COMPANY REGISTRATION NUMBER:
01072024
|
W. Harold John (Metals) Limited |
|
|
Filleted Abridged Financial Statements |
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|
W. Harold John (Metals) Limited |
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|
Abridged Financial Statements |
|
Year ended 31 August 2024
|
Abridged statement of financial position |
1 |
|
|
|
Notes to the abridged financial statements |
3 |
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|
|
W. Harold John (Metals) Limited |
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|
Abridged Statement of Financial Position |
|
31 August 2024
Fixed assets
|
Tangible assets |
5 |
|
806,924 |
629,267 |
|
|
|
|
|
Current assets
|
Stocks |
875,323 |
|
711,774 |
|
Debtors |
708,495 |
|
733,891 |
|
Cash at bank and in hand |
58,003 |
|
25,902 |
|
------------ |
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------------ |
|
1,641,821 |
|
1,471,567 |
|
|
|
|
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Creditors: amounts falling due within one year |
1,066,137 |
|
931,569 |
|
------------ |
|
------------ |
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Net current assets |
|
575,684 |
539,998 |
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------------ |
------------ |
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Total assets less current liabilities |
|
1,382,608 |
1,169,265 |
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|
|
|
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Creditors: amounts falling due after more than one year |
|
111,167 |
– |
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|
|
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Provisions
|
Taxation including deferred tax |
|
97,719 |
50,773 |
|
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------------ |
------------ |
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Net assets |
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1,173,722 |
1,118,492 |
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------------ |
------------ |
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|
|
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Capital and reserves
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Called up share capital |
|
13,612 |
13,612 |
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Revaluation reserve |
|
426,177 |
426,177 |
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Profit and loss account |
|
733,933 |
678,703 |
|
|
------------ |
------------ |
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Shareholder funds |
|
1,173,722 |
1,118,492 |
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------------ |
------------ |
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.
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W. Harold John (Metals) Limited |
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Abridged Statement of Financial Position (continued) |
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31 August 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
15 March 2025
, and are signed on behalf of the board by:
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Mr W.G.R. Hazell |
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Director |
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Company registration number:
01072024
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W. Harold John (Metals) Limited |
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Notes to the Abridged Financial Statements |
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Year ended 31 August 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Nash Road, Newport, NP18 2BS.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred taxation is provided on timing differences, arising from the different treatment of items for accounting and taxation purposes, which are expected to reverse in the future, calculated at the rates at which it is expected that tax will arise.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
10% straight line |
|
Fixtures and fittings |
- |
20% straight line |
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Equipment |
- |
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|
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Freehold land and buildings are not depreciated as the amount involved is considered immaterial.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
17
(2023:
8
).
5.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 September 2023 |
1,460,225 |
|
Additions |
277,250 |
|
Disposals |
(
131,815) |
|
------------ |
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At 31 August 2024 |
1,605,660 |
|
------------ |
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Depreciation |
|
|
At 1 September 2023 |
830,958 |
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Charge for the year |
64,474 |
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Disposals |
(
96,696) |
|
------------ |
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At 31 August 2024 |
798,736 |
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------------ |
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Carrying amount |
|
|
At 31 August 2024 |
806,924 |
|
------------ |
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At 31 August 2023 |
629,267 |
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------------ |
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|
6.
Contingencies
A charge registered on 8th March 2024 by HSBC UK Bank Plc provides a legal assignment of contract monies. A charge registered on 28th September 2022 by HSBC UK Bank Plc provides a legal assignment of contract monies. A charge registered on 26th August 2022 by HSBC Invoice Finance (UK) Ltd provides a fixed charge over the company's property lying to the north of Nash Road, Newport NP18 2BS (CYM353786)on all monies due or to become due from the company to the chargee on any account whatsoever. A charge registered on 2nd August 2022 by HSBC UK Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. A cross guarantee with G.D. Environmental Services Limited, MDW (Europe) Limited and MDW Holdings Limited registered on 2nd August 2022 by HSBC Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever.
7.
Summary audit opinion
The auditor's report dated
15 March 2025
was
unqualified
.
The senior statutory auditor was
Mr D.R. Thomas FCA
, for and on behalf of
Haasco Limited
.
8.
Related party transactions
Transactions between the company and group undertakings, which are related parties, have been eliminated in the consolidated accounts and are not disclosed in this note. During the year, the following rent was paid to the directors:
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Mr W.P.H. John |
33,000 |
35,750 |
|
|
-------- |
-------- |
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No other transactions with related parties were undertaken such that are required to be disclosed under Financial Reporting Standard 102.
9.
Controlling party
The company is a wholly owned subsidiary undertaking of MDW Holdings Limited, a company incorporated in England and Wales, which is the ultimate parent undertaking.