Silverfin false false 31/07/2024 01/08/2023 31/07/2024 Mrs A Reshamwala 13/09/2020 A M Reshamwala 13/09/2020 20 June 2025 no description of principal activity 12875283 2024-07-31 12875283 bus:Director1 2024-07-31 12875283 bus:Director2 2024-07-31 12875283 2023-07-31 12875283 core:CurrentFinancialInstruments 2024-07-31 12875283 core:CurrentFinancialInstruments 2023-07-31 12875283 core:ShareCapital 2024-07-31 12875283 core:ShareCapital 2023-07-31 12875283 core:RetainedEarningsAccumulatedLosses 2024-07-31 12875283 core:RetainedEarningsAccumulatedLosses 2023-07-31 12875283 core:FurnitureFittings 2023-07-31 12875283 core:ComputerEquipment 2023-07-31 12875283 core:FurnitureFittings 2024-07-31 12875283 core:ComputerEquipment 2024-07-31 12875283 2023-08-01 2024-07-31 12875283 bus:FilletedAccounts 2023-08-01 2024-07-31 12875283 bus:SmallEntities 2023-08-01 2024-07-31 12875283 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 12875283 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 12875283 bus:Director1 2023-08-01 2024-07-31 12875283 bus:Director2 2023-08-01 2024-07-31 12875283 core:FurnitureFittings 2023-08-01 2024-07-31 12875283 core:ComputerEquipment 2023-08-01 2024-07-31 12875283 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Company No: 12875283 (England and Wales)

MODERN SCRAP METALS LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

MODERN SCRAP METALS LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

MODERN SCRAP METALS LTD

COMPANY INFORMATION

For the financial year ended 31 July 2024
MODERN SCRAP METALS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
DIRECTORS Mrs A Reshamwala
A M Reshamwala
REGISTERED OFFICE 50 Greenfield Road
London
E1 1EJ
United Kingdom
COMPANY NUMBER 12875283 (England and Wales)
ACCOUNTANT Gravita Essex Limited
Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR
United Kingdom
MODERN SCRAP METALS LTD

BALANCE SHEET

As at 31 July 2024
MODERN SCRAP METALS LTD

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,348 1,797
1,348 1,797
Current assets
Debtors 4 243,359 184,113
Cash at bank and in hand 386 70
243,745 184,183
Creditors: amounts falling due within one year 5 ( 249,054) ( 184,882)
Net current liabilities (5,309) (699)
Total assets less current liabilities (3,961) 1,098
Net (liabilities)/assets ( 3,961) 1,098
Capital and reserves
Called-up share capital 200 200
Profit and loss account ( 4,161 ) 898
Total shareholders' (deficit)/funds ( 3,961) 1,098

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Modern Scrap Metals Ltd (registered number: 12875283) were approved and authorised for issue by the Board of Directors on 20 June 2025. They were signed on its behalf by:

A M Reshamwala
Director
MODERN SCRAP METALS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
MODERN SCRAP METALS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Modern Scrap Metals Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 50 Greenfield Road, London, E1 1EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 August 2023 2,083 833 2,916
At 31 July 2024 2,083 833 2,916
Accumulated depreciation
At 01 August 2023 911 208 1,119
Charge for the financial year 293 156 449
At 31 July 2024 1,204 364 1,568
Net book value
At 31 July 2024 879 469 1,348
At 31 July 2023 1,172 625 1,797

4. Debtors

2024 2023
£ £
Trade debtors 137,269 134,683
Amounts owed by Group undertakings 8,000 13,000
Corporation tax 20,526 0
Other debtors 77,564 36,430
243,359 184,113

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 65,698 374
Taxation and social security 45,272 19,821
Other creditors 138,084 164,687
249,054 184,882

6. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Advances or credits given 85,356 105,338
Repayments received (43,933) (47,159)

At the year end the balance owing to the company was £77,518 (2023: £36,096). The loans to the director is repayable on demand. Interest is charged on all loans at the official rate of interest set
by HMRC