Metis Developments Limited

METIS DEVELOPMENTS LIMITED - Company Information

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Registered Number
08182672
(England and Wales)

Unaudited Financial Statements for the Period ended
31 August 2023

Metis Developments Limited

Company Information
for the period from 1 March 2022 to 31 August 2023


Directors	David R Back
	Paul J Webb


Company Secretary	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
31 August 2023

	Notes	31 Aug 2023		28 Feb 2022
		£	£	£	£
Fixed assets
Tangible assets	3		787		862
Investments	4		200		500
			987		1,362
Current assets
Stocks	5	-		854,134
Debtors	6	330,225		173,750
Cash at bank and on hand		3,081		1,315
		333,306		1,029,199
Creditors amounts falling due within one year	7	(520,869)		(1,073,131)
Net current assets (liabilities)			(187,563)		(43,932)
Total assets less current liabilities			(186,576)		(42,570)
Creditors amounts falling due after one year	8		(94,090)		(282,270)
Net assets			(280,666)		(324,840)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(280,766)		(324,940)
Shareholders' funds			(280,666)		(324,840)

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 under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 20 May 2024, and are signed on its behalf by:

David R Back
Director

Paul J Webb
Director

Registered Company No. 08182672

Metis Developments Limited

Notes to the Financial Statements
for the period ended 31 August 2023

1.	Accounting policies

	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.

	Statement of compliance
	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.

	Basis of preparation
	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).

	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.

	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.

	Revenue from sale of goods
	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 from sale of goods

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.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

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


		Reducing balance (%)
	Office Equipment	25

	Investments
	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

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.

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

	Government grants or assistance
	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.

2.	Average number of employees


		2023		2022
	Average number of employees during the year	1		1

3.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 March 22	5,175	5,175
Additions	248	248
At 31 August 23	5,423	5,423
Depreciation and impairment
At 01 March 22	4,313	4,313
Charge for year	323	323
At 31 August 23	4,636	4,636
Net book value
At 31 August 23	787	787
At 28 February 22	862	862

4.	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. The shares in this Company were sold after the period end. Metis Developments (Sandwell) Limited - this Company was dissolved on 11th July 2023 Metis Developments (Kimberley - 9 Corners) Limited - this Company was dissolved on 11th July 2023 Metis Developments (Habberley) Limited - this Company was dissolved on 11th July 2023

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. The shares in this Company were sold after the period end.

Metis Developments (Sandwell) Limited - this Company was dissolved on 11th July 2023

Metis Developments (Kimberley - 9 Corners) Limited - this Company was dissolved on 11th July 2023

Metis Developments (Habberley) Limited - this Company was dissolved on 11th July 2023

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 March 22	500	500
Disposals	(300)	(300)
At 31 August 23	200	200
Net book value
At 31 August 23	200	200
At 28 February 22	500	500

	Notes
	¹Investments in group undertakings and participating interests

5.	Stocks

	2023	2022
	£	£
Work in progress	-	854,134
Total	-	854,134

6.	Debtors: amounts due within one year

	2023	2022
	£	£
Trade debtors / trade receivables	12,600	-
Amounts owed by group undertakings	-	5,415
Amounts owed by associates and joint ventures / participating interests	213,322	-
Other debtors	104,303	104,585
Prepayments and accrued income	-	63,750
Total	330,225	173,750

7.	Creditors: amounts due within one year

	2023	2022
	£	£
Trade creditors / trade payables	17,017	25,827
Bank borrowings and overdrafts	376,360	188,180
Amounts owed to related parties	24,244	759,124
Taxation and social security	3,248	-
Other creditors	100,000	100,000
Total	520,869	1,073,131


	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 is due to be repaid by 19 March 2025. The amount due within one year is £376,360 (2022 - £282,270). 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 is due to be repaid by 19 March 2025. The amount due within one year is £376,360 (2022 - £282,270).  The loans are secured via a Debenture on all assets of the Company.

8.	Creditors: amounts due after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	94,090	282,270
Total	94,090	282,270


	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 is due to be repaid by 19 March 2025. The amount due after one year is £94,090 (2022 - £188,180). The loans are secured via a Debenture on all assets of the Company.

9.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
Paul J Webb	0	213,322	0	213,322
	0	213,322	0	213,322


	The loan to the director has been made to assist him in carrying out his duties and has been advanced on an unsecured, interest free basis, being repayable on demand.

10.	Related party transactions
	At the period end the Company owed £6,460 (2022: £741,139) to Directors with the monies having been advanced on an unsecured, interest free basis. These monies are repayable upon demand. At the period end the Company owed £17,784 (2022: £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 period end the Company owed £Nil (2022: £200) to wholly owed subsidiaries. These monies having been advanced on an unsecured, interest free basis and are repayable upon demand. At the period end the Company was owed £Nil (2022 - £5,415) by a wholly owned subsidiary.

10.

Related party transactions

At the period end the Company owed £6,460 (2022: £741,139) to Directors with the monies having been advanced on an unsecured, interest free basis. These monies are repayable upon demand.

At the period end the Company owed £17,784 (2022: £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 period end the Company owed £Nil (2022: £200) to wholly owed subsidiaries. These monies having been advanced on an unsecured, interest free basis and are repayable upon demand.

At the period end the Company was owed £Nil (2022 - £5,415) by a wholly owned subsidiary.