Metis Developments Limited

METIS DEVELOPMENTS LIMITED - Company Information

2021-03-012022-02-282022-02-28false08182672Metis Developments Limited2023-01-27iso4217:GBPxbrli:pure081826722021-03-01081826722022-02-28081826722021-03-012022-02-28081826722020-03-01081826722021-02-28081826722020-03-012021-02-2808182672bus:SmallEntities2021-03-012022-02-2808182672bus:AuditExempt-NoAccountantsReport2021-03-012022-02-2808182672bus:FullAccounts2021-03-012022-02-2808182672bus:PrivateLimitedCompanyLtd2021-03-012022-02-2808182672core:WithinOneYear2022-02-2808182672core:AfterOneYear2022-02-2808182672core:WithinOneYear2021-02-2808182672core:AfterOneYear2021-02-2808182672core:ShareCapital2022-02-2808182672core:SharePremium2022-02-2808182672core:RevaluationReserve2022-02-2808182672core:OtherReservesSubtotal2022-02-2808182672core:RetainedEarningsAccumulatedLosses2022-02-2808182672core:ShareCapital2021-02-2808182672core:SharePremium2021-02-2808182672core:RevaluationReserve2021-02-2808182672core:OtherReservesSubtotal2021-02-2808182672core:RetainedEarningsAccumulatedLosses2021-02-2808182672core:LandBuildings2022-02-2808182672core:PlantMachinery2022-02-2808182672core:Vehicles2022-02-2808182672core:FurnitureFittings2022-02-2808182672core:OfficeEquipment2022-02-2808182672core:NetGoodwill2022-02-2808182672core:IntangibleAssetsOtherThanGoodwill2022-02-2808182672core:ListedExchangeTraded2022-02-2808182672core:UnlistedNon-exchangeTraded2022-02-2808182672core:LandBuildings2021-02-2808182672core:PlantMachinery2021-02-2808182672core:Vehicles2021-02-2808182672core:FurnitureFittings2021-02-2808182672core:OfficeEquipment2021-02-2808182672core:NetGoodwill2021-02-2808182672core:IntangibleAssetsOtherThanGoodwill2021-02-2808182672core:ListedExchangeTraded2021-02-2808182672core:UnlistedNon-exchangeTraded2021-02-2808182672core:LandBuildings2021-03-012022-02-2808182672core:PlantMachinery2021-03-012022-02-2808182672core:Vehicles2021-03-012022-02-2808182672core:FurnitureFittings2021-03-012022-02-2808182672core:OfficeEquipment2021-03-012022-02-2808182672core:NetGoodwill2021-03-012022-02-2808182672core:IntangibleAssetsOtherThanGoodwill2021-03-012022-02-2808182672core:ListedExchangeTraded2021-03-012022-02-2808182672core:UnlistedNon-exchangeTraded2021-03-012022-02-2808182672core:MoreThanFiveYears2021-03-012022-02-2808182672core:Non-currentFinancialInstruments2022-02-2808182672core:Non-currentFinancialInstruments2021-02-2808182672dpl:CostSales2021-03-012022-02-2808182672dpl:DistributionCosts2021-03-012022-02-2808182672dpl:AdministrativeExpenses2021-03-012022-02-2808182672core:LandBuildings2021-03-012022-02-2808182672core:PlantMachinery2021-03-012022-02-2808182672core:Vehicles2021-03-012022-02-2808182672core:FurnitureFittings2021-03-012022-02-2808182672core:OfficeEquipment2021-03-012022-02-2808182672core:NetGoodwill2021-03-012022-02-2808182672core:IntangibleAssetsOtherThanGoodwill2021-03-012022-02-2808182672dpl:GroupUndertakings2021-03-012022-02-2808182672dpl:ParticipatingInterests2021-03-012022-02-2808182672dpl:GroupUndertakingscore:ListedExchangeTraded2021-03-012022-02-2808182672core:ListedExchangeTraded2021-03-012022-02-2808182672dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-03-012022-02-2808182672core:UnlistedNon-exchangeTraded2021-03-012022-02-2808182672dpl:CostSales2020-03-012021-02-2808182672dpl:DistributionCosts2020-03-012021-02-2808182672dpl:AdministrativeExpenses2020-03-012021-02-2808182672core:LandBuildings2020-03-012021-02-2808182672core:PlantMachinery2020-03-012021-02-2808182672core:Vehicles2020-03-012021-02-2808182672core:FurnitureFittings2020-03-012021-02-2808182672core:OfficeEquipment2020-03-012021-02-2808182672core:NetGoodwill2020-03-012021-02-2808182672core:IntangibleAssetsOtherThanGoodwill2020-03-012021-02-2808182672dpl:GroupUndertakings2020-03-012021-02-2808182672dpl:ParticipatingInterests2020-03-012021-02-2808182672dpl:GroupUndertakingscore:ListedExchangeTraded2020-03-012021-02-2808182672core:ListedExchangeTraded2020-03-012021-02-2808182672dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2020-03-012021-02-2808182672core:UnlistedNon-exchangeTraded2020-03-012021-02-2808182672core:NetGoodwill2022-02-2808182672core:IntangibleAssetsOtherThanGoodwill2022-02-2808182672core:LandBuildings2022-02-2808182672core:PlantMachinery2022-02-2808182672core:Vehicles2022-02-2808182672core:FurnitureFittings2022-02-2808182672core:OfficeEquipment2022-02-2808182672core:AfterOneYear2022-02-2808182672core:WithinOneYear2022-02-2808182672core:ListedExchangeTraded2022-02-2808182672core:UnlistedNon-exchangeTraded2022-02-2808182672core:ShareCapital2022-02-2808182672core:SharePremium2022-02-2808182672core:RevaluationReserve2022-02-2808182672core:OtherReservesSubtotal2022-02-2808182672core:RetainedEarningsAccumulatedLosses2022-02-2808182672core:NetGoodwill2021-02-2808182672core:IntangibleAssetsOtherThanGoodwill2021-02-2808182672core:LandBuildings2021-02-2808182672core:PlantMachinery2021-02-2808182672core:Vehicles2021-02-2808182672core:FurnitureFittings2021-02-2808182672core:OfficeEquipment2021-02-2808182672core:AfterOneYear2021-02-2808182672core:WithinOneYear2021-02-2808182672core:ListedExchangeTraded2021-02-2808182672core:UnlistedNon-exchangeTraded2021-02-2808182672core:ShareCapital2021-02-2808182672core:SharePremium2021-02-2808182672core:RevaluationReserve2021-02-2808182672core:OtherReservesSubtotal2021-02-2808182672core:RetainedEarningsAccumulatedLosses2021-02-2808182672core:NetGoodwill2020-03-0108182672core:IntangibleAssetsOtherThanGoodwill2020-03-0108182672core:LandBuildings2020-03-0108182672core:PlantMachinery2020-03-0108182672core:Vehicles2020-03-0108182672core:FurnitureFittings2020-03-0108182672core:OfficeEquipment2020-03-0108182672core:AfterOneYear2020-03-0108182672core:WithinOneYear2020-03-0108182672core:ListedExchangeTraded2020-03-0108182672core:UnlistedNon-exchangeTraded2020-03-0108182672core:ShareCapital2020-03-0108182672core:SharePremium2020-03-0108182672core:RevaluationReserve2020-03-0108182672core:OtherReservesSubtotal2020-03-0108182672core:RetainedEarningsAccumulatedLosses2020-03-0108182672core:AfterOneYear2021-03-012022-02-2808182672core:WithinOneYear2021-03-012022-02-2808182672core:Non-currentFinancialInstrumentscore:CostValuation2021-03-012022-02-2808182672core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2021-03-012022-02-2808182672core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2021-03-012022-02-2808182672core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2021-03-012022-02-2808182672core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2021-03-012022-02-2808182672core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2021-03-012022-02-2808182672core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2021-03-012022-02-2808182672core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2021-03-012022-02-2808182672core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2021-03-012022-02-2808182672core:Non-currentFinancialInstrumentscore:CostValuation2022-02-2808182672core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-02-2808182672core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-02-2808182672core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-02-2808182672core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-02-2808182672core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-02-2808182672core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-02-2808182672core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-02-2808182672core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-02-2808182672core:Non-currentFinancialInstrumentscore:CostValuation2021-02-2808182672core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2021-02-2808182672core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2021-02-2808182672core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2021-02-2808182672core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2021-02-2808182672core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2021-02-2808182672core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2021-02-2808182672core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2021-02-2808182672core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2021-02-2808182672bus:Director12021-03-012022-02-2808182672bus:Director22021-03-012022-02-28

Registered Number
08182672
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2022

Metis Developments Limited

Company Information
for the year from 1 March 2021 to 28 February 2022


Directors	David R Back
	Paul J Webb


Registered Address	Avon House 435 Stratford Road
	Shirley
	Solihull
	B90 4AA


Registered Number	08182672 (England and Wales)

Metis Developments Limited

Balance Sheet as at
28 February 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Tangible assets	7		862		1,149
Investments	8		500		500
			1,362		1,649
Current assets
Stocks	10	854,134		933,655
Debtors	11	173,750		281,871
Cash at bank and on hand		1,315		11,462
		1,029,199		1,226,988
Creditors amounts falling due within one year	12	(1,073,132)		(896,736)
Net current assets (liabilities)			(43,933)		330,252
Total assets less current liabilities			(42,571)		331,901
Creditors amounts falling due after one year	13		(282,270)		(408,210)
Net assets			(324,841)		(76,309)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(324,941)		(76,409)
Shareholders' funds			(324,841)		(76,309)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 27 January 2023, and are signed on its behalf by:

David R Back
Director
Registered Company No. 08182672

Metis Developments Limited

Notes to the Financial Statements
for the year ended 28 February 2022

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

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Principal activities
	The principal activity of the company is property development.

4.	Basis of measurement used in financial statements
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

5.	Accounting policies

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Stocks policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Government grants and other government assistance policy
	Government revenue grants are disclosed as other operating income in the financial period in which they are received. Any directly attributable expenses is not offset but shown separately within the profit and loss account in the same period as the related income.

	Investments policy
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments policy

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Going concern
	The accounts have been prepared on a going concern basis as although the Balance Sheet shows the Company to be technically insolvent, it continues to trade with the support of the Directors, Shareholders and The Trustees of the Self Administered Pension Scheme detailed in the notes to these accounts, who have provided mid-term lending.

6.	Employee information


		2022		2021
	Average number of employees during the year	2		2

7.	Property, plant and equipment

	Office Equipment	Total
	£	£
Cost or valuation
At 01 March 21	5,175	5,175
At 28 February 22	5,175	5,175
Depreciation and impairment
At 01 March 21	4,026	4,026
Charge for year	287	287
At 28 February 22	4,313	4,313
Net book value
At 28 February 22	862	862
At 28 February 21	1,149	1,149

8.	Fixed asset investments
	All investments relate to 100% Subsidiary undertakings Metis Developments (Belbroughton) Limited The principal activity of Metis Developments (Belbroughton) Limited is property development but this entity was dormant during this financial period. Metis Developments (Knoll) Limited The principal activity of Metis Developments (Knoll) Limited is property development. Metis Developments (Sandwell) Limited The principal activity of Metis Developments (Sandwell) Limited is property development but this entity was dormant during this financial period. Metis Developments (Kimberley - 9 Corners) Limited The principal activity of Metis Developments (Kimberley - 9 Corners) Limited is property development but this entity was dormant during this financial period. Metis Developments (Habberley) Limited The principal activity of Metis Developments (Habberley) Limited is property development but this entity remained dormant during this financial period.

Fixed asset investments

All investments relate to 100% Subsidiary undertakings

Metis Developments (Belbroughton) Limited
The principal activity of Metis Developments (Belbroughton) Limited is property development but this entity was dormant during this financial period.

Metis Developments (Knoll) Limited
The principal activity of Metis Developments (Knoll) Limited is property development.

Metis Developments (Sandwell) Limited
The principal activity of Metis Developments (Sandwell) Limited is property development but this entity was dormant during this financial period.

Metis Developments (Kimberley - 9 Corners) Limited
The principal activity of Metis Developments (Kimberley - 9 Corners) Limited is property development but this entity was dormant during this financial period.

Metis Developments (Habberley) Limited
The principal activity of Metis Developments (Habberley) Limited is property development but this entity remained dormant during this financial period.

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 March 21	500	500
At 28 February 22	500	500
Net book value
At 28 February 22	500	500
At 28 February 21	500	500

	Notes
	¹Investments in group undertakings and participating interests

9.	Description of nature of transactions and balances with related parties
	At the year end the Company owed £741,139 (2021: £754,539) to Directors with the monies having been advanced on an unsecured, interest free basis. These monies are repayable upon demand. At the year end the Company owed £17,784 (2021: £17,784) to a partnership in which one of the Directors is a partner. These monies having been advanced on an unsecured, interest free basis and are repayable upon demand. At the year end the Company owed £200 (2021: £200) to wholly owed subsidiaries. These monies having been advanced on an unsecured, interest free basis and are repayable upon demand. At the year end the Company was owed £5,415 (2021 - £222,584) by a wholly owned subsidiary. The loan balance at the year end was received after date and a provision to write off £215,808 off the loan has been made in the accounts as it is unlikely the subsidiary will be in a position to repay the remainder of the loan.

Description of nature of transactions and balances with related parties

At the year end the Company owed £741,139 (2021: £754,539) to Directors with the monies having been advanced on an unsecured, interest free basis. These monies are repayable upon demand.

At the year end the Company owed £17,784 (2021: £17,784) to a partnership in which one of the Directors is a partner. These monies having been advanced on an unsecured, interest free basis and are repayable upon demand.

At the year end the Company owed £200 (2021: £200) to wholly owed subsidiaries. These monies having been advanced on an unsecured, interest free basis and are repayable upon demand.

At the year end the Company was owed £5,415 (2021 - £222,584) by a wholly owned subsidiary. The loan balance at the year end was received after date and a provision to write off £215,808 off the loan has been made in the accounts as it is unlikely the subsidiary will be in a position to repay the remainder of the loan.

10.	Stocks

	2022	2021
	£	£
Work in progress	854,134	933,655
Total	854,134	933,655

11.	Debtors

	2022	2021
	£	£
Trade debtors / trade receivables	-	967
Amounts owed by group undertakings	5,415	222,583
Other debtors	104,585	5,841
Prepayments and accrued income	63,750	52,480
Total	173,750	281,871


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

12.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	25,828	30,122
Bank borrowings and overdrafts	188,180	94,090
Amounts owed to related parties	759,124	772,524
Other creditors	100,000	-
Total	1,073,132	896,736


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank Borrowings consist of Loans from Your Serviced Office Limited Self Administered Pension Scheme which are denominated in sterling with an interest charge of a total of £20,450. The loan term was extended during the period, and the final instalment is now due on 19 March 2025. The amount due within one year is £188,180 (2021 - £94,090). The loans are secured via a Debenture on all assets of the Company.

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Bank Borrowings consist of Loans from Your Serviced Office Limited Self Administered Pension Scheme which are denominated in sterling with an interest charge of a total of £20,450. The loan term was extended during the period, and the final instalment is now due on 19 March 2025. The amount due within one year is £188,180 (2021 - £94,090).  The loans are secured via a Debenture on all assets of the Company.

13.	Creditors after one year

	2022	2021
	£	£
Bank borrowings and overdrafts	282,270	408,210
Total	282,270	408,210


	Bank Borrowings due after one year consist of Loans from Your Serviced Office Limited Self Administered Pension Scheme which are denominated in sterling with an interest charge of a total of £20,450. The loan term was extended during the period, and the final instalment is now due on 19 March 2025. The amount due after one year is £282,270 (2021 - £408,210). The loans are secured via a Debenture on all assets of the Company.

Bank Borrowings due after one year consist of Loans from Your Serviced Office Limited Self Administered Pension Scheme which are denominated in sterling with an interest charge of a total of £20,450. The loan term was extended during the period, and the final instalment is now due on 19 March 2025. The amount due after one year is £282,270 (2021 - £408,210).  The loans are secured via a Debenture on all assets of the Company.