Metro (RS) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 09203056 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2023

for

Metro (RS) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

R Seymour

S Seymour

REGISTERED OFFICE:

19 High Street

Harborne

Birmingham

B17 9NT

REGISTERED NUMBER:

09203056 (England and Wales)

FIXED ASSETS

Tangible assets

4

242,716

-

Investments

5

1,050,287

223,189

Investment property

6

1,329,454

-

2,622,457

223,189

CURRENT ASSETS

Debtors

7

9,964,973

11,345,284

Cash at bank

61,453

27,282

10,026,426

11,372,566

CREDITORS

Amounts falling due within one year

8

2,696,500

2,420,858

NET CURRENT ASSETS

7,329,926

8,951,708

TOTAL ASSETS LESS CURRENT LIABILITIES

9,952,383

9,174,897

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

9,952,282

9,174,796

SHAREHOLDERS' FUNDS

9,952,383

9,174,897

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 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 Income Statement has not been delivered.

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

R Seymour - Director

1.	STATUTORY INFORMATION

Metro (RS) 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.

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 represents interest and management charges received during the period.

Tangible fixed assets

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

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

Additions

232,233

13,977

246,210

At 30 April 2023

232,233

13,977

246,210

DEPRECIATION

Charge for year

-

3,494

3,494

At 30 April 2023

-

3,494

3,494

NET BOOK VALUE

At 30 April 2023

232,233

10,483

242,716

5.	FIXED ASSET INVESTMENTS

2023

2022

£

£

Other investments not loans

112,552

109,814

Other loans

937,735

113,375

1,050,287

223,189

Additional information is as follows:

Other

investments

£

COST OR VALUATION

At 1 May 2022

109,814

Additions

29,580

Disposals

(19,464

)

Revaluations

(7,378

)

At 30 April 2023

112,552

NET BOOK VALUE

At 30 April 2023

112,552

At 30 April 2022

109,814

Cost or valuation at 30 April 2023 is represented by:

Other

investments

£

Valuation in 2021

15,701

Valuation in 2022

18,810

Valuation in 2023

(7,378

)

Cost

85,419

112,552

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

85,419

75,303

Fixed asset investments were valued on an open market basis basis on 30 April 2023 by Cult Wines Ltd .

Other

loans

£

At 1 May 2022

113,375

New in year

888,029

Repayment in year

(63,669

)

At 30 April 2023

937,735

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

1,329,454

At 30 April 2023

1,329,454

NET BOOK VALUE

At 30 April 2023

1,329,454

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

9,938,692

11,345,284

Prepayments and accrued income

25,211

-

Prepayments

1,070

-

9,964,973

11,345,284

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

500,573

500,000

Trade creditors

3,972

-

Tax

-

(16

)

Social security and other taxes

3,061

790

VAT

13,522

-

Other creditors

30,000

-

Directors' current accounts

2,113,045

1,918,524

Accruals and deferred income

26,928

-

Accrued expenses

5,399

1,560

2,696,500

2,420,858

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022:

2023

2022

£

£

R Seymour

Balance outstanding at start of year

(1,918,524

)

(1,532,578

)

Amounts advanced

181,479

159,054

Amounts repaid

(376,000

)

(545,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(2,113,045

)

(1,918,524

)

10.	RELATED PARTY DISCLOSURES

The company provided an interest free loan to a company under the control of the director Mr R Seymour. As at the year end the amounts left owing to Metro (RS) Ltd were as follows:

Metro Harborne Ltd (transferred to Metro Realty Residential Ltd): £3,013,233 (2022: £6,750,683)

The loan is included within debtors due within one year.

The company provided a loan to Metro (Birmingham) Ltd. As at the year end £3,925,470 remained outstanding (2022: £3,722,998).

The company provided a loan to Metro Realty Residential Ltd. As at the year end £3,000,000 remained outstanding (2022: £nil).

These loans are subject to interest and the remaining balance is included within debtors due within one year.

During the previous year Metro (DCH) Ltd wrote off a loan made to Metro (RS) Ltd of £529,636. During the current year the company waived a loan made to Metro (DCH) Ltd of £10,000 and a loan made to Metro Real Estate of £837,507. These amounts have been disclosed within exceptional items.

All companies have a common director of Mr R Seymour.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is R Seymour.