Company Registration No. 11078280 (England and Wales)
Metro Prepaid Limited
Unaudited accounts
for the year ended 31 August 2023
Metro Prepaid Limited
Unaudited accounts
Contents
Metro Prepaid Limited
Company Information
for the year ended 31 August 2023
Directors
Iain Clarke
Simon Tippett
Malcolm Dingle
Company Number
11078280 (England and Wales)
Registered Office
Unit 1, Tims Boatyard
Timsway
Staines-Upon-Thames
TW18 3JY
England
Accountants
Anumerate Limited
Office 2.05, Clockwise
Old Town Hall
30 Tweedy Road
Bromley
BR13FE
Metro Prepaid Limited
Statement of financial position
as at 31 August 2023
Tangible assets
4,231
6,558
Inventories
163,140
42,856
Cash at bank and in hand
465,348
172,022
Creditors: amounts falling due within one year
(679,445)
(683,605)
Net current assets/(liabilities)
56,079
(331,387)
Total assets less current liabilities
60,310
(324,829)
Creditors: amounts falling due after more than one year
(68,476)
(102,864)
Net liabilities
(8,166)
(427,693)
Called up share capital
1
1
Profit and loss account
(8,167)
(427,694)
Shareholders' funds
(8,166)
(427,693)
For the year ending 31 August 2023 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by
Iain Clarke
Director
Company Registration No. 11078280
Metro Prepaid Limited
Notes to the Accounts
for the year ended 31 August 2023
Metro Prepaid Limited is a private company, limited by shares, registered in England and Wales, registration number 11078280. The registered office is Unit 1, Tims Boatyard, Timsway, Staines-Upon-Thames, TW18 3JY, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The Company has elected to avail of the exemptions available to Small Entities and has not presented a Cash Flow Statement. The profit and loss of the Company is presented as a Statement of Income and Retained Earnings and accordingly the Company has availed of the exemption available from preparing a separate Statement of Changes in Equity.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The annual accounts are prepared on a going concern basis, under the historical cost convention and in accordance with FRS102 and applicable law.
The company's functional and presentation currency is British Pound Sterling (£) rounded to the nearest £. The Directors consider that £ reflects the primary economic environment in which the company operates.
Transactions in currencies other than the functional currency of the Company (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
The Directors are of the view that the company is a going concern and will continue to trade for the foreseeable future.
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes
Taxation expense for the year represents current tax recognised in the reporting period and is recognised in the statement of comprehensive income. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end. Current taxation assets and liabilities are not discounted.
Deferred tax assets are recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only 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 assets and liabilities are measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply in the periods in which any timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted. No deferred tax asset has been recognised for the current or previous year.
Metro Prepaid Limited
Notes to the Accounts
for the year ended 31 August 2023
All expenses are accounted for on an accruals basis.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
18% on a straight-line basis
Fixtures & fittings
15% on a straight-line basis
Computer equipment
33% on a straight-line basis
Other tangible fixed assets
25% on a straight-line basis
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At valuation
At cost
At 1 September 2022
38,307
5,000
2,097
1,039
46,443
Additions
1,500
-
-
-
1,500
At 31 August 2023
39,807
5,000
2,098
1,039
47,944
At 1 September 2022
33,041
5,000
805
1,039
39,885
Charge for the year
4,325
-
315
-
4,640
Surplus on revaluation
(812)
-
-
-
(812)
At 31 August 2023
36,554
5,000
1,120
1,039
43,713
At 31 August 2023
3,253
-
978
-
4,231
At 31 August 2022
5,266
-
1,292
-
6,558
Amounts falling due within one year
Trade debtors
52,605
21,289
Amounts due from group undertakings etc.
24,205
-
Accrued income and prepayments
26,246
113,051
Metro Prepaid Limited
Notes to the Accounts
for the year ended 31 August 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
15,975
16,336
Trade creditors
25,586
5,034
Amounts owed to group undertakings and other participating interests
312,207
434,470
Taxes and social security
25,432
3,189
Other creditors
163,078
36,522
Loans from directors
98,606
172,169
Bank loans of £15,975 (2022: £16,336 due within one year relate to the short-term portion of the Barclays Bank Bounce Back Loan as detailed in note 8.
Amounts owed to group undertakings of £312,207 (2022: £434,470) are set out in further detail in the Related Parties note 11.
Amounts stated as Other Creditors of £163,078 (2022: £36,522) comprise short-term balances owed to landlords.
7
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
42,799
63,394
Amounts due after more than one year comprise a long term loan from Barclays Bank in the United Kingdom and a loan from Metro Prepaid (Pty) Limited, a company established within South Africa, and both are included within note 8.
At the year-end date amounts owed comprised:
Barclays Bank - £25,677 (2022: £39,470) being the amount due in more than one year. The amount of the loan due within 12 months is reflected within Creditors - Amounts Due Within a Year. The long-term bank loan from Barclays Bank is unsecured, incurs interest at 2.5% and is repayable over 5 years.
Metro Prepaid (Pty) Ltd - £42,799 (2022: £63,394). This loan is denominated in Rands and amounts to R989,500. The loan is unsecured, interest-free and has no fixed terms of repayment.
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
Metro Prepaid Limited
Notes to the Accounts
for the year ended 31 August 2023
9
Operating lease commitments
2023
2022
At 31 August 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
26,575
26,575
Later than one year and not later than five years
2,214
28,789
10
Transactions with related parties
The Directors and other group entities are related parties of the company.
Balances owed to Directors in respect of Directors fees due, but not yet payable, amounts to £98,606 (2022: £172,169). The balance is made up of loans to Iain Clarke and Simon Tippett. The loans are unsecured, interest-free and carry no fixed terms of repayment.
The balance of the loans at year end are as follows:
- Iain Clarke: £46,629 (2022: £86,084)
- Simon Tippett: £51,977 (2022: £86,084)
Balances owed to the shareholder and other group undertakings are set out in note 7 and note 8 and amount to £312,207 (2022: £434,470) and £42,799 (2022: £63,394) respectively. The balances are owed to:
- Metro Prepaid Holdings Ltd - £305,952 (2022: £382,203) a company established within the British Virgin Islands. This loan is denominated in US Dollars and amounted to $394,249 as at the year-end date.
- Metro Prepaid (Pty) Ltd - £6,255 (2022: £52,374) and £42,799 (2022: £63,394), a company established within South Africa.
Movements in the amounts owed to and by the Company during the current financial year relate to financial support provided for operational activities of the Company.
£4,735 (2022: £50,850) of the total amount payable to Metro Prepaid (Pty) Ltd above is subject to interest at 2.5% per year from 1 September 2020 and repayable in 36 monthly instalments. The loan is denominated in Rands and amounted to R113,355 (2022: R1,042,743) at the year-end date. The capital repayment due for the next 12 months amounts to £4,735 and repayments commenced 1 October 2021.
Amounts owed to Metro Prepaid Holdings Ltd, the ultimate parent company, are unsecured, interest-free and carry no fixed terms of repayment.
Balances owed by other group undertakings are set out in note 6 and amount to £24,205 (2022: £0). The balances are owed by:
- Metro Prepaid (Pty) Ltd - £5,874 (2022: £0) a company established within South Africa
£5,874 (2022: £0) of the total amount payable by Metro Prepaid (Pty) Ltd is a loan denominated in Rands and amounted to R135,812 (2022: R0) at the year-end date. The capital repayment due for the next 12 months amounts to £5,874 and repayments will commence betwen 1 September 2023 and 30 April 2024.
- Metro Prepaid LLC - £18,331 (2022: £0) a company established within the USA. This loan is denominated in US Dollars and amounted to $23,620 as at the year-end date.
The ultimate parent company is Metro Prepaid Holdings Limited, a company registered in the British Virgin Islands with address Tortola Pier Park, Building 1, Second Floor, Wickhams Cay I, Road Town, Tortola, British Virgin Islands.
Metro Prepaid Limited
Notes to the Accounts
for the year ended 31 August 2023
12
Average number of employees
During the year the average number of employees was 4 (2022: 2).