ACCOUNTS - Final Accounts preparation

METRICLY EUROPE, LTD - Company Information

Registered number: 05518139 (England and Wales)

METRICLY EUROPE, LTD

UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018


METRICLY EUROPE, LTD

COMPANY INFORMATION

Director	B R Farzami


Company secretary	F&L CoSec Limited


Registered number	05518139


Registered office	New Penderel House
	4th Floor
	283-288 High Holborn
	London
	England
	WC1V 7HP


Accountants	F&L Corporate Reporting Services Limited
	New Penderel House
	4th Floor
	283-288 High Holborn
	London
	United Kingdom
	WC1V 7HP


METRICLY EUROPE, LTD

CONTENTS

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


METRICLY EUROPE, LTD REGISTERED NUMBER:05518139

BALANCE SHEET

AS AT 31 DECEMBER 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	3		279		950
			279		950
Current assets
Debtors: amounts falling due within one year	4	302,122		290,251
Bank and cash balances		14,987		21,081
		317,109		311,332
Creditors: amounts falling due within one year	5	(22,697)		(24,272)
Net current assets			294,412		287,060
Total assets less current liabilities			294,691		288,010

Net assets			294,691		288,010

Page 1


METRICLY EUROPE, LTD REGISTERED NUMBER:05518139

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2018

	2018	2017
	£	£

Capital and reserves
Called up share capital	100	100
Profit and loss account	294,591	287,910
	294,691	288,010

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

B R Farzami

Director

Date: 13 August 2019

The notes on pages 3 to 6 form part of these financial statements.

Page 2


METRICLY EUROPE, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The director intends to wind the Company down and complete voluntary dissolution in the coming twelve months. On this basis, the director has prepared the financial statements on a non going concern basis.

The following principal accounting policies have been applied:

1.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

Page 3


METRICLY EUROPE, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

1.Accounting policies (continued)

1.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

1.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4


METRICLY EUROPE, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

1.Accounting policies (continued)

1.9

Taxation

Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees during the year was 1 (2017 - 1).

3.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 January 2018	2,014
	At 31 December 2018	2,014
	Depreciation
	At 1 January 2018	1,064
	Charge for the year on owned assets	671
	At 31 December 2018	1,735
	Net book value
	At 31 December 2018	279
	At 31 December 2017	950

Page 5


METRICLY EUROPE, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Debtors

					2018	2017
					£	£


Amounts owed by group undertakings	300,569	288,902
Other debtors	964	815
Prepayments and accrued income	589	534
	302,122	290,251

5.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Trade creditors	2,250	3,260
Corporation tax	1,695	1,637
Other taxation and social security	1,035	1,035
Other creditors	-	585
Accruals and deferred income	17,717	17,755
	22,697	24,272

6.	Controlling party

Metricly, Inc. is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 12700 Sunrise Valley Drive, Reston, Virginia 20191, USA.

7.	Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

Page 6