Company registration number 06349591 (England and Wales)
SALFORD METALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
SALFORD METALS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SALFORD METALS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
141,336
183,408
Investment properties
5
156,625
156,625
Investments
6
33,750
33,750
331,711
373,783
Current assets
Stock
29,662
22,851
Debtors
7
11,743
46,532
Cash at bank and in hand
15,408
40,894
56,813
110,277
Creditors: amounts falling due within one year
8
(223,910)
(244,956)
Net current liabilities
(167,097)
(134,679)
Total assets less current liabilities
164,614
239,104
Creditors: amounts falling due after more than one year
9
(47,935)
(76,776)
Provisions for liabilities
(23,310)
(33,060)
Net assets
93,369
129,268
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
93,269
129,168
Total equity
93,369
129,268

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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.

SALFORD METALS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 May 2025
Mrs S J Taroni
Director
Company Registration No. 06349591
SALFORD METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

Salford Metals Limited is a private company limited by shares incorporated in England and Wales. The registered office is 475 Lichfield Road, Aston, Birmingham, West Midlands, B6 7SP.

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.

1.2
Turnover

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
Intangible fixed assets - goodwill

Goodwill, which represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired, has been fully amortised.

1.4
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 land and buildings
Fully depreciated
Plant and equipment
20% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

SALFORD METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Stock

Stock is stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.

1.8
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.

1.9
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.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

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

2024
2023
Number
Number
Total
4
5
SALFORD METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
380,000
Amortisation and impairment
At 1 November 2023 and 31 October 2024
380,000
Carrying amount
At 31 October 2024
-
0
At 31 October 2023
-
0
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023 and 31 October 2024
668
209,107
24,074
173,824
407,673
Depreciation and impairment
At 1 November 2023
668
153,541
13,986
56,070
224,265
Depreciation charged in the year
-
0
11,116
1,516
29,440
42,072
At 31 October 2024
668
164,657
15,502
85,510
266,337
Carrying amount
At 31 October 2024
-
0
44,450
8,572
88,314
141,336
At 31 October 2023
-
0
55,566
10,088
117,754
183,408

Included in the total net book value carried forward are assets totalling £80,295 (2023 - £107,061) which are the subject of hire purchase agreements.

5
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
156,625

The investment property having been purchased only a year ago, the directors are of the opinion that its fair value remains not materially different from its cost.

SALFORD METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
6
Fixed asset investments
2024
2023
£
£
Other investments
33,750
33,750
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
2,921
Other debtors
11,743
43,611
11,743
46,532
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,261
10,106
Trade creditors
120,532
127,507
Taxation and social security
64,123
84,543
Other creditors
28,994
22,800
223,910
244,956
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,262
16,523
Other creditors
41,673
60,253
47,935
76,776
10
Loans and overdrafts
2024
2023
£
£
Bank loans
16,523
26,629
Other loans
60,253
77,030
76,776
103,659
Payable within one year
28,841
26,883
Payable after one year
47,935
76,776
SALFORD METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Loans and overdrafts
(Continued)
- 7 -

The bank loan is underwritten by H M Government under the Bounce Back loans legislation.

 

Other loans comprise hire purchase loans, which are secured upon the fixed assets being financed.

11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
13
Directors' transactions

The company continued to provide current account facilities to a director, who made withdrawals totalling £52,100 and repayments totalling £74,437 during the year, leaving £4,948 (2023 - £27,285) owed to the company at the year end. The loan is unsecured, interest-free, and carries no stipulation as to terms of repayment.

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