ACCOUNTS - Final Accounts

Registered number: 05976584

METSYA LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019


METSYA LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 5


METSYA LIMITED REGISTERED NUMBER:05976584

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		9,380		6,282
Current assets
Debtors: amounts falling due within one year	5	29,025		40,936
Cash at bank and in hand		65,719		30,601
		94,744		71,537
Current liabilities
Creditors: amounts falling due within one year	6	(42,879)		(41,145)
Net current assets			51,865		30,392
Net assets			61,245		36,674

Capital and reserves
Called up share capital	7	1	1
Profit and loss account		61,244	36,673
		61,245	36,674

The directors consider 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 the Companies Act 2006.

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 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 statement of comprehensive income 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 on 10 July 2020.

Dr J de Gunzburg

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1


METSYA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

1.	General information

The Company is a limited liability company incorporated in England and Wales with its registered office at Suite 211, 50 Sloane Avenue, London, SW3 3DD.
The principal activity of the Company continued to be that of the provision of consultancy services.

2.Accounting policies

2.1

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 following principal accounting policies have been applied:

2.2

Revenue

Turnover comprises revenue recognised by the Company in respect of consultancy services supplied during the year, exclusive of Value Added Tax.
Revenue is recognised in the period in which services are provided.

2.3

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.

Depreciation is provided on the following basis:

Fixtures, fittings & equipment

25% to 33.33% straight line

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 Statement of Comprehensive Income.

2.4

Debtors

Short term debtors are measured at the transaction price, less any impairment.

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from and to related parties.

Page 2


METSYA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.6

Creditors

Short term creditors are measured at the transaction price.

2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ sterling.

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.

2.8

Taxation

Tax is recognised in the Statement of Comprehensive Income, 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 reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).

Page 3


METSYA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

4.	Tangible fixed assets

		Fixtures & fittings
		£
	Cost
	At 1 January 2019	42,605
	Additions	6,480
	At 31 December 2019	49,085
	Depreciation
	At 1 January 2019	36,323
	Charge for the year on owned assets	3,382
	At 31 December 2019	39,705
	Net book value
	At 31 December 2019	9,380
	At 31 December 2018	6,283

Debtors

					2019	2018
					£	£


Trade debtors	25,143	26,388
Other debtors	3,361	4,380
Prepayments	521	10,168
	29,025	40,936

6.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	4,570	9,358
Corporation tax	5,243	3,102
Other creditors	30,666	26,285
Accruals	2,400	2,400
	42,879	41,145

Page 4


METSYA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

7.	Share capital
		2019	2018
		£	£

Allotted, called up and fully paid

1 (2018 - 1) Ordinary share of £1	1	1

Page 5