Metis Developments (Belbroughton) Limited - Period Ending 2019-02-28
Metis Developments (Belbroughton) Limited - Period Ending 2019-02-28
Registration number:
Metis Developments (Belbroughton) Limited
for the Year Ended 28 February 2019
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY
Metis Developments (Belbroughton) Limited
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Metis Developments (Belbroughton) Limited
Company Information
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Directors |
Mr D R Back Mr P J Webb |
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Company secretary |
Mr P J Webb |
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Registered office |
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Accountants |
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Page 1 |
Metis Developments (Belbroughton) Limited
Directors' Report for the Year Ended 28 February 2019
The directors present their report and the financial statements for the year ended 28 February 2019.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of property development.
Going concern
These accounts 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 it's parent Company, which has agreed not to request any repayment of the outstanding loan until such time that funds become available.
Small companies provision statement
This report has 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.
Approved by the Board on
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Mr P J Webb
Company secretary and director
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Page 2 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Metis Developments (Belbroughton) 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 (Belbroughton) Limited for the year ended 28 February 2019 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.
It is your duty to ensure that Metis Developments (Belbroughton) 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 (Belbroughton) Limited. You consider that Metis Developments (Belbroughton) 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 (Belbroughton) 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 3 |
Metis Developments (Belbroughton) Limited
(Registration number: 08190608)
Balance Sheet as at 28 February 2019
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Note |
2019 |
2018 |
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Current assets |
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Stocks |
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- |
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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 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 4 |
Metis Developments (Belbroughton) Limited
(Registration number: 08190608)
Balance Sheet as at 28 February 2019
Approved and authorised by the
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Mr D R Back
Director
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Mr P J Webb
Company secretary and director
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Page 5 |
Metis Developments (Belbroughton) 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 and Wales.
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. Although the Balance Sheet shows the Company to be technically insolvent, it continues to trade with the support of it's parent Company, which has agreed not to request any repayment of the outstanding loan until such time that funds become available.
Goodwill
These accounts have been prepared on a going concern basis as the holding company has committed it's full financial support for the foreseeable future.
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.
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Page 6 |
Metis Developments (Belbroughton) Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
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.
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.
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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Page 7 |
Metis Developments (Belbroughton) Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
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Debtors |
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2019 |
2018 |
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Total current trade and other debtors |
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Creditors |
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Note |
2019 |
2018 |
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Due within one year |
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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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- |
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Related party transactions |
Summary of transactions with parent
Unsecured and interest free, repayable upon demand.
Summary of transactions with associates
Loans to related parties
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2019 |
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2018 |
Associates |
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At start of period |
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Repaid |
( |
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At end of period |
- |
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Page 8 |
Metis Developments (Belbroughton) Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Loans from related parties
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2019 |
Parent |
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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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2018 |
Parent |
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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Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Avon House, 435 Stratford Road, Shirley, Solihull, B90 4AA
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Page 9 |