M Craft Developments Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

M Craft Developments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12125973 . The registered office is Progress Works, Hall Lane, Bradford, West Yorkshire, BD4 7DN.

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. 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.

2.3. 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:

Motor Vehicles	25% Reducing balance
Fixtures & Fittings	25% Straight line

2.4. 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.

2.5. 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.

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M Craft Developments Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3. Average Number of Employees

Average number of employees, including directors, during the year was: 12 (2023: 13)

4. Tangible Assets

	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 January 2024	102,533	465	102,998
Additions	9,570	324	9,894

As at 31 December 2024	112,103	789	112,892

Depreciation
As at 1 January 2024	54,412	232	54,644
Provided during the period	13,625	190	13,815

As at 31 December 2024	68,037	422	68,459

Net Book Value
As at 31 December 2024	44,066	367	44,433

As at 1 January 2024	48,121	233	48,354

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	2,400	20,451
Prepayments and accrued income	19,383	10,522
VAT	15,940	-
Amounts owed by other participating interests	919,534	129,533

	957,257	160,506

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	24,023	15,727
Bank loans and overdrafts	8,000	8,000
Corporation tax	145,274	18,300
Other taxes and social security	16,163	8,898
VAT	-	316
Net wages	5,046	-
Other creditors	4,001	3,801
Accruals and deferred income	242,875	51,091
Directors' loan accounts	8,077	8,677
Amounts owed to other participating interests	110,088	88,131

	563,547	202,941

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M Craft Developments Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

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

	2024	2023
	£	£
Bank loans	4,666	12,667

8. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Other timing differences	5,142	4,813

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	3	5

10. Related Party Transactions

Metalcraft Precision Engineering Ltd

Under common control

As at the balance sheet date the amount owed to the related party was £459 (2023: £27).

Metalcraft Projects UK Ltd

Under common control

As at the balance sheet date the amount owed by the related party was £708,179 (2023: £88,216).

Varley Group (Bradford) Ltd

Under common control

As at the balance sheet date the amount owed to the related party was £83,858 (2023: £48,595).

Metalcraft Europe Ltd

Under common control

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

MC Builders Merchants Ltd

Under common control

As at the balance sheet date the amount owed by the related party was £617 (2023: amount owed to the related party was £39,509).

MCE Electrical Contractors Ltd

Under common control

As at the balance sheet date the amount owed to the related party was £25,771 (2023: amount owed by the related party was £2,500).

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		44,433		48,354

			44,433		48,354
CURRENT ASSETS
Debtors	5	957,257		160,506
Cash at bank and in hand		4,199		69,686

		961,456		230,192
Creditors: Amounts Falling Due Within One Year	6	(563,547 )		(202,941 )

NET CURRENT ASSETS (LIABILITIES)			397,909		27,251

TOTAL ASSETS LESS CURRENT LIABILITIES			442,342		75,605

Creditors: Amounts Falling Due After More Than One Year	7		(4,666 )		(12,667 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	8		(5,142 )		(4,813 )

NET ASSETS			432,534		58,125

CAPITAL AND RESERVES
Called up share capital	9		3		5
Capital redemption reserve			2		-
Profit and Loss Account			432,529		58,120

SHAREHOLDERS' FUNDS			432,534		58,125