Metric Enterprises Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 03548231 (England and Wales)

METRIC ENTERPRISES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr S Spyratos

Mr N Tsangarides

SECRETARY:

Mrs M Spyratou

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

03548231 (England and Wales)

ACCOUNTANTS:

Kounnis And Partners Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Tangible assets

2

1,481

1,743

Investment property

3

437,637

437,637

439,118

439,380

CURRENT ASSETS

Stocks

832,817

832,817

Debtors

2,800

4,268

Cash at bank and in hand

50,978

30,808

886,595

867,893

CREDITORS

Amounts falling due within one year

903,234

886,661

NET CURRENT LIABILITIES

(16,639

)

(18,768

)

TOTAL ASSETS LESS CURRENT LIABILITIES

422,479

420,612

CREDITORS

Amounts falling due after more than one year

4

378,000

378,000

NET ASSETS

44,479

42,612

CAPITAL AND RESERVES

Called up share capital

5

2

2

Revaluation reserve

71,925

71,925

Profit and loss account

(27,448

)

(29,315

)

SHAREHOLDERS' FUNDS

44,479

42,612

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 28 October 2015 and were signed on its behalf by:

Mr S Spyratos - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Turnover

Turnover principally comprises of value of property sales and rental income. Property sales are recognised on

completion, whereas rent is recognised when it becomes due under the lease agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Investment property

The company's investment properties are held as long term investments and are included in the Balance Sheet at

their open market values.The surplus(es) or deficit(s) on revaluation of investment properties are transferred to

the revaluation reserve, apart from when the revaluation is below the original cost which is charged to the profit

and loss account. No depreciation is provided in these accounts in respect of the investment properties.

The policy represents a departure from the statutory accounting principles, which require depreciation to be

provided on all fixed assets.The directors consider that this policy is necessary in order that the accounts give a

true and fair view. Current values and changes in current values are of prime importance rather than the

calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation

and the amount which might otherwise have been shown cannot be separately identified or quantified.

All Investment properties are revalued every year. The surplus(es) or deficit(s) on revaluation of such properties

are transferred to revaluation reserve, apart from when the revaluation is below the original cost and in the

opinion of the directors the diminution in value is of a permanent nature which is charged to the profit and loss

account. On the disposal of a revalued fixed asset, any related balances in the revaluation reserve are transferred

to the profit and loss account as a movement in reserves.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date.

However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are

expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or

substantively enacted at the balance sheet date.

There has been no provision made for deferred tax arising on the revaluation of the investment properties. An

amount would become liable in the event of the properties being sold, but there are no plans to sell in the

foreseeable future.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2014

and 30 April 2015

4,055

DEPRECIATION

At 1 May 2014

2,312

Charge for year

262

At 30 April 2015

2,574

NET BOOK VALUE

At 30 April 2015

1,481

At 30 April 2014

1,743

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 May 2014

and 30 April 2015

437,637

NET BOOK VALUE

At 30 April 2015

437,637

At 30 April 2014

437,637

4.

CREDITORS

Creditors include an amount of £ 378,000 (2014 - £ 378,000 ) for which security has been given.

They also include the following debts falling due in more than five years:

2015

2014

£

£

Repayable by instalments

378,000

378,000

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

2

Ordinary

£1

2

2

6.	UNPROVIDED DEFERRED TAX

No provision has been made for deferred taxation in relation to the freehold property as the directors do not

envisage the sale of the properties in the foreseeable future.

The deferred tax that would be due on a future sale of the company's assets is calculated as £1,520 (2013:

£3,219) as at the year end. This amount is unprovided at the year end.