Metis Developments Limited - Period Ending 2019-02-28
Metis Developments Limited - Period Ending 2019-02-28
Registration number:
Metis Developments Limited
for the Year Ended 28 February 2019
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY
Metis Developments Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Metis Developments Limited
Company Information
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Directors |
Mr D R Back Mr P J Webb |
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Company secretary |
Mr D R Back |
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Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Metis Developments Limited
for the Year Ended 28 February 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Metis Developments Limited for the year ended 28 February 2019 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.
It is your duty to ensure that Metis Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Metis Developments Limited. You consider that Metis Developments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Metis Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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11 Newhall Street
Birmingham
West Midlands
B3 3NY
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Page 2 |
Metis Developments Limited
(Registration number: 08182672)
Balance Sheet as at 28 February 2019
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Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Page 3 |
Metis Developments Limited
(Registration number: 08182672)
Balance Sheet as at 28 February 2019
Approved and authorised by the
.........................................
Mr D R Back
Company secretary and director
.........................................
Mr P J Webb
Director
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Page 4 |
Metis Developments Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
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General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis as although the Balance sheet shows the Company to be technically insolvent, it continues to trade with the support of the trustees of the Self Administered Pension schemes detailed in the notes to these accounts, who have provided mid-term lending.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Office equipment |
25% reducing balance |
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Page 5 |
Metis Developments Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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Page 6 |
Metis Developments Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Page 7 |
Metis Developments Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 March 2018 |
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Additions |
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At 28 February 2019 |
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Depreciation |
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At 1 March 2018 |
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Charge for the year |
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At 28 February 2019 |
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Carrying amount |
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At 28 February 2019 |
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At 28 February 2018 |
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Investments |
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2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 March 2018 |
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Additions |
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At 28 February 2019 |
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Provision |
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Carrying amount |
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At 28 February 2019 |
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At 28 February 2018 |
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Page 8 |
Metis Developments Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
2018 |
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Subsidiary undertakings |
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Avon House, 435 Stratford Road
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Ordinary £1 |
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England & Wales |
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Avon House, 435 Stratford Road, Shirley, Solihull, B90 4AA |
Ordinary £1 |
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England and Wales |
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Avon House, 435 Stratford Road, Shirley, Solihull, B90 4AA |
Ordinary £1 |
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England & Wales |
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Avon House, 435 Stratford Road, Shirley, Solihull, B90 4AA |
Ordinary £1 |
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England and Wales |
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Avon House, 435 Stratford Road, Shirley, Solihull, B90 4AA |
Ordinary £1 |
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England and Wales |
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The principal activity of Metis Developments (Belbroughton) Limited is |
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The principal activity of Metis Developments (Knoll) Limited is |
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The principal activity of Metis Developments (Habberley) Limited is |
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The principal activity of Metis Developments (Sandwell) Limited is |
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The principal activity of Metis Developments (Kimberley - 9 Corners) Limited is |
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Page 9 |
Metis Developments Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
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Stocks |
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2019 |
2018 |
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Work in progress |
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Debtors |
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Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Total current trade and other debtors |
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Other debtors include an amount of £13,554 (2018 - £45,954) due from a Director. Further details of which are shown in the related party transaction note below.
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Creditors |
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Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Page 10 |
Metis Developments Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
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Loans and borrowings |
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2019 |
2018 |
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Non-current loans and borrowings |
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Other borrowings |
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2019 |
2018 |
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Current loans and borrowings |
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Other borrowings |
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Other borrowings
Loans from Your Serviced Office Limited Self Administered Pension Scheme with a carrying amount of £508,200 (2018 - £493,679) is denominated in sterling with a nominal interest rate of a total of £72.800 over 5 years. The final instalment is due on 19 March 2020.
Secured via a Debenture on all assets of the Company.
Loans from Gannymeade Self Administered Pension Scheme with a carrying amount of £100,256 (2018 - £100,256) is denominated in sterling with a nominal interest rate of 0%. The final instalment is due on 29 March 2019.
Secured via a Debenture on all assets of the Company.
Other borrowings also includes an amount of £29,792 due to a Director, further details of which are shown in the related party transactions note below.
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Related party transactions |
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Transactions with directors |
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Other transactions with directors |
During the year, there were movements on the amounts due from Directors as follows;
Amount due from Directors at start of year £45,954 (2018 - £10,454) with advances of £30,000 (2018 - £43,500) and repayments of £62,400 (2018- £8,000) resulting with a closing balance of £13,554 (2018- £45,954).
All monies were advanced on an unsecured, interest free basis, with repayment due upon demand.
At the year end the Company also owed another Director, £29,792 (2018 - £8,792). These monies having been advanced on an unsecured, interest free basis and are repayable upon demand.
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Page 11 |
Metis Developments Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Summary of transactions with subsidiaries
All loans are made on an unsecured, interest free basis, being repayable upon demand.
Loans to related parties
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2019 |
Subsidiary |
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At start of period |
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Advanced |
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Repaid |
( |
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At end of period |
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Provision for doubtful debts |
( |
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2018 |
Subsidiary |
Associates |
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At start of period |
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Advanced |
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- |
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Repaid |
( |
( |
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At end of period |
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- |
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Provision for doubtful debts |
( |
- |
Loans from related parties
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2019 |
Subsidiary |
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Advanced |
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Page 12 |