
Gross amounts owed by contract customers
148,385
103,425
Corporation tax recoverable
34,015
-
0
Other debtors
1,790
5,437
Prepayments and accrued income
11,238
-
0
205,620
120,053
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
77,273
103,986
Corporation tax
27,644
20,537
Other taxation and social security
40,208
30,998
Other creditors
32,225
119,165
177,350
274,686
7
Prior Period Presentation of Turnover

In previous financial periods, the carrying value of projects in progress on behalf of clients were treated as work-in-progress upon the company balance sheet, and included with the computation of the cost of sales.

The Directors have amended the 2023 accounts to reflect the FRS102 1A accounting treatment of work-in-progress. The carrying value of the contract work has been included within debtors as Amounts Recoverable on Contracts. The Amounts Recoverable on Contracts are now included within the computation of Turnover.

The changes have not altered the profit within either 2024 or 2023, nor affected the corporation tax chargeable, nor the net assets stated upon the balance sheet.

8
Related party transactions

A Director owed the company £9,115 at 31 August 2024. (2023: The Director owed the company £21,780.) The loan to the Director is free of interest and repayable on demand.

 

A Director was owed £1,790 by the company at 31 August 2024: (2023: £4,300) The loan is free of interest and repayable on demand.

 

 

 

METAL SURGERY LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF METAL SURGERY LIMITED
- 10 -

These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 August 2024.

We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.

On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a true and fair view.

You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.

 

The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.

TC Group
9 June 2025
The Old Carriage Works
Moresk Road
Truro
Cornwall
United Kingdom
TR1 1DG
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