Metis Developments (Belbroughton) Limited - Period Ending 2017-02-28

Registration number: 08190608

Metis Developments (Belbroughton) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2017

Titanium Accountants Limited
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY

Metis Developments (Belbroughton) Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4 to 5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 to 11

Metis Developments (Belbroughton) Limited

Company Information

Directors

Mr David Ronald Back Mr Paul John Webb

Company secretary

Mr Paul John Webb

Registered office

Avon House 435 Stratford Road Shirley Solihull B90 4AA

Accountants

Titanium Accountants Limited 8th Floor, Newater House 11 Newhall Street Birmingham West Midlands B3 3NY

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Metis Developments (Belbroughton) Limited
for the Year Ended 28 February 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Metis Developments (Belbroughton) Limited for the year ended 28 February 2017 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Metis Developments (Belbroughton) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Metis Developments (Belbroughton) Limited. You consider that Metis Developments (Belbroughton) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Metis Developments (Belbroughton) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Titanium Accountants Limited
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY

21 November 2017

Page 2

Metis Developments (Belbroughton) Limited

Statement of Comprehensive Income for the Year Ended 28 February 2017

	Note	2017 £	2016 £
Loss for the year		(88,945)	(138,983)
Total comprehensive income for the year		(88,945)	(138,983)

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 3

Metis Developments (Belbroughton) Limited

(Registration number: 08190608)
Balance Sheet as at 28 February 2017

	Note	2017 £	2016 £
Current assets
Stocks	3	-	1,221,417
Debtors	4	10,587	6,072
Cash at bank and in hand		281	4,014
		10,868	1,231,503
Creditors: Amounts falling due within one year	5	(238,696)	(1,370,386)
Net liabilities		(227,828)	(138,883)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(227,928)	(138,983)
Total equity		(227,828)	(138,883)

For the financial year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 4

Metis Developments (Belbroughton) Limited

(Registration number: 08190608)
Balance Sheet as at 28 February 2017

Approved and authorised by the Board on 21 November 2017 and signed on its behalf by:
 

.........................................

Mr David Ronald Back

Director

.........................................

Mr Paul John Webb

Company secretary and director

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 5

Metis Developments (Belbroughton) Limited

Statement of Changes in Equity for the Year Ended 28 February 2017

	Share capital £	Profit and loss account £	Total £
At 1 March 2016	100	(138,983)	(138,883)
Loss for the year	-	(88,945)	(88,945)
Total comprehensive income	-	(88,945)	(88,945)
At 28 February 2017	100	(227,928)	(227,828)

	Share capital £	Profit and loss account £	Total £
At 1 March 2015	100	-	100
Loss for the year	-	(138,983)	(138,983)
Total comprehensive income	-	(138,983)	(138,983)
At 29 February 2016	100	(138,983)	(138,883)

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 6

Metis Developments (Belbroughton) Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Avon House
435 Stratford Road
Shirley
Solihull
B90 4AA

These financial statements were authorised for issue by the Board on 21 November 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 7

Metis Developments (Belbroughton) Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Stocks

	2017 £	2016 £
Work in progress	-	1,221,417

4

Debtors

Page 8

Metis Developments (Belbroughton) Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

	Note	2017 £	2016 £
Trade debtors		-	3,670
Amounts owed by group undertakings and undertakings in which the company has a participating interest	7	87	1,087
Other debtors		10,500	1,315
Total current trade and other debtors		10,587	6,072

5

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	6	-	978,947
Trade creditors		6,251	20,475
Amounts owed to group undertakings and undertakings in which the company has a participating interest	7	232,395	370,964
Taxation and social security		50	-
		238,696	1,370,386

6	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	-	429,183
Other borrowings	-	549,764
	-	978,947

Page 9

Metis Developments (Belbroughton) Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

7	Related party transactions

Summary of transactions with parent

Metis Developments Limited
 Loans from parent
 

Summary of transactions with associates

Nash Management Works Limited, a company limited by guarantee
Metis Developments (Mill) Limited
Gannymeade Pension Scheme
 Loans to/from associates
 

Loans to related parties

2017	Associates £
At start of period	1,087
Repaid	(1,000)
At end of period	87

2016	Associates £
At start of period	530
Advanced	557
At end of period	1,087

Loans from related parties

2017	Parent £	Associates £
At start of period	339,437	31,527
Repaid	(131,002)	(8,067)
At end of period	208,435	23,460

2016	Parent £	Associates £
At start of period	207,210	33,527
Advanced	132,227	-
Repaid	-	(2,000)
At end of period	339,437	31,527

Page 10

Metis Developments (Belbroughton) Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

8	Transition to FRS 102

The Company transitioned to FRS 102 (Section 1A) from previously extant UK GAAP as at 1 March 2015. The impact of the transition to FRS 102 (Section 1A) is as follows;

Balance Sheet at 1 March 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Current assets
Stocks		3,014,524	-	-	3,014,524
Debtors		1,751	-	-	1,751
Cash at bank and in hand		2,128	-	-	2,128
		3,018,403	-	-	3,018,403
Creditors: Amounts falling due within one year		(3,018,303)	-	-	(3,018,303)
Net assets		100	-	-	100
Capital and reserves
Called up share capital		(100)	-	-	(100)
Total equity		(100)	-	-	(100)

Balance Sheet at 29 February 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Current assets
Stocks		1,221,417	-	-	1,221,417
Debtors		5,572	-	-	5,572
Cash at bank and in hand		4,014	-	-	4,014
		1,231,003	-	-	1,231,003
Creditors: Amounts falling due within one year		(1,369,886)	-	-	(1,369,886)
Net liabilities		(138,883)	-	-	(138,883)
Capital and reserves
Called up share capital		(100)	-	-	(100)
Profit and loss account		138,983	-	-	138,983
Total equity		138,883	-	-	138,883

Page 11