Metalcraft Projects UK Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Metalcraft Projects UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08818251 . The registered office is Unit 1 Bowling Park Close, Bradford, West Yorkshire, 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. 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

2.4. 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.

2.5. 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.

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Metalcraft Projects UK Limited

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: 1 (2023: 1)

4. Tangible Assets

	Motor Vehicles
	£
Cost
As at 1 January 2024	18,000
Disposals	(8,000 )

As at 31 December 2024	10,000

Depreciation
As at 1 January 2024	11,250
Provided during the period	189
Disposals	(2,000 )

As at 31 December 2024	9,439

Net Book Value
As at 31 December 2024	561

As at 1 January 2024	6,750

5. Investments

	Unlisted
	£
Cost
As at 1 January 2024	2
Additions	1,102
Disposals	(2 )

As at 31 December 2024	1,102

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	1,102

As at 1 January 2024	2

6. Stocks

	2024	2023
	£	£
Stock	13,755,027	5,849,676
Payments on account	-	(136,000 )

	13,755,027	5,713,676

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Metalcraft Projects UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	142,611	708,848
Prepayments and accrued income	2,878,840	848
Other debtors	202,191	1,347,541
VAT	525,281	104,636

	3,748,923	2,161,873

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	604,841	160,433
Bank loans and overdrafts	10,375	10,119
Other creditors	41,112	180,010
Accruals and deferred income	815,337	2,635
Directors' loan accounts	3,284,548	720,382
Amounts owed to group undertakings	6,719,497	3,469,506

	11,475,710	4,543,085

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

	2024	2023
	£	£
Bank loans	5,286	15,661
Other loans	5,737,209	2,733,060

	5,742,495	2,748,721

10. Secured Creditors

Of the creditors the following amounts are secured.

	2024		2023
	£		£
Bank loans and overdrafts	5,640,174		2,733,060

11. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

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Metalcraft Projects UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

12. Related Party Transactions

Varley Group (Bradford) Ltd

Under common control

As at the balance sheet date the amount owed to the related party was £2,459,199 (2023: £1,671,749).

MC Builders Merchants Ltd

Under common control

As at the balance sheet date the amount owed to the related party was £475,427 (2023: £35,075).

M Craft Developments Ltd

Under common control

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

MCE Electrical Contractors Ltd

Under common control

As at the balance sheet date the amount owed to the related party was £13,176 (2023: £780).

Metalcraft Roofing Systems Ltd

Under common control

As at the balance sheet date the amount owed to the related party was £16,232 (2023: £10,000).

Metalcraft Laser Ltd

Under common control

As at the balance sheet date the amount owed to the related party was £363 (2023: £70,000).

Metalcraft Precision Engineering Ltd

Under common control

As at the balance sheet date the amount owed to the related party was £554,652 (2023: £544,412).

Metalcraft Europe Ltd

Under common control

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

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		561		6,750
Investments	5		1,102		2

			1,663		6,752
CURRENT ASSETS
Stocks	6	13,755,027		5,713,676
Debtors	7	3,748,923		2,161,873
Cash at bank and in hand		21,564		4,886

		17,525,514		7,880,435
Creditors: Amounts Falling Due Within One Year	8	(11,475,710 )		(4,543,085 )

NET CURRENT ASSETS (LIABILITIES)			6,049,804		3,337,350

TOTAL ASSETS LESS CURRENT LIABILITIES			6,051,467		3,344,102

Creditors: Amounts Falling Due After More Than One Year	9		(5,742,495 )		(2,748,721 )

NET ASSETS			308,972		595,381

CAPITAL AND RESERVES
Called up share capital	11		100		100
Profit and Loss Account			308,872		595,281

SHAREHOLDERS' FUNDS			308,972		595,381