ACCOUNTS - Final Accounts preparation

Company registration number: 10957942

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 30 SEPTEMBER 2024

	METAL GATES LIMITED


METAL GATES LIMITED

COMPANY INFORMATION

Director	A Cucuzzella


Registered number	10957942


Registered office	Magna House
	18 - 32 London Road
	Staines-Upon-Thames
	TW18 4BP


Trading Address	Crown Farm
	Eton Wick Road
	Windsor
	Berkshire
	SL4 6PG



Accountants	Menzies LLP
	Chartered Accountants
	Magna House
	18-32 London Road
	Staines-Upon-Thames
	TW18 4BP


METAL GATES LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 5


METAL GATES LIMITED REGISTERED NUMBER:10957942

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		43,738		57,067
			43,738		57,067
Current assets
Stocks		41,167		53,333
Debtors: amounts falling due within one year	5	4,931		2,154
Cash at bank and in hand		85,741		109,412
		131,839		164,899
Creditors: amounts falling due within one year	6	(76,268)		(108,410)
Net current assets			55,571		56,489
Total assets less current liabilities			99,309		113,556

Net assets			99,309		113,556

Capital and reserves
Called up share capital	100	100
Profit and loss account	99,209	113,456
	99,309	113,556

The director considers 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 director acknowledges his 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 by:

A Cucuzzella

Director

Date: 18 June 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1


METAL GATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.	General information

Metal Gates Limited is a private company, limited by shares and incorporated in England and Wales. The address of the registered office and trading address is provided in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

Going concern

The financial statements have been prepared on a going concern basis. There have been no significant judgements and estimates used in the financial statements that have impacted upon this assessment.

2.3

Turnover

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 generated via the sale of metal gates, railings, balustrades, and staircases and are measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes

2.4

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.

2.5

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.

Page 2


METAL GATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-	10%	Straight line
Plant and machinery	-	25%	Straight line
Motor vehicles	-	25%	Straight line

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.

2.6

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

2.7

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

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 reporting date in the countries where the company operates and generates income.

Page 3


METAL GATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

2.9

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.

Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

4.	Tangible fixed assets

	Short-term leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 October 2023	28,000	27,243	25,320	80,563
At 30 September 2024	28,000	27,243	25,320	80,563
Depreciation
At 1 October 2023	6,160	17,336	-	23,496
Charge for the year on owned assets	2,800	4,199	6,330	13,329
At 30 September 2024	8,960	21,535	6,330	36,825
Net book value
At 30 September 2024	19,040	5,708	18,990	43,738
At 30 September 2023	21,840	9,907	25,320	57,067

Debtors

					2024	2023
					£	£


Trade debtors	2,400	-
Prepayments and accrued income	2,531	2,154
	4,931	2,154

Page 4


METAL GATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	13,602	46,690
Corporation tax	9,797	13,686
Other taxation and social security	8,147	10,754
Other creditors	24,789	6,468
Accruals and deferred income	19,933	30,812
	76,268	108,410

Page 5