Metis Developments Limited - Period Ending 2017-02-28

Registration number: 08182672

Metis Developments 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 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 16

Metis Developments Limited

Company Information

Directors

Mr Paul John Webb Mr David Ronald Back

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 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 Limited for the year ended 28 February 2017 as set out on pages 3 to 16 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Metis Developments 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 Limited. You consider that Metis Developments 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 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 Limited

Statement of Comprehensive Income for the Year Ended 28 February 2017

	Note	2017 £	2016 £
(Loss)/profit for the year		(8,679)	58,204
Total comprehensive income for the year		(8,679)	58,204

The notes on pages 7 to 16 form an integral part of these financial statements.

Page 3

Metis Developments Limited

(Registration number: 08182672)
Balance Sheet as at 28 February 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	1,094	1,458
Investments	5	100	100
		1,194	1,558
Current assets
Stocks	6	371,831	301,964
Debtors	7	305,090	439,325
Cash at bank and in hand		1,921	2,534
		678,842	743,823
Creditors: Amounts falling due within one year	8	(600,129)	(656,795)
Net current assets		78,713	87,028
Net assets		79,907	88,586
Capital and reserves
Called up share capital		100	100
Profit and loss account		79,807	88,486
Total equity		79,907	88,586

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 16 form an integral part of these financial statements.

Page 4

Metis Developments Limited

(Registration number: 08182672)
Balance Sheet as at 28 February 2017

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

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

Mr Paul John Webb

Company secretary and director

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

Mr David Ronald Back

Director

The notes on pages 7 to 16 form an integral part of these financial statements.

Page 5

Metis Developments 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	88,486	88,586
Loss for the year	-	(8,679)	(8,679)
Total comprehensive income	-	(8,679)	(8,679)
At 28 February 2017	100	79,807	79,907

	Share capital £	Profit and loss account £	Total £
At 1 March 2015	100	30,282	30,382
Profit for the year	-	58,204	58,204
Total comprehensive income	-	58,204	58,204
At 29 February 2016	100	88,486	88,586

The notes on pages 7 to 16 form an integral part of these financial statements.

Page 6

Metis Developments 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Page 7

Metis Developments Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Page 8

Metis Developments Limited

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

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	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

Page 9

Metis Developments Limited

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

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 March 2016	2,567	2,567
At 28 February 2017	2,567	2,567
Depreciation
At 1 March 2016	1,109	1,109
Charge for the year	364	364
At 28 February 2017	1,473	1,473
Carrying amount
At 28 February 2017	1,094	1,094
At 29 February 2016	1,458	1,458

5	Investments

	2017 £	2016 £
Investments in subsidiaries	100	100

Subsidiaries	£
Cost or valuation
At 1 March 2016	100
Provision
Carrying amount
At 28 February 2017	100
At 29 February 2016	100

Page 10

Metis Developments Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Metis Developments (Belbroughton) Limited	Avon House, 435 Stratford Road Shirley, Solihull B90 4AA	Ordinary	100%	100%
	England & Wales

The principal activity of Metis Developments (Belbroughton) Limited is Property development.

The loss for the financial period of Metis Developments (Belbroughton) Limited was £88,945 and the aggregate amount of capital and reserves at the end of the period was £(227,828).

6

Stocks

	2017 £	2016 £
Work in progress	371,831	301,964

7

Debtors

	Note	2017 £	2016 £
Trade debtors		-	4,800
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	232,987	339,437
Other debtors		72,103	95,088
Total current trade and other debtors		305,090	439,325

Page 11

Metis Developments Limited

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

8

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	9	544,188	443,932
Trade creditors		35,666	34,280
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	-	151,322
Taxation and social security		-	14,645
Other creditors		20,275	12,616
		600,129	656,795

9	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Other borrowings	544,188	443,932

Other borrowings

Loans from Your Serviced Office Limited Self Administered Pension Scheme with a carrying amount of £443,932 (2016 - £443,932) is denominated in sterling with a nominal interest rate of 1.5%. The final instalment is due on 19 March 2020.

Secured via a debenture on all assets of the Company.

Loan from Gannymeade Self Administered Pension Scheme with a carrying amount of £100,256 (2016 - £Nil) is denominated in sterling with a nominal interest rate of 1.5%. The final instalment is due on 31 December 2019.

Secured via a Debenture on all assets of the Company.

Page 12

Metis Developments Limited

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

10	Related party transactions

Transactions with directors

2017	Advances to directors £	At 28 February 2017 £
Mr Paul John Webb
Loan	10,454	10,454
Mr David Ronald Back
Loan	12,208	12,208

2016	At 29 February 2016 £

Directors' remuneration

The directors' remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	8,000	7,500

Page 13

Metis Developments Limited

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

Summary of transactions with subsidiaries

Metis Developments (Belbroughton) Limited
 Loans to subsidiary
 

Summary of transactions with associates

Metis Developments (Mill) Limited


 Loans from related parties

 

Loans to related parties

2017	Subsidiary £	Associates £
At start of period	339,437	-
Advanced	-	24,553
Repaid	(131,002)	-
At end of period	208,435	24,553

2016	Subsidiary £
At start of period	207,210
Advanced	132,227
At end of period	339,437

Loans from related parties

2017	Associates £
At start of period	151,322
Repaid	(151,322)
At end of period	-

2016	Associates £
At start of period	102,130
Advanced	49,192
At end of period	151,322

Page 14

Metis Developments Limited

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

11	Transition to FRS 102

The Company transitioned to FRS 102 (Section 1A) from previously extant UK GAAP as at 1 April 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 £
Fixed assets
Tangible assets		1,869	-	-	1,869
Investments		100	-	-	100
		1,969	-	-	1,969
Current assets
Stocks		210,073	-	-	210,073
Debtors		217,339	-	-	217,339
Cash at bank and in hand		3,288	-	-	3,288
		430,700	-	-	430,700
Creditors: Amounts falling due within one year		(402,287)	-	-	(402,287)
Net current assets		28,413	-	-	28,413
Net assets		30,382	-	-	30,382
Capital and reserves
Called up share capital		(100)	-	-	(100)
Profit and loss account		(30,282)	-	-	(30,282)
Total equity		(30,382)	-	-	(30,382)

Page 15

Metis Developments Limited

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

Balance Sheet at 29 February 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		1,457	-	-	1,457
Investments		100	-	-	100
		1,557	-	-	1,557
Current assets
Stocks		301,964	-	-	301,964
Debtors		347,682	-	-	347,682
Cash at bank and in hand		2,534	-	-	2,534
		652,180	-	-	652,180
Creditors: Amounts falling due within one year		(565,151)	-	-	(565,151)
Net current assets		87,029	-	-	87,029
Net assets		88,586	-	-	88,586
Capital and reserves
Called up share capital		(100)	-	-	(100)
Profit and loss account		(88,486)	-	-	(88,486)
Total equity		(88,586)	-	-	(88,586)

Page 16