Company registration number 10789116 (England and Wales)
METRO SUPPLY CHAIN (PL UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
METRO SUPPLY CHAIN (PL UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
METRO SUPPLY CHAIN (PL UK) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
6
6
Current assets
Debtors
6
1,793,132
1,793,132
Cash at bank and in hand
3,752
5,002
1,796,884
1,798,134
Creditors: amounts falling due within one year
7
(757,031)
(780,311)
Net current assets
1,039,853
1,017,823
Net assets
1,039,859
1,017,829
Capital and reserves
Called up share capital
12
12
Profit and loss reserves
1,039,847
1,017,817
Total equity
1,039,859
1,017,829
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
Mr M Descheneaux
Director
Company registration number 10789116 (England and Wales)
METRO SUPPLY CHAIN (PL UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
Metro Supply Chain (PL UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Saxham Business Park, Little Saxham, Bury St. Edmunds, Suffolk, England, IP28 6RX.
1.1
Reporting period
The prior year figures are for an 18 month period to align the company's reporting date with connected entities.
1.2
Accounting convention
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Metro Supply Chain (PL UK) Limited is a wholly owned subsidiary of Metro Supply Chain Holdings (UK) Limited and the results of Metro Supply Chain (PL UK) Limited are included in the consolidated financial statements of Metro Supply Chain Holdings (UK) Limited which are available from Unit 1 Saxham Business Park, Little Saxham, Bury St. Edmunds, Suffolk, England, IP28 6RX.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
1.5
Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long Leasehold Property
Over the length of the lease
1.6
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses
METRO SUPPLY CHAIN (PL UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditorsand loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
METRO SUPPLY CHAIN (PL UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
6
6
5
Subsidiaries
Details of the company's subsidiaries at 30 September 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Metro Supply Chain Limited
United Kingdom
Logistics services
Ordinary shares
100.00
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,785,000
1,785,000
Other debtors
8,132
8,132
1,793,132
1,793,132
METRO SUPPLY CHAIN (PL UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,956
9,750
Amounts owed to group undertakings
736,901
725,122
Corporation tax
42,064
Other taxation and social security
1,253
1,253
Other creditors
3,921
2,122
757,031
780,311
8
Directors' advances, credits and guarantees
Included within creditors is an amount due to the directors from the company of £nil (2022: £192).
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Steve Robinson FCA
Statutory Auditor:
Mercer & Hole LLP
Date of audit report:
7 February 2024
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
99,705
65,000
11
Parent company
The immediate parent company is Metro Supply Chain (SCG UK) Limited.
The ultimate controlling party is Hanif Nanji.
The parent undertaking of the largest group within which the company belongs and for which group financial statements are prepared is Metro Supply Chain Group Inc., a company registered in Canada, whose registered office is 1002, Rue Sherbrooke Ouest, Suite 2000, Montreal, QC H3A 3L6.
The parent undertaking of the smallest group within which the company belongs and for which group financial statements are prepared is Metro Supply Chain Holdings (UK) Limited, a company registered in the United Kingdom, whose registered office is Unit 1 Saxham Business Park, Little Saxham, Bury St. Edmunds, Suffolk, England, IP28 6RX.