Company registration number 00691453 (England and Wales)
H W TARONI (METALS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
H W TARONI (METALS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
H W TARONI (METALS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,346,061
3,435,223
Investments
4
151,875
3,497,936
3,435,223
Current assets
Stock
419,205
277,560
Debtors
5
1,135,451
1,225,752
Cash at bank and in hand
545,757
132,405
2,100,413
1,635,717
Creditors: amounts falling due within one year
6
(1,240,544)
(1,088,899)
Net current assets
859,869
546,818
Total assets less current liabilities
4,357,805
3,982,041
Creditors: amounts falling due after more than one year
7
(1,668,382)
(2,136,736)
Provisions for liabilities
(205,614)
(245,627)
Net assets
2,483,809
1,599,678
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
2,483,709
1,599,578
Total equity
2,483,809
1,599,678
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 March 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.
T
he 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.
H W TARONI (METALS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 January 2023 and are signed on its behalf by:
Mr R Taroni
Mr H Taroni
Director
Director
Company Registration No. 00691453
H W TARONI (METALS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2020
100
1,077,015
1,077,115
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
522,563
522,563
Balance at 31 March 2021
100
1,599,578
1,599,678
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
887,464
887,464
Dividends
-
(3,333)
(3,333)
Balance at 31 March 2022
100
2,483,709
2,483,809
H W TARONI (METALS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information
H W Taroni (Metals) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
65 Cheston Road, Aston, Birmingham, West Midlands, England, B7 5EA.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. 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 provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of 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 land and buildings
Not depreciated
Leasehold improvements
20% on reducing balance
Plant and equipment
20% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on reducing balance
Motor vehicles
25% on reducing balance
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
.
Freehold buildings are not depreciated because their cost cannot be accurately determined, and they are constantly being maintained, such that the directors believe that their value would never fall below their historical cost.
H W TARONI (METALS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments
Fixed asset
investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
1.5
Stock
Stock is stated at he lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
1.8
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
H W TARONI (METALS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
16
16
H W TARONI (METALS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
3
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2021
2,142,447
32,150
1,856,866
7,946
21,840
772,612
4,833,861
Additions
225,152
3,215
228,367
Disposals
(50,225)
(50,225)
At 31 March 2022
2,142,447
32,150
2,082,018
7,946
25,055
722,387
5,012,003
Depreciation and impairment
At 1 April 2021
8,640
1,045,701
5,744
15,862
322,691
1,398,638
Depreciation charged in the year
4,702
187,420
330
2,415
109,088
303,955
Eliminated in respect of disposals
(36,651)
(36,651)
At 31 March 2022
13,342
1,233,121
6,074
18,277
395,128
1,665,942
Carrying amount
At 31 March 2022
2,142,447
18,808
848,897
1,872
6,778
327,259
3,346,061
At 31 March 2021
2,142,447
23,510
811,165
2,202
5,978
449,921
3,435,223
H W TARONI (METALS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
4
Fixed asset investments
2022
2021
£
£
Other investments other than loans
151,875
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2021
-
Additions
151,875
At 31 March 2022
151,875
Carrying amount
At 31 March 2022
151,875
At 31 March 2021
-
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
552,447
582,053
Other debtors
583,004
643,699
1,135,451
1,225,752
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
113,677
57,579
Trade creditors
57,633
82,576
Corporation tax
23,467
(78,292)
Other taxation and social security
594,828
325,078
Other creditors
450,939
701,958
1,240,544
1,088,899
H W TARONI (METALS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
917,309
1,172,553
Other creditors
751,073
964,183
1,668,382
2,136,736
8
Loans and overdrafts
2022
2021
£
£
Bank loans
983,490
1,230,132
Bank overdrafts
47,496
Other loans
500,000
500,000
1,530,986
1,730,132
Payable within one year
113,677
57,579
Payable after one year
1,417,309
1,672,553
A bank loan of £941,396 (2021 - £1,180,132) is secured upon the company's freehold property.
A Bounce-Back loan of £42,094 (2021 - £50,000) is secured by way of a guarantee from HM Government.
Included in 'Other creditors' are hire purchase loans of £368,792 (2021 - £612,337) which are secured upon the fixed assets they are financing.
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
2022-03-31
2021-04-01
false
16 January 2023
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
Mr Richard Taroni
Mr Harry Taroni
Mrs P A Taroni
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