ACCOUNTS - Final Accounts

METROGATE MELROSE LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-11-302021-11-3001The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activityfalsetrue2020-11-30true 13052347 2020-11-29 13052347 2020-11-30 2021-11-30 13052347 2019-11-30 2020-11-29 13052347 2021-11-30 13052347 c:Director1 2020-11-30 2021-11-30 13052347 c:RegisteredOffice 2020-11-30 2021-11-30 13052347 d:CurrentFinancialInstruments 2021-11-30 13052347 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 13052347 d:ShareCapital 2021-11-30 13052347 d:RetainedEarningsAccumulatedLosses 2021-11-30 13052347 c:FRS102 2020-11-30 2021-11-30 13052347 c:AuditExempt-NoAccountantsReport 2020-11-30 2021-11-30 13052347 c:FullAccounts 2020-11-30 2021-11-30 13052347 c:PrivateLimitedCompanyLtd 2020-11-30 2021-11-30 13052347 2 2020-11-30 2021-11-30 iso4217:GBP xbrli:pure

Registered number: 13052347

METROGATE MELROSE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2021

METROGATE MELROSE LIMITED

CONTENTS

	Page
Company information	1
Balance sheet	2
Notes to the financial statements	3 - 6

METROGATE MELROSE LIMITED

COMPANY INFORMATION

Director	M Foster


Registered number	13052347


Registered office	16 Great Queen Street
	Covent Garden
	London
	WC2B 5AH


Accountants	Blick Rothenberg Limited
	Chartered Accountants
	16 Great Queen Street
	Covent Garden
	London
	WC2B 5AH

Page 1

REGISTERED NUMBER:13052347

METROGATE MELROSE LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2021

		2021
Note		£

Fixed assets
Investments	4		928,174

Current assets
Cash at bank and in hand		108,438
Creditors: amounts falling due within one year	5	(1,058,556)
Net current liabilities			(950,118)
Net liabilities			(21,944)

Capital and reserves
Called up share capital			100
Profit and loss account			(22,044)
Net deficit			(21,944)

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 period in question in accordance with section 476 of the 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:

M Foster

Director

Date: 30 November 2022

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

Page 2

METROGATE MELROSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2021

1.	General information

Metrogate Melrose Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
These financial statements are prepared for a period from incorporation on 30 November 2020 to 30 November 2021.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The director considers this basis to be appropriate as the company has sufficient facilities available from its shareholders to fund its working capital requirements for a period of atleast twelve months from the date these financial statements were approved.

2.3

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
The Company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 3

METROGATE MELROSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

Financial instruments (continued)
Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4

METROGATE MELROSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

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

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

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.

2.6

Share capital

Ordinary shares are classified as equity.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.9

Taxation

The tax expense for the year comprises current and deferred tax. 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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.

2.10

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

Page 5

METROGATE MELROSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2021

Employees

The average monthly number of employees, including directors, during the period was 1.

4.	Fixed asset investments

		Investments in associates
		£
	Cost or valuation
	Additions	928,174
	At 30 November 2021	928,174

5.	Creditors: Amounts falling due within one year
		2021
		£

	Amounts owed to joint ventures	100
	Corporation tax	112,465
	Other creditors	940,991
	Accruals and deferred income	5,000
		1,058,556

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