Metstone Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08117336 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2021

for

METSTONE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

A N S Pindoria

REGISTERED OFFICE:

5 Theobald Court

Theobald Street

Elstree

Hertfordshire

WD6 4RN

REGISTERED NUMBER:

08117336 (England and Wales)

ACCOUNTANTS:

Sterling Associates

Chartered Certified Accountants

5 Theobald Court

Theobald Street

Elstree

Hertfordshire

WD6 4RN

FIXED ASSETS

Investments

4

200,000

200,000

Investment property

5

1,325,000

1,380,000

1,525,000

1,580,000

CURRENT ASSETS

Debtors

6

347

1,127

Cash at bank

23,964

67,516

24,311

68,643

CREDITORS

Amounts falling due within one year

7

1,207,125

1,209,824

NET CURRENT LIABILITIES

(1,182,814

)

(1,141,181

)

TOTAL ASSETS LESS CURRENT LIABILITIES

342,186

438,819

CREDITORS

Amounts falling due after more than one year

8

17,334

20,000

NET ASSETS

324,852

418,819

CAPITAL AND RESERVES

Called up share capital

9

180

180

Fair value reserve

265,000

320,000

Retained earnings

59,672

98,639

SHAREHOLDERS' FUNDS

324,852

418,819

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 January 2022 and were signed by:

A N S Pindoria - Director

1.	STATUTORY INFORMATION

Metstone Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

In accordance with Financial Reporting Standard for Smaller Entities (effective 2015), no depreciation is provided in respect of freehold properties. Such properties are not held for consumption but for investment and the director consider that to depreciate them would not give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The director consider that this policy results in the accounts giving a true and fair view.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

The director has undertaken a detailed Profit and Loss and Cash Flow forecasting exercise incorporating the ongoing impact of the COVID-19 pandemic. As a result of this work and the continuing strong performance of the business the director is comfortable that the company has the resources it requires to thrive for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	FIXED ASSET INVESTMENTS

Other

loans

£

At 1 July 2020

and 30 June 2021

200,000

During the year, the company acquired 4 Ordinary Shares of £0.01 in Kimberely Crouch End Limited and at the same time lent a sum of £200,000 to the Company.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2020

1,380,000

Revaluations

(55,000

)

At 30 June 2021

1,325,000

NET BOOK VALUE

At 30 June 2021

1,325,000

At 30 June 2020

1,380,000

Fair value at 30 June 2021 is represented by:

£

Valuation in 2016

320,000

Valuation in 2021

(55,000

)

Cost

1,060,000

1,325,000

If the investment property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

1,060,000

-

In the director's opinion, the value of the property at the year end was £1,325,000.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

VAT

-

780

Prepayments

347

347

347

1,127

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

4,000

-

Tax

4,934

10,637

VAT

139

-

Shareholders loan

1,190,707

1,190,707

Directors' current accounts

2,445

1,980

Accrued expenses

4,900

6,500

1,207,125

1,209,824

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bounce back loan

8,000

20,000

Bank loans - 2-5 years

7,667

-

Payments on account

1,667

-

17,334

20,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

180

Ordinary

1

180

180

10.	ULTIMATE CONTROLLING PARTY

There is no single ultimate controlling party.