Metro Traders Ltd 05715718 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is software consultancy and supply services. Digita Accounts Production Advanced 6.30.9574.0 true 05715718 2022-03-01 2023-02-28 05715718 2023-02-28 05715718 bus:OrdinaryShareClass1 2023-02-28 05715718 core:CurrentFinancialInstruments 2023-02-28 05715718 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 05715718 core:Non-currentFinancialInstruments 2023-02-28 05715718 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 05715718 bus:SmallEntities 2022-03-01 2023-02-28 05715718 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 05715718 bus:FullAccounts 2022-03-01 2023-02-28 05715718 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 05715718 bus:RegisteredOffice 2022-03-01 2023-02-28 05715718 bus:Director1 2022-03-01 2023-02-28 05715718 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 05715718 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 05715718 bus:Agent1 2022-03-01 2023-02-28 05715718 countries:England 2022-03-01 2023-02-28 05715718 2021-03-01 2022-02-28 05715718 2022-02-28 05715718 bus:OrdinaryShareClass1 2022-02-28 05715718 core:CurrentFinancialInstruments 2022-02-28 05715718 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 05715718 core:Non-currentFinancialInstruments 2022-02-28 05715718 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05715718

Metro Traders Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Metro Traders Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Metro Traders Ltd

Company Information

Director

Mr Jose Kunjuvareed

Registered office

12 Churchill Road
Uxbridge
Middlesex
UB10 0FL

Accountants

NG Financial Solutions Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Metro Traders Ltd
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Metro Traders Ltd for the year ended 28 February 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Metro Traders Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Metro Traders Ltd and state those matters that we have agreed to state to the Board of Directors of Metro Traders Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Metro Traders Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Metro Traders Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Metro Traders Ltd. You consider that Metro Traders Ltd 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 Metro Traders Ltd. 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.

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

NG Financial Solutions Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

27 November 2023

 

Metro Traders Ltd

(Registration number: 05715718)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Current assets

 

Debtors

43,761

43,761

Investments

4

162,114

162,114

Cash at bank and in hand

 

4,856

2,883

 

210,731

208,758

Creditors: Amounts falling due within one year

5

(42,415)

(39,935)

Total assets less current liabilities

 

168,316

168,823

Creditors: Amounts falling due after more than one year

5

(41,357)

(45,000)

Net assets

 

126,959

123,823

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

126,859

123,723

Shareholders' funds

 

126,959

123,823

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2023
 

.........................................
Mr Jose Kunjuvareed
Director

 

Metro Traders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
12 Churchill Road
Uxbridge
Middlesex
UB10 0FL
England

These financial statements were authorised for issue by the director on 27 November 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Metro Traders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

 

Metro Traders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Current asset investments

2023
£

2022
£

Other investments

162,114

162,114

 

Metro Traders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

42,050

39,662

Accruals and deferred income

365

273

42,415

39,935

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

41,357

45,000

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         
 

Metro Traders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

41,357

-

Other borrowings

-

45,000

41,357

45,000

8

Related party transactions

During the year, the company made the following related party transactions:

Director
During the year, the Director received further loans of £1,365 and repaid £1,365. Interest was charged at an annual rate of 2.5%. At the balance sheet date, the amount due from the Director was £33,860 (2022: £33,860).