ACCOUNTS - Final Accounts

Registered number: 05976584

METSYA LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020


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 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		5,951		9,380
Current assets
Debtors: amounts falling due within one year	5	22,664		29,025
Cash at bank and in hand		126,436		65,719
		149,100		94,744
Current liabilities
Creditors: amounts falling due within one year	6	(38,936)		(42,879)
Net current assets			110,164		51,865
Net assets			116,115		61,245

Capital and reserves
Called up share capital	7	1	1
Profit and loss account		116,114	61,244
		116,115	61,245

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 14 September 2021.

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 2020

1.	General information

The Company is a limited liability company incorporated in England and Wales with its registered office at 27 Neville Street, London, United Kingdom, SW7 3AS.
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 2020

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 (2019 - 2).

Page 3


METSYA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

4.	Tangible fixed assets

		Fixtures & fittings
		£
	Cost
	At 1 January 2020	49,085
	At 31 December 2020	49,085
	Depreciation
	At 1 January 2020	39,705
	Charge for the year on owned assets	3,429
	At 31 December 2020	43,134
	Net book value
	At 31 December 2020	5,951
	At 31 December 2019	9,380

Debtors

					2020	2019
					£	£


Trade debtors	22,345	25,143
Other debtors	319	3,361
Prepayments	-	521
	22,664	29,025

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	-	4,570
Corporation tax	13,675	5,243
Other creditors	22,861	30,666
Accruals	2,400	2,400
	38,936	42,879

Page 4


METSYA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

7.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

1 (2019 - 1) Ordinary share of £1	1	1

Page 5