REGISTERED NUMBER: 06462160 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

The Metal Works Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S M Quirk

S G Lynch

REGISTERED OFFICE:

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

BUSINESS ADDRESS:

10 Ashton Close

Ashton Business Park

Leicester

Leicestershire

LE4 2BQ

REGISTERED NUMBER:

06462160 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Tangible assets

4

505,663

460,446

CURRENT ASSETS

Stocks

33,976

107,798

Debtors

5

776,053

694,409

Cash at bank

64,501

195,174

874,530

997,381

CREDITORS

Amounts falling due within one year

6

(498,372

)

(451,630

)

NET CURRENT ASSETS

376,158

545,751

TOTAL ASSETS LESS CURRENT LIABILITIES

881,821

1,006,197

CREDITORS

Amounts falling due after more than one year

7

(32,495

)

(120,220

)

PROVISIONS FOR LIABILITIES

(117,465

)

(103,876

)

NET ASSETS

731,861

782,101

CAPITAL AND RESERVES

Called up share capital

100

100

Capital redemption reserve

50

50

Retained earnings

731,711

781,951

SHAREHOLDERS' FUNDS

731,861

782,101

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2025 and were signed on its behalf by:

S M Quirk - Director

1.	STATUTORY INFORMATION

The Metal Works Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% or 25% on reducing balance

Motor vehicles

-

20% on reducing balance

Office equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits

The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Office

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

1,148,763

136,979

42,662

1,328,404

Additions

129,569

-

2,439

132,008

Disposals

(1,400

)

-

(700

)

(2,100

)

At 31 December 2024

1,276,932

136,979

44,401

1,458,312

DEPRECIATION

At 1 January 2024

787,851

49,436

30,671

867,958

Charge for year

64,804

17,509

4,397

86,710

Eliminated on disposal

(1,380

)

-

(639

)

(2,019

)

At 31 December 2024

851,275

66,945

34,429

952,649

NET BOOK VALUE

At 31 December 2024

425,657

70,034

9,972

505,663

At 31 December 2023

360,912

87,543

11,991

460,446

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

743,918

665,995

Other debtors

32,135

28,414

776,053

694,409

Other debtors include prepayments and accrued income of £31,135 (2023 - £26,364).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

82,622

56,868

Hire purchase contracts

27,947

45,228

Trade creditors

72,130

124,746

Taxation and social security

280,010

160,680

Other creditors

35,663

64,108

498,372

451,630

Other creditors include accruals and deferred income of £16,100 (2023 - £19,267).

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

15,416

75,193

Hire purchase contracts

17,079

45,027

32,495

120,220

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Hire purchase contracts

45,026

90,255

The hire purchase contracts and finance leases are secured on the assets so acquired.

9.	OTHER FINANCIAL COMMITMENTS

The amount of financial commitments, guarantees and contingencies that are not included in the balance sheet is £298,085 (2023 - £379,518).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

S M Quirk

Balance outstanding at start of year

-

135,244

Amounts advanced

-

10,080

Amounts repaid

-

(145,324

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

S G Lynch

Balance outstanding at start of year

-

6,282

Amounts advanced

13,487

14,700

Amounts repaid

(13,487

)

(20,982

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The loan was interest free and repayable on demand.

11.	RELATED PARTY DISCLOSURES

During the year the company made contributions of £345,880 to the Employee Ownership Trust to fund the acquisition of the company’s shares. These contributions are presented as a deduction from reserves.