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Registration number: 4110579

B & M Sheet Metal (Leeds) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

B & M Sheet Metal (Leeds) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

B & M Sheet Metal (Leeds) Limited

Company Information

Director

Mr John Anthony Macleod

Registered office

3a Railsfield Mount
Leeds
LS13 3AX

Accountants

Fullertons Limited
Chartered Certified AccountantsManchester House
50A Oxford Road
Guiseley
Leeds
LS20 8AB

 

B & M Sheet Metal (Leeds) Limited

(Registration number: 4110579)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

44,273

59,203

Current assets

 

Stocks

4,500

4,500

Debtors

5

107,634

52,977

Cash at bank and in hand

 

41,047

23,650

 

153,181

81,127

Creditors: Amounts falling due within one year

6

(87,684)

(59,096)

Net current assets

 

65,497

22,031

Total assets less current liabilities

 

109,770

81,234

Creditors: Amounts falling due after more than one year

6

(30,296)

(51,534)

Provisions for liabilities

(11,068)

(11,248)

Net assets

 

68,406

18,452

Capital and reserves

 

Called up share capital

7

1,001

1,001

Retained earnings

67,405

17,451

Shareholders' funds

 

68,406

18,452

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 April 2025
 

 

B & M Sheet Metal (Leeds) Limited

(Registration number: 4110579)
Balance Sheet as at 31 December 2024

.........................................
Mr John Anthony Macleod
Director

 

B & M Sheet Metal (Leeds) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
3a Railsfield Mount
Leeds
LS13 3AX
England

These financial statements were authorised for issue by the director on 30 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

B & M Sheet Metal (Leeds) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on net book value

Plant and equipment

25% on net book value

Furniture, fittings and equipment

33% on net book value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

B & M Sheet Metal (Leeds) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

B & M Sheet Metal (Leeds) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 5).

 

B & M Sheet Metal (Leeds) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

12,644

53,500

144,994

211,138

At 31 December 2024

12,644

53,500

144,994

211,138

Depreciation

At 1 January 2024

11,025

13,375

127,535

151,935

Charge for the year

534

10,031

4,365

14,930

At 31 December 2024

11,559

23,406

131,900

166,865

Carrying amount

At 31 December 2024

1,085

30,094

13,094

44,273

At 31 December 2023

1,619

40,125

17,459

59,203

5

Debtors

Current

2024
£

2023
£

Trade debtors

96,143

41,160

Prepayments

2,202

2,749

Other debtors

9,289

9,068

 

107,634

52,977

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

21,238

21,238

Trade creditors

 

17,478

25,749

Taxation and social security

 

47,119

10,426

Accruals and deferred income

 

1,849

1,683

 

87,684

59,096

 

B & M Sheet Metal (Leeds) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £21,238 (2023 - £21,238).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

30,296

51,534

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £30,296 (2023 - £51,534).

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

B Ordinary shares of £1 each

1

1

1

1

1,001

1,001

1,001

1,001

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,000

15,000

Hire purchase contracts

25,296

36,534

30,296

51,534

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

11,238

11,238

21,238

21,238

9

Related party transactions

 

B & M Sheet Metal (Leeds) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Summary of transactions with other related parties

From 31 March 2017 the company has occupied trading premises which are owned by the John Anthony Macleod SIPP for which it pays rent of £24,500 per annum (2023 : £24,500).