Company registration number 01905225 (England and Wales)
CENTRAL METALS AND ALLOYS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
CENTRAL METALS AND ALLOYS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
CENTRAL METALS AND ALLOYS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,245,674
1,051,616
Investment properties
4
650,000
595,000
1,895,674
1,646,616
Current assets
Stocks
866,317
714,233
Debtors
5
801,577
344,571
Cash at bank and in hand
1,868,015
1,311,667
3,535,909
2,370,471
Creditors: amounts falling due within one year
6
(799,162)
(329,683)
Net current assets
2,736,747
2,040,788
Total assets less current liabilities
4,632,421
3,687,404
Creditors: amounts falling due after more than one year
7
(317,614)
Provisions for liabilities
(99,980)
(26,128)
Net assets
4,532,441
3,343,662
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
8
224,032
169,379
Profit and loss reserves
4,307,409
3,173,283
Total equity
4,532,441
3,343,662
CENTRAL METALS AND ALLOYS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 June 2023 and are signed on its behalf by:
Mr M J Nixon
Director
Company Registration No. 01905225
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Central Metals and Alloys Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Grange, 2 Barton Road, Market Bosworth, Nuneaton, Warwickshire, CV13 0LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of land and buildings and to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Freehold land and buildings are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. All other fixed assets are measured at cost, net of any depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2% straight line
Fixtures, fittings & equipment
20% on reducing balance
Computer equipment
33% straight line
Motor vehicles
25% reducing balance
Freehold land is not depreciated.
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assests and liabilities are not discounted.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2021 - 7).
2022
2021
Number
Number
Total
7
7
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
995,000
215,231
1,210,231
Additions
311,931
311,931
Disposals
(176,064)
(176,064)
Revaluation
5,000
5,000
At 31 December 2022
1,000,000
351,098
1,351,098
Depreciation and impairment
At 1 January 2022
52,988
105,627
158,615
Depreciation charged in the year
17,663
82,012
99,675
Eliminated in respect of disposals
(82,215)
(82,215)
Revaluation
(70,651)
(70,651)
At 31 December 2022
105,424
105,424
Carrying amount
At 31 December 2022
1,000,000
245,674
1,245,674
At 31 December 2021
942,012
109,604
1,051,616
The land and buildings were revalued at 31 December 2022 to a value of £1,000,000, as valued by the directors. The directors consider this represents market value as at that date.
The original costs of land and buildings, had they not been revalued, was £846,612.
4
Investment property
2022
£
Fair value
At 1 January 2022
595,000
Revaluations
55,000
At 31 December 2022
650,000
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4
Investment property
(Continued)
- 8 -
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2022 by the directors. In arriving at the valuation the directors considered market evidence of transaction prices for similar properties.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
793,227
339,041
Other debtors
8,350
5,530
801,577
344,571
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
28,804
Trade creditors
238,462
86,678
Taxation and social security
548,161
199,063
Other creditors
12,539
15,138
799,162
329,683
The bank loan of £nil (2021: £28,804) is secured over the relevant property to which the loan relates.
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
317,614
The above bank loan of £nil (2021: £317,614) is secured over the relevant property to which the loan relates.
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
7
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
193,367
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
8
Revaluation reserve
2022
2021
£
£
At the beginning of the year
169,379
170,050
Revaluation surplus arising in the year
75,651
Deferred tax on revaluation of tangible assets
(16,970)
3,356
Transfer to retained earnings
(4,028)
(4,027)
At the end of the year
224,032
169,379
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
3,424
1,344
10
Profit and loss reserves
Profit and loss reserves of £4,307,409 (2021: £3,173,283) include non-distributable reserves relating to fair value adjustments of £125,618 (2021: £88,027).
11
Related party transactions
Transactions with related parties
During the year the company paid dividends to its shareholders totalling £150,000 (2021 £120,000)..
2022-12-312022-01-01false05 June 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr M J NixonMrs P NixonMrs S WaltonJ NixonMr M J Nixon019052252022-01-012022-12-31019052252022-12-31019052252021-12-3101905225core:LandBuildings2022-12-3101905225core:OtherPropertyPlantEquipment2022-12-3101905225core:LandBuildings2021-12-3101905225core:OtherPropertyPlantEquipment2021-12-3101905225core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101905225core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3101905225core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3101905225core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3101905225core:CurrentFinancialInstruments2022-12-3101905225core:CurrentFinancialInstruments2021-12-3101905225core:ShareCapital2022-12-3101905225core:ShareCapital2021-12-3101905225core:RevaluationReserve2022-12-3101905225core:RevaluationReserve2021-12-3101905225core:RetainedEarningsAccumulatedLosses2022-12-3101905225core:RetainedEarningsAccumulatedLosses2021-12-3101905225core:RevaluationReserve2020-12-3101905225bus:CompanySecretaryDirector12022-01-012022-12-3101905225core:LandBuildingscore:OwnedOrFreeholdAssets2022-01-012022-12-3101905225core:FurnitureFittings2022-01-012022-12-3101905225core:ComputerEquipment2022-01-012022-12-3101905225core:MotorVehicles2022-01-012022-12-31019052252021-01-012021-12-3101905225core:LandBuildings2021-12-3101905225core:OtherPropertyPlantEquipment2021-12-31019052252021-12-3101905225core:LandBuildings2022-01-012022-12-3101905225core:OtherPropertyPlantEquipment2022-01-012022-12-3101905225core:WithinOneYear2022-12-3101905225core:WithinOneYear2021-12-3101905225core:Non-currentFinancialInstruments2022-12-3101905225core:Non-currentFinancialInstruments2021-12-3101905225core:RevaluationReserve2022-01-012022-12-3101905225core:RevaluationReserve2021-01-012021-12-3101905225bus:PrivateLimitedCompanyLtd2022-01-012022-12-3101905225bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3101905225bus:FRS1022022-01-012022-12-3101905225bus:AuditExemptWithAccountantsReport2022-01-012022-12-3101905225bus:Director12022-01-012022-12-3101905225bus:Director22022-01-012022-12-3101905225bus:Director32022-01-012022-12-3101905225bus:Director42022-01-012022-12-3101905225bus:CompanySecretary12022-01-012022-12-3101905225bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP