IRIS Accounts Production v24.1.0.578 05634600 Board of Directors 1.12.22 30.11.23 30.11.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh056346002022-11-30056346002023-11-30056346002022-12-012023-11-30056346002021-11-30056346002021-12-012022-11-30056346002022-11-3005634600ns15:EnglandWales2022-12-012023-11-3005634600ns14:PoundSterling2022-12-012023-11-3005634600ns10:Director12022-12-012023-11-3005634600ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3005634600ns10:SmallEntities2022-12-012023-11-3005634600ns10:AuditExempt-NoAccountantsReport2022-12-012023-11-3005634600ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-3005634600ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-3005634600ns10:FullAccounts2022-12-012023-11-3005634600ns10:Director22022-12-012023-11-3005634600ns10:RegisteredOffice2022-12-012023-11-3005634600ns5:CurrentFinancialInstruments2023-11-3005634600ns5:CurrentFinancialInstruments2022-11-3005634600ns5:Non-currentFinancialInstruments2023-11-3005634600ns5:Non-currentFinancialInstruments2022-11-3005634600ns5:ShareCapital2023-11-3005634600ns5:ShareCapital2022-11-3005634600ns5:FurtherSpecificReserve3ComponentTotalEquity2023-11-3005634600ns5:FurtherSpecificReserve3ComponentTotalEquity2022-11-3005634600ns5:RetainedEarningsAccumulatedLosses2023-11-3005634600ns5:RetainedEarningsAccumulatedLosses2022-11-3005634600ns5:ComputerEquipment2022-12-012023-11-3005634600ns5:ComputerEquipment2023-11-3005634600ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-3005634600ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-3005634600ns5:Secured12023-11-3005634600ns5:Secured12022-11-3005634600ns5:DeferredTaxation2022-11-3005634600ns5:DeferredTaxation2022-12-012023-11-3005634600ns5:DeferredTaxation2023-11-3005634600ns5:FurtherSpecificReserve3ComponentTotalEquity2022-11-30
REGISTERED NUMBER: 05634600 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

METCREST LIMITED

METCREST LIMITED (REGISTERED NUMBER: 05634600)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


METCREST LIMITED

COMPANY INFORMATION
for the Year Ended 30 NOVEMBER 2023







DIRECTORS: Mr S A Doyle
Mrs L C Doyle





REGISTERED OFFICE: 260 - 270
Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL





BUSINESS ADDRESS: Kitchen End House
Kitchen End
Silsoe
Beds
MK45 4QT





REGISTERED NUMBER: 05634600 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

METCREST LIMITED (REGISTERED NUMBER: 05634600)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 757 -
Investment property 5 5,175,000 5,175,000
5,175,757 5,175,000

CURRENT ASSETS
Debtors 6 1,402,075 1,412,737
Cash at bank 40,732 14,629
1,442,807 1,427,366
CREDITORS
Amounts falling due within one year 7 472,252 467,356
NET CURRENT ASSETS 970,555 960,010
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,146,312

6,135,010

CREDITORS
Amounts falling due after more than one
year

8

(3,673,617

)

(3,673,941

)

PROVISIONS FOR LIABILITIES 11 (439,995 ) (334,397 )
NET ASSETS 2,032,700 2,126,672

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 12 2,030,771 2,136,370
Retained earnings 1,927 (9,700 )
SHAREHOLDERS' FUNDS 2,032,700 2,126,672

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

METCREST LIMITED (REGISTERED NUMBER: 05634600)

BALANCE SHEET - continued
30 NOVEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2024 and were signed on its behalf by:





Mr S A Doyle - Director


METCREST LIMITED (REGISTERED NUMBER: 05634600)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Metcrest Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for rentals supplied. Revenue from the rentals supplied is recognised when the significant risks and rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on disposal of an asset is determined at the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Investment property
Investment property is initially included at cost and subsequently included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the
property is sold.

In accordance with the FRS 102 section 1A, fair value gains and losses are accounted for under the Fair Value Accounting Rules and hence are taken to income statement. No depreciation is provided in respect of investment properties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


METCREST LIMITED (REGISTERED NUMBER: 05634600)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 1,010
At 30 November 2023 1,010
DEPRECIATION
Charge for year 253
At 30 November 2023 253
NET BOOK VALUE
At 30 November 2023 757

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 5,175,000
NET BOOK VALUE
At 30 November 2023 5,175,000
At 30 November 2022 5,175,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2023 5,175,000

METCREST LIMITED (REGISTERED NUMBER: 05634600)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 NOVEMBER 2023

5. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,704,234 2,704,234

Investment property was valued on an open market value basis on 30 November 2018 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,563 12,313
Other debtors 1,395,512 1,400,424
1,402,075 1,412,737

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 827 3,317
Corporation tax 1,697 -
Taxation and social security 43 -
Directors' loan accounts 467,465 450,619
Accruals and deferred income 2,220 13,420
472,252 467,356

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans (see note 9) 3,673,617 3,673,941

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due between one and two years:
Mortgage 3,673,617 3,673,941

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Mortgage 3,673,617 3,673,941

Security is provided by way of fixed and floating charges over the company's assets.

METCREST LIMITED (REGISTERED NUMBER: 05634600)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 NOVEMBER 2023

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 439,995 334,397

Deferred
tax
£   
Balance at 1 December 2022 334,397
Provided during year 105,598
Balance at 30 November 2023 439,995

12. RESERVES
Fair
value
reserve
£   
At 1 December 2022 2,136,370
Reserve transfer (105,599 )

At 30 November 2023 2,030,771