METRO_BUILDING_MAINTENANC - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Metro Building Maintenance Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 8 Boundary Row, London, United Kingdom, SE1 8HP.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company ceased its operations on the 1st February 2017, as its trading business was taken on by other members of the group. true

The ability of the company to continue trading is dependent on the company generating sustainable profits and positive cash flows. In addition, the ability of the company to continue as a going concern depends on it continuing to receive financial support from its parent company to allow it to meet its financial obligations as they fall due and also the management and recoverability of intra-group and loan balances so that they don't place unnecessary financial pressure on the company. The directors of the parent company have prepared forecasts for the period to 31 January 2022 which indicate that the group will be able to generate positive cash flows and manage its working capital to enable it to pay its debts as they fall due. Accordingly the directors believe that it is appropriate to prepare the financial statements on a going concern basis.

The duration of the UK Government’s measures announced to tackle the COVID-19 pandemic has not been defined, and there is inevitable uncertainty in measuring the potential impact of the measures on the business, results of operations, financial position and cash flows. These factors and any future policy announcements by the UK Government, whilst largely outside of the control of the company’s management, could have an impact on the company; although with due consideration this is not expected to be significant.

As set out in the statement of directors' responsibilities statement on page 2, in preparing these financial statements the directors are required to prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. In satisfaction of this responsibility the directors have prepared forecasts and considered their expectations for the company over the next 12 months and the company’s ability to meet its liabilities as they fall due, based upon the information available to the directors at the date of these financial statements.

At the time of approving the financial statements the company is continuing to achieve its overall order and enquiry targets and continues to operate within its borrowing facilities. Supply chains remain intact and are not noticeably affected by the pandemic.

The company has forecasted overheads for the remainder of 2021 and into 2022 and assessed the extent to which income would need to reduce before it could no longer achieve a breakeven position as a minimum. During 2021 the company has moved to a hybrid working model for employees which has allowed substantial overhead savings as a result of reduced office space leased.

Based on these forecasts and ongoing and flexible support from the parent company the directors have a reasonable expectation that the company has adequate resources to contend with the uncertainties that may arise as a result of the COVID-19 pandemic, and to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Cash at bank and in hand are basic financial assets and include cash in hand.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities, including creditors and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The average monthly number of persons employed by the company during the year was 3 (2020 - 3).

A cross party guarantee exists between the company and other group companies whereby the company's assets are held as security against the secured debts in other group companies. At the balance sheet date, the total of those companies' secured debts amounted to £153,158. No losses are expected to arise as a result of this guarantee.

The ultimate parent undertaking and controlling party is Metro Safety Group Limited, a company incorporated in England and Wales.