Metalcraft Europe Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Metalcraft Europe Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06687595 . The registered office is Unit 1 Bowling Park Close, Bradford, BD4 7HG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

The accounts have been prepared on a going concern. The company has made a loss and has net current liabilities. However with the continuing ongoing support of the associated companies this method is deemed appropriate.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 15 years.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	15% Reducing balance
Plant & Machinery	20% Reducing balance
Motor Vehicles	25% Reducing balance
Fixtures & Fittings	15% Reducing balance

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Metalcraft Europe Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 36 (2023: 34)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2024	600,000

As at 31 December 2024	600,000

Amortisation
As at 1 January 2024	600,000

As at 31 December 2024	600,000

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

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Metalcraft Europe Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2024	20,700	1,419,224	645,962	106,790	2,192,676
Additions	-	171	-	518	689
Disposals	-	(853,850 )	(17,390 )	-	(871,240 )

As at 31 December 2024	20,700	565,545	628,572	107,308	1,322,125

Depreciation
As at 1 January 2024	15,624	1,121,346	345,315	59,499	1,541,784
Provided during the period	762	36,980	74,130	7,172	119,044
Disposals	-	(740,702 )	(13,263 )	-	(753,965 )

As at 31 December 2024	16,386	417,624	406,182	66,671	906,863

Net Book Value
As at 31 December 2024	4,314	147,921	222,390	40,637	415,262

As at 1 January 2024	5,076	297,878	300,647	47,291	650,892

6. Stocks

	2024	2023
	£	£
Materials	23,807	23,807
Finished goods	17,135	-
Work in progress	308,582	277,110

	349,524	300,917

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	2,181,506	1,834,315
Prepayments and accrued income	60,616	42,445
Other debtors	6,978	2,250
Amounts owed by other participating interests	10,485,179	9,912,619

	12,734,279	11,791,629

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Metalcraft Europe Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	67,316	117,825
Trade creditors	670,708	848,329
Bank loans and overdrafts	25,076	33,702
Corporation tax	(27,119 )	205,295
Other taxes and social security	30,642	24,516
VAT	318,913	405,850
Net wages	14,312	-
Other creditors	-	29,005
Accruals and deferred income	338,629	39,399
Directors' loan accounts	97,322	57,303
Amounts owed to other participating interests	418,179	210,123

	1,953,978	1,971,347

9. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	-	67,316
Bank loans	7,033	17,365

	7,033	84,681

10. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	67,316	117,825
Later than one year and not later than five years	-	67,316

	67,316	185,141

	67,316	185,141

11. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Other timing differences	103,816	162,723

12. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1,000	1,000

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Metalcraft Europe Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

13. Related Party Transactions

Metalcraft Laser Ltd

Under common control

As at the balance sheet date the amount owed to the related party was £18,491 (2023: £63,070).

MCE Electrical Contractors Ltd

Under common control

As at the balance sheet date the amount owed to the related party was £188,949 (2023: £108,236).

Metalcraft Precision Engineering Ltd

Under common control

As at the balance sheet date the amount owed by the related party was £181,485 (2023: £218,850).

M Craft Developments Ltd

Under common control

As at the balance sheet date the amount owed to the related party was £210,738 (2023: £38,817).

Process Pump Solutions Ltd

Under common control

As at the balance sheet date the amount owed by the related party was £25,322 (2023: £2,997).

Metalcraft Roofing Systems Ltd

Under common control

As at the balance sheet date the amount owed by the related party was £49,851 (2023: £32,381).

Metalcraft Projects UK Ltd

Under common control

As at the balance sheet date the amount owed by the related party was £2,492,269 (2023: £1,049,274).

Varley Group (Bradford) Ltd

Under common control

As at the balance sheet date the amount owed by the related party was £3,225,935 (2023: £3,665,744).

MC Builders Merchants Ltd

Under common control

As at the balance sheet date the amount owed by the related party was £4,298,316 (2023: £4,833,374).

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		415,262		650,892

			415,262		650,892
CURRENT ASSETS
Stocks	6	349,524		300,917
Debtors	7	12,734,279		11,791,629
Cash at bank and in hand		90,088		205,798

		13,173,891		12,298,344
Creditors: Amounts Falling Due Within One Year	8	(1,953,978 )		(1,971,347 )

NET CURRENT ASSETS (LIABILITIES)			11,219,913		10,326,997

TOTAL ASSETS LESS CURRENT LIABILITIES			11,635,175		10,977,889

Creditors: Amounts Falling Due After More Than One Year	9		(7,033 )		(84,681 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	11		(103,816 )		(162,723 )

NET ASSETS			11,524,326		10,730,485

CAPITAL AND RESERVES
Called up share capital	12		1,000		1,000
Profit and Loss Account			11,523,326		10,729,485

SHAREHOLDERS' FUNDS			11,524,326		10,730,485